Within days of revoking a non-compete agreement with younger brother Anil, Reliance Industries Ltd (RIL) Chairman Mukesh Ambani is believed to have held a long-drawn-out discussion with Bharti Group Chairman Sunil Bharti Mittal.
The meeting took place on May 26, the day Mukesh Ambani arrived in the Capital to attend the meeting of the Prime Minister’s Council on Trade and Industry.
An RIL spokesperson declined to comment either on the meeting or the discussions held, but a source said Confederation of Indian Industry (CII) President Hari S Bhartia was also present.
The two Ambanis on May 23 decided to scrap a non-compete agreement reached by them in January 2006. However, they decided that Mukesh Ambani will keep out of gas-based power plants till 2022.
They had also announced that they would expeditiously negotiate a gas-supply agreement in accordance with the Supreme Court order of May 7.
There is speculation that Mukesh Ambani could venture into the telecom sector soon and sources indicate that he could pick up stake in one of the domestic telecom companiess, particularly those who acquired licences in 2008.
Mukesh Ambani is talking to new licence holders, including Videocon, which has a pan-India licence and is looking for a partner to bring in capital to roll out services, sources said.
The elder Ambani had overseen setting up of the telecom business in the undivided Reliance empire (under the brand Reliance Infocomm), but the business went to younger brother Anil Ambani when the brothers decided to part ways in June 2005. The venture has been renamed Reliance Communications since.
Mukesh Ambani is believed to have held a long-drawn-out discussion with Bharti Group Chairman Sunil Bharti Mittal.
The meeting took place on May 26 at New Delhi.
The Ambani brothers on May 23 decided to scrap a non-compete pact reached in 2006.