Father settled ownership: Mukesh

Anil may react in 48 hours.

Reliance Industries Chairman Mukesh D Ambani today said in a media statement there was no ownership issue in the company as group patriarch Dhirubhai Ambani had "settled all ownership issues pertaining to Reliance within his lifetime".

Mukesh Ambani said his statement last week to a TV channel had been torn out of context and that there was no issue with "the family ownership in Reliance".

The press release did not spell out whether the statement had the backing or agreement of Reliance Industries Vice-Chairman and Managing Director Anil Ambani and other family members.

The media had reported that a family conclave was to be held today to address the differences between Mukesh and his brother Anil Ambani. But there was no confirmation that a meeting took place.

According to the Press Trust of India, there were conflicting reports on whether the rest of the family preferred a joint statement by the brothers.

There was no comment from Anil Ambani today, but a PTI report quoted informed sources as saying he could be expected to come out with a statement within 48 hours after consulting his mother Kokilaben and two sisters.

Reliance spokesperson Amit Khanna told PTI that Mukesh Ambani issued the statement as Reliance group chairman. "Mukesh Ambani was made successor by the late Dhirubhai Ambani and from that moment he is committed to realising Dhirubhai's dream," he said.

Elaborating on the context of his remarks to a television channel last Wednesday, Mukesh Ambani today stated: "I was responding to the query about future businesses. It is well known that in the process of its growth and expansion, Reliance is engaged in diversification, acquisition of running businesses and creation of new assets. In such a rapid growth phase all big companies have to deal with several issues concerning corporate ownership of future initiatives. Reliance is no exception. I will like to restate that all such ownership issues are in the private domain."

In a two-page statement issued today, Mukesh Ambani said Dhirubhai Ambani, "separated ownership from management in keeping with the worldwide trend and made Reliance a world-class, professionally managed company".

The statement added, "Reliance is an eloquent testimony to Dhirubhai's farsighted vision, unflinching dynamism, and unparalleled wisdom."