Truce spurs Ambani brothers’ business: A chronology

Anil and Mukesh Ambani. File photo  

It has been heavy business for both Mukesh Ambani and his younger brother Anil after the two signed a truce deal on May 23 to provide for greater flexibility and business opening to their respective groups.

A bird’s eye view of how the two have been keeping themselves busy since then, including on the family front.

May 23: Anil and Mukesh Ambani announces scrapping of a non-compete agreement signed in 2005.

May 29: Anil Ambani stays at RIL’s Sri Krishna Guest House at Tirupati on way to paying obeisance to Lord Venkateshwara.

May 30: R-ADAG and US-based CBS Corporation to form an equal stake JV to launch a network of television channels.

June 6: RCom board approves 26 per cent stake sale. The company will also explore M&A opportunities.

June 8: Anil Ambani drops Rs 10,000-crore defamation case against Mukesh.

June 10: Reliance Power acquires three coal mines in Indonesia for Rs 7,520 crore.

June 11: RIL enters the broadband space, acquires 95 per cent in Infotel, a big winner in BWA auctions, for Rs 4,800 crore.

June 12: RIL announces $ 5 billion telecom play, including Rs 12,872 crore licence fee for spectrum bagged by Infotel.

June 13: Ambani brothers and their families holiday together at the Kruger National Park in South Africa.

June 14: RIL board approves group’s entry into pharma, power and financial services; RCom to create an independent firm by separating tower business of telecom arm Reliance Infratel.

June 16: Reliance Capital (R-ADAG) to buy 18 per cent in Bloomberg UTV.

June 18: Mukesh Ambani tells shareholders that he will re-enter electricity and telecommunication business.

June 27: Anil Ambani group announces Rs 50,000 crore deal to merge its telecom tower business with GTL Infrastructure.

July 2: RCom to buy Digicable Networks,a cable TV distribution company in an all-stock deal estimated at $ 1 billion.

July 4: Boards of RNRL and Reliance Power approves merger between the two in an all-share deal estimated to be worth over Rs 50,000 crore.

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Printable version | Apr 19, 2021 1:34:15 AM |

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