Peace between the Ambani brothers?
Mukesh and Anil Ambani have agreed to cancel a family non-compete agreement as part of a resolution of their festering business conflicts.
Their companies have “approved and signed an Agreement canceling all existing non-compete arrangements.” Mukesh Ambani’s Reliance Industries has agreed, however, to stay out of gas-based power generation until 2022.
The agreement follows a Supreme Court ruling voiding a family agreement on natural gas prices executed in 2006. The companies promised to conclude negotiations on gas prices “expeditiously.”