No sweat for Mukesh

Mumbai: Mukesh D Ambani, chairman and managing director, Reliance Industries today relinquished the 12 per cent sweat equity shareholding in Reliance Infocomm. Ambani's request to annul the shares was accepted by Reliance Communications Infrastructure Ltd (RCIL), the holding company of Reliance Infocomm, a spokesperson said.

The spokesperson also added that RCIL had, in turn, informed Reliance Industries about the development and that the RIL board would discuss the issue at its meeting at Monday.

After the annulment of Mukesh's Ambani's 12 per cent stake, the shares will go back to Reliance Communications Infrastructure which now holds 65.3 per cent in Reliance Infocomm. Reliance Industries holds 7.6 per cent in Reliance Infocomm and employee stock options account for 7.6 per cent. Ambani, still holds another 7.6 per cent through companies promoted by his friends and relatives.

Reliance Industries vice chairman Anil Ambani, Mukesh Ambani's younge brother, had intended to bring these and other issues about Reliance Infocomm to the Reliance Industries board and the annulment of the deal would leave him bereft of an issue to attack his elder brother with. However, a close aide of Anil Ambani claimed, "We have 100 things like this — we haven't even started."