The valuation of the Reliance empire by ICICI Bank chairman and an Ambani family friend, K V Kamath is complete, setting the stage for a possible settlement of ownership issues between the warring brothers, Mukesh and Anil.
Kamath is believed to have given his report to Kokilaben, widow of Reliance founder Dhirubhai Ambani, who has watched with dismay the public wrangling over ownership between her sons.
The ICICI boss had been entrusted with the task of valuation at a family conclave in Mumbai in December. Kamath is away in China and hence could not be reached, but sources in Mukesh camp as well as that of Anil were not forthcoming on the valuation report. Suggestions for possible lines of settlement are said to be contained in the report, knowledgable sources said adding that the valuation was now being analysed by the family.
Kamath is understood to have given a formula about a possible division of stake of Ambani family including the 29 per cent equity held by companies under a nominclature -- Persons Acting in Concert (PAC).
The wrangling between the two brothers had become public in middle November leading to a bitter proxy war for more than three months. However, two camps have been silent for nearly a fortnight, a situation construed as conducive by many for a meaningful negotiations between the two camps.
Earlier it was reported that Kamath had favoured that both Mukesh and Anil get 30 per cent share each in the equity held by the family while the remaining 40 per cent would go to mother Kokilaben and sisters Dipti Salgaoncar and Nina Kothari.