Anil Ambani group offers to talk with Reliance Industries (Lead replacing earlier story)

July 7th, 2008 - 10:24 pm ICT by IANS  

New Delhi, July 7 (IANS) Reliance Anil Dhirubhai Ambani Group (R-ADAG) Monday said it was open to meeting officials at Reliance Industries (RIL) to clarify any doubts on consolidation talks with South African telecom giant MTN. It, however, added that RIL, led by Mukesh Ambani, “spurned” the offer to meet July 14, and sent a third letter threatening legal action on the issue.

The group “offers to meet RIL in the week of 14 July to clarify any doubts”, the company said in a point-wise statement issued Monday. “Meeting not part of conciliation” or “dispute resolution mechanism”, it said in a 10-point statement.

The statement also said “RIL has within hours spurned our offer to meet in the week of 14 July,” adding: “RIL has today written (a) third letter threatening legal action.”

“RIL’s mala fides stand clearly established”.

Reliance Industries officials, however, were not available for comment.

R-ADAG-promoted Reliance Communications (R-Com) is engaged in a complicated consolidation talks with MTN that could make the combined entity worth about $70 billion.

RIL has contested the negotiations, saying under a family pact signed between the two brothers on early January 2006, RIL had the first right of refusal to buy controlling stake in RCom should they be sold.

On its part, R-ADAG has challenged this contention, saying the 2006 pact was signed only by RIL officials, and that too, illegally.

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