Behind every billionaire there is a story!

India awaits next blow in Ambani feud

Shares of Reliance Communications crept higher yesterday in the first market reaction in Mumbai to the collapse late on Friday of the Indian mobile operator’s plan to tie up with South African rival MTN.

The rise in the share price of India’s second largest wireless carrier by 2.6 per cent to Rs446.50 per share is probably the only good news billionaire businessman Anil Ambani, its controlling shareholder, has had in a while.

His dream of merging his company with MTN to create one of the world’s largest emerging market mobile groups was scuppered by an 11th-hour objection from Mukesh Ambani, his older brother, who claims a right of first refusal over any deal involving the sale or swap of Anil’s stake in Reliance Communications.

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http://www.ft.com/cms/s/0/b9d2e2da-5784-11dd-916c-000077b07658.html