Pranab welcomes Ambani truce

Welcoming the truce between the Ambani brothers Mukesh and Anil, Finance Minister Pranab Mukherjee on Monday said it would do a lot of good to the business world.

"I saw it in the newspapers today... The agreement to end the long standing dispute between the two brothers was needed. It will have a good effect on other corporate houses who will profit from it," Mukherjee told PTI.

On Sunday, the two Ambani groups decided to end their long-standing dispute and scrap all existing non-compete agreements executed in January 2006, besides expeditiously negotiate gas supply agreement in accordance with the Supreme Court order of May 7.

The Supreme Court too had asked the two brothers to come to an agreement within the framework of government policies during the hearing into the gas dispute, Mukherjee noted. Mukherjee was here to campaign for the civic polls scheduled this weekend.