Kamath wraps up Reliance valuation

The valuation of the Reliance empire by ICICI Bank Chairman and Ambani family friend KV Kamath is complete, setting the stage for a possible settlement of the ownership issues between the brothers, Mukesh and Anil.

Kamath is believed to have given his report to the widow of Reliance founder Dhirubhai Ambani, Kokilaben. The ICICI Bank boss was entrusted with the task of valuation at a family gathering in Mumbai last December.

Kamath, who is away in China, could not be reached, and sources in the Mukesh and the Anil camps were not forthcoming on the valuation report either.

Suggestions regarding the possible lines of settlement were contained in the report, sources said, adding the valuation was now being analysed by the family.

Kamath is believed to have come up with a formula for a possible division of the stake held by the Ambani family, including the 29 per cent equity held by companies as per the "persons acting in concert" clause.

The wrangling between the two brothers had spilled over into the public realm in November, leading to a bitter proxy war. However, the two camps have been silent for nearly a fortnight, a situation construed as being conducive for meaningful talks.

Earlier, it was reported that Kamath was in favour of a 30 per cent stake each for Mukesh and Anil in the equity held by the family, while giving the remaining 40 per cent to Kokilaben and her daughters Dipti and Neena.