More evidence seems to be emerging that almost three years after smoking the peace pipe both Mukesh and Anil Ambani seem to be aligning their business interests as well. Even as news of both brothers partnering each other for the first time in telecom is hogging the limelight, NDTV learned that Mukesh Ambani-owned Reliance Industries has been investing steadily in various mutual fund schemes of younger brother Anil Ambani's company.
Market sources told NDTV that over the past 8 months, Reliance Industries (RIL) has parked more than Rs 800 crore in fixed maturity plans and other debt schemes of Reliance Mutual Fund, which is part of Anil Dhirubhai Ambani Group's (ADAG) financial arm Reliance Capital.
This marks a clear departure from RIL's earlier stance, where it avoided investments in ADAG's mutual fund schemes.
The brothers had a bitter parting in 2005, but have come closer after they signalled a truce in 2010 by scrapping non-compete agreements. The agreement had prevented one brother from entering a business sector where the other was present.
The senior Ambani-owned telecom firm Reliance Jio signed a Rs 1200-crore deal with Anil Ambani's Reliance Communication to share RCom's optical fibre network. A tower sharing deal between the two brothers is also in the offing.
Essential Business Intelligence,
Continuous LIVE TV,
Sharp Market Insights,
Practical Personal Finance Advice and
Latest Stories — On NDTV Profit.
