MUMBAI, (Reuters) – Anil Ambani called yesterday for a renewed effort to end a bitter feud with his brother triggered by the carve-up of up a vast family business stretching from energy to telecommunications and financial services.
He said in a statement he believed “all disagreements can be sorted out in a constructive, cordial and conciliatory manner”, and called for “a generous heart, a willing mind and accommodating spirit to resolve issues”.
The row between Anil Ambani and his brother Mukesh has unnerved investors considering oil and gas exploration in India.
Their latest dispute is over a deal for Mukesh Ambani’s Reliance Industries to sell gas to Anil Ambani’s Reliance Natural Resources at below-market rates as agreed in a 2005 family settlement to divide the business following their father’s death in 2002.
The gas dispute has led to a near-daily exchange of words, and Anil Ambani has accused the petroleum ministry of taking the side of Reliance Industries.
The government has lodged a petition with the Supreme Court to intervene in the case, arguing gas is its property, and that the private pact is not valid.
The court, in a hearing on July 20, did not exclude the government from the case.. It is due to hold another hearing on the dispute on Oct. 20.