Sat, Jun 14 05:52 PM
Ambani siblings' war intensified on Saturday with the younger Ambani's (Anil) group warning to retaliate in case Mukesh-led Reliance Industries goes legal with its claim on the potential multi-billion dollar amalgamation deal that the former is pursuing with South African telecom giant MTN.
In a strongly worded reply to RIL's threat to go legal against ADAG to enforce its right of first refusal, Anil-led Reliance Communications said, "If RIL chooses to take any legal action the same will be vigorously defended by R-COM, and R-COM would claim cost and damages from RIL."
The battle between the two richest Indians had flared up after RIL wrote to MTN and ADAG, copies of which were sent to the bankers, cautioning that the amalgamation deal through reverse swap would tantamount to breach of RIL's first right of refusal to acquire a controlling stake in R-COM.
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