Supreme Court likely to pronounce verdict in Ambani feud this week
04 May 2010
The Supreme Court is likely to pronounce its verdict this week in the Ambani versus Ambani corporate feud and ring down the curtain on the high profile corporate battle.
The genesis of the battle can be traced to the younger brother Anil's dream of setting up the largest gas fired power plant at Dadri in Uttar Pradesh in 2004, a decision which had not been approved by RIL group's board.
However, the project had been approved by Reliance Energy's board under the chairmanship of Anil Ambani and till date RIL has refused to recognise the decision to set up the power plant.
The RIL group underwent a split in June 2005, which saw elder brother Mukesh Ambani taking charge of the oil, gas and petrochemicals business.
Anil was given power, infrastructure, financial and telecommunications but Mukesh was also supposed to supply natural gas to Anil's power plants.
However, in the midst of the developments, RIL emerged as the lowest bidder for natural gas supply to government run power major NTPC, the bid for which was priced at $2.34 per unit of gas, which was considered to be very low at the time.