RPT-NEWSMAKER-Line drops between India's Anil Ambani and MTN
(Repeats story issued late on Friday)
By Rina Chandran
MUMBAI, July 18 (Reuters) - A face-off between India's two richest men, the Ambani siblings, overshadowed Anil Ambani's negotiations South Africa's MTN Group (MTNJ.J: Quote, Profile, Research) to create a global company before his estranged big brother Mukesh.
Anil's Reliance Communications (RLCM.BO: Quote, Profile, Research) and MTN called off on Friday their exclusive talks to create a top-10 global telecom firm, saying legal and regulatory issues meant they were unable to conclude a deal. See [ID:nBOM341527].
The talks were clouded by a claim to a right of first refusal on the Indian mobile carrier's shares by Mukesh, who runs Reliance Industries (RELI.BO: Quote, Profile, Research), India's largest firm, and who had started dispute proceedings over the issue.
Anil, listed by Forbes magazine as the world's sixth-richest man, one place behind Mukesh, has clashed with his brother before over business interests. For a factbox of disputes see [ID:nBOM284787].
Now 49, Anil established the Anil Dhirubhai Ambani Group (ADAG) in 2005 after a public feud with Mukesh saw the vast business empire founded by father Dhirubhai, a school teacher's son, split between the siblings in a deal brokered by their mother.
Mukesh took control of oil and petrochemicals giant Reliance Industries, India's most valuable firm, and has since made forays into retail, while ADAG took on financial services, infrastructure, entertainment and power.
Reliance Communications, valued at about $21 billion, has made several overseas acquisitions. Continued...
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