Reliance ownership issue settled

The ownership row in Reliance empire was resolved early this morning with Mukesh Ambani and his younger brother Anil reaching an agreement to divide the assets.

As part of the settlement, changes in the group companies, including stepping down of Mukesh's close aide Anand Jain as Director of IPCL, would be effected soon.

As part of the settlement, believed to have been inked between the two brothers this morning, Mukesh would retain flagship company RIL and IPCL while Anil would get Reliance Infocomm (RIC), Reliance Energy (REL) and Reliance Capital.

Only after the board meeting of RIL, details of the settlement could be announced, sources said.

The fight between the two brothers started in november and witnessed a spate of allegations and counter-allegations from both the sides on operations of the group companies.

Mukesh and Anil had met for the first time last week in connection with the settlement process. Corporate and financial honchos representing the two brothers had been working for the last four days to close a deal even ahead of earlier target date of July 6, the death anniversary of Dhirubhai Ambani.