Two brothers at the helm of India's largest private sector conglomerate, Reliance, have settled a long-running dispute that has transfixed the country, carving up their father's legacy in a deal announced by their mother. The Ambani brothers, Mukesh and Anil, will split the management of a business empire built by their father Dhirubhai Ambani just three years after his death, dividing control of a group with a vast shareholder base and revenues equivalent to more than 3 percent of India's economy. The deal between the brothers followed months of acrimony that hogged the headlines, Reuters reported. It was announced on Saturday by their mother Kokilaben, who was approached for help by the business-school-educated duo after their ownership and management row became public seven months ago. It formalises a parting of ways for two of India's best-known business leaders, whose personalities are as distinct as Reliance's myriad interests. Kokilaben Ambani said in a statement that elder son Mukesh would run flagship Reliance Industries Ltd., with interests in petrochemicals, oil and gas exploration, refining and textiles, and Indian Petrochemicals Corp. Ltd.. Anil will be responsible for utility Reliance Energy Ltd., financial services company Reliance Capital Ltd. and Reliance Infocomm, a leading mobile phone operator that his brother has run since its launch in 2002. A Reliance Industries statement said the board had authorized a committee to suggest a suitable scheme of reorganization.
