Mukherjee asks Ambani brothers to settle row

27 Aug 2009

The Ambani brothers should settle their differences through mutual discussion in the larger interest of the nation, union finance minister Pranab Mukherjee said yesterday.

The RIL-RNRL gas row has affected gas supplies from the Krishna-Godavari basin fields in the east cost to other power companies, including state-run National Thermal Power Corporation (See: Supreme Court sends notices to RIL, RNRL on family gas deal).

Speaking at an Idea Exchange programme organised by The Express Group, Mukherjee said the feud between Mukesh Ambani's Reliance Industries Ltd (RIL) and the Anil Dhirubhai Ambani Group (ADAG) will negatively impact domestic capital markets.

''It will have its adverse impact on the capital markets because they (the two groups) are too big. They are much bigger than they were in the seventies,'' he said.

As of August 26, the two groups combined accounted for more than 10 per cent of the market capitalisation of the two major stock exchanges, the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).

Mukherjee, however, said he was not qualified to mediate between the two brothers.