I sincerely believe Mukeshbhai and I can sort out our disagreements: Anil Ambani

Statement from Anil D Ambani on the gas dispute
 
In June 2005, with the blessings and approval of my respected mother, Kokilaben Ambani, and in line with the vision and value creation philosophy of our beloved founder chairman, Dhirubhai Ambani, we announced the restructuring of the Reliance Group.

I had sincerely believed then, that we had resolved all issues, and come to an amicable settlement that would create two of India's most dynamic business groups, bring peace and harmony to our family, and generate substantial wealth for millions of shareholders of the Reliance family.

Over the past four years, some parts of that promise have been realised.

Unfortunately, the joy of that achievement has been tempered by the sorrow, pain and anguish of continuing disagreement and acrimony with my elder brother, Mukeshbhai.

Over these past four years, I have persevered with utmost sincerity, humility and good faith, and left no stone unturned to try and resolve our differences.

To my lasting regret, despite all my well-meaning efforts, I have failed - pushing us even to the extreme step of recourse to litigation to protect the interests of over 11mn shareholders of our group.

Over the past few weeks, many elder statesmen, trusted family members, and long-standing friends of my father, Dhirubhai Ambani, who have always had best interests for the nation and the Ambani family at heart, have talked of the need to break the current impasse, and to find a solution that puts an end to this bitterness and rancor; and paves the way for substantial future growth and value creation for the country and millions of our shareholders.

I agree with each one of them.

This has been a time of deep sadness and pain for me personally.

Yet, throughout this very trying period, I have maintained the greatest of love, affection and respect for Mukeshbhai - as I have done since my birth.

In that spirit, I have made this pilgrimage today to the holy shrines of Kedarnath and Badrinath, in the hope of seeking divine inspiration and blessings, in trying to heal the wounds, and in making a renewed effort to resolve, reconcile and reciprocate.

I sincerely believe that Mukeshbhai and I can, even at this late stage, sort out all our disagreements, in a constructive, cordial and conciliatory manner, if we both commit to getting this done.

The issues are only a handful, and the facts are well known. My judgment says that they can all be resolved in a matter of weeks, and will not require several months of discussions.

Accordingly, with the blessings of my mother, and invoking the power of Lord Shiva from this most sacred of holy places, I am once again reaching out to Mukeshbhai - and hope and pray that my feelings will be reciprocated, and we will arrive at a solution to all outstanding issues, with a generous heart, a willing mind, and an accommodating spirit.

There can be no better gift to my mother, Kokilaben Ambani in her 75th year, and to the legacy of our beloved father, Dhirubhai Ambani, the proud creator of the Reliance Group.

Response by Mukesh Ambani's Reliance Industries to Anil Ambani's statement on gas dispute

Reliance Industries Ltd. (RIL) has noted the comments made by Anil D Ambani with the care and concern they deserve. RIL welcomes this statement, and hopes that it is a positive change in the negative, calumnious campaign launched by R-Adag against RIL.

RIL believes that there is no contentious issue in the world that cannot be resolved satisfactorily through mutual dialogue, provided the proposal for reconciliation is anchored in good and honest intentions RIL has always maintained that the dispute under litigation is not merely a family matter, as Anil Ambani's statement once again tries to make out to be. Vital national interests in terms of securing government's revenue from natural gas, and the government's sound policy framework for promoting India's energy security, are at stake.

The interests of RIL's shareholders are also at stake. RIL does not belong to a family. It belongs to shareholders, to those associates who have made this journey possible and most importantly to the nation, India. Issues which arise out of a decision of the Bombay high court transcend any private differences between two brothers or two corporate entities, can now only be decisively resolved by a decision of the highest court. RIL sincerely hopes that any overtures for rapprochement to end acrimony are sincere and in no way related to the ongoing hearing of the case in the honorable supreme court.

Sadly, the conduct of R-Adag so far makes it difficult for RIL to believe that Anil Ambani has had a real change of heart. For last many years, Anil Ambani has indulged in a malicious campaign against RIL and its chairman. The campaign reached its nadir in recent months through a vicious series of advertisements, unprecedented in India's corporate history.

RIL while denying all the false accusations has responded to this campaign with dignified silence.

What is both saddening and perplexing is that Anil Ambani has yet again sought to communicate to RIL and its chairman through the public domain, whereas he could have easily contacted his elder brother directly. In order to demonstrate that his intentions behind the latest overture are bonafide, we urge Anil Ambani to put his sentiments into actions.

We can now only hope, that the deeds of Anil D Ambani and his associates are reflective of the emotions expressed in the statement. In the last 48 hours itself, Anil Ambani & R-Adag have made allegations against the group and its directors which are not only untrue but increasingly hurtful. Hopefully this way of engagement shall also change.

On its part, both the RIL chairman as also RIL have always wished him well and will continue to do so.

Finally RIL welcomes this positive indicator and will not be found wanting in responding to them constructively.