The new duel Ambani remain at the top of the Indian economy

New Delhi, June 17, 2008. - An agreement with a South African company, MTN, has brought to the surface again the bitter rivalry that maintaining the millionaire brothers Anil and Mukesh Ambani Indians, which have a combined wealth of almost 100,000 million.
MTN is in talks with Reliance Communications (RComm)-Anil-owned shares to be exchanged, but this week stepped in Mukesh's flagship company, Reliance Industries, which sent a letter to MTN ensuring that your group has a right of veto over any offer.
The mess is because Anil and Mukesh in 2006 divided the paternal empire to death, although the agreement has been reached so far hardly respected by the brothers, engaged in a constant professional rivalry.
Such factor is the competition, even the Indian Minister of Finance, P. Chidambaram, has referred to the differences between them: "Who cares if they fight? Markets grow by rivalry between the two, "he acknowledged.
The patriarch of the Ambani, Dhirubhai, was originally a gas station employee who had founded the company Reliance Industries and built a huge textile and steel empire with a network of over 300 subsidiaries.
"People thought that by separating the business would suffer, but the opposite has happened. The brothers are increasing their wealth. Both companies are complementary and the group has an important role in India's economy, "a source told Efe the company.
The patriarch's death in 2002, Reliance was already the largest in India and led the global list of shareholders by number, with operations in the petrochemical field, telecommunications, textile and finance market.
But the gap was opened to his death just two years later broke out the differences between the two heirs, when Mukesh recognized "ownership issues" with his brother by the company, whose business accounted for 4 percent of India's economy.
"The agreement reached in mid-2006. The mother, Kokilaben, fell 30 per cent stake, gave 30 percent to each son and a 5 percent to his two daughters. Anil and Mukesh have no problem greeting, at least in public, "became the source of Reliance.
Under the pact, Mukesh, an engineer, retained control of Reliance Industries in the petrochemical and gas, while his brother Anil took over the branch of power, telecommunications (RComm) and the group's financial arm .
Both signed a clause that prevented them from entering into competition for ten years, although only a year after and fought for the construction of a bridge and development of the airport in Bombay, and Anil has recently shown interest in prospecting for oil.
The small attempts to develop its own brand (ADAG, Anil Dhirubhai Ambani Group), but both groups, which keep track of activity on the other, have kept the name Reliance as the emblem and the name used in all its activities.
And above all, the two brothers have been implemented ambitious expansion plans that touch and every corner of the Indian market and have bellows to runaway stock promotions prior to the outbreak in January the U.S. financial crisis.
Anil has diversified interests in energy, entertainment, hotels, property and communications, while Mukesh has increased its presence in the oil market, has invested in refineries and jumped to the commercial distribution sector.
Your competition has fired their fortunes: Mukesh has, it is estimated, about 49,000 million dollars, but his brother is right behind the top of the list of billionaires in the world, with 45,000 million dollars.
That still has overtones informal competition to increase with the appearance of MTN and the threat of legal action to resolve the ever-difficult relationship of the two brothers by Reliance, the largest titan of the Indian economy.
"People read 'Reliance' and buy without question. With the name is enough: the company is so popular in India as the Statue of Liberty is for America, "Efe said market analyst Basant Maheswari.