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World Business News |
Chennai News
Wednesday, March 23, 2005 (New Delhi):
Sources indicate that the Reliance Infocomm management may
undergo a change.
The current management has been asked to shift office and
reports indicate that Anil Ambani could soon take over
Reliance Infocomm.
Top management meetings of Reliance Infocomm at the Dhirubhai
Ambani Knowledge Centre were also reportedly cancelled today.
Changes in offing
Sources said that Mukesh Ambani had been speaking to the
senior managers about the possible changes in Infocomm, but
these reports were yet to be confirmed.
They said that two brothers have not yet met on the
settlement issue, but indicated that top officials from both
the camps are working on the valuation report submitted last
month by the ICICI Bank chief and a friend of Ambani family K
V Kamath.
He is understood to have suggested that while one brother
could have a control of flagship company RIL, the other could
have Infocomm along with some other group companies.
During the day, share prices of RIL, headed by Mukesh, shot
up to Rs 570.35 after opening at Rs 541 a share on hopes of
settlement but started declining after some time to close the
day at Rs 553.
Likewise, prices of REL, headed by Anil, shares also shot up
to Rs 559.95 after opening at Rs 532 but closed the day at Rs
537.
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