Ambanis reunite to help pay for 4G coverage

mumbai — Billionaire Anil Ambani said his telecommunications company had achieved a “virtual merger” with the new operator started by his older brother Mukesh after a family feud split Reliance Industries Ltd a decade ago.

Reliance Communications Ltd will share spectrum, networks and towers with Mukesh’s Reliance Jio Infocomm Ltd, Anil Ambani, Reliance group chairman, told shareholders in Mumbai on Tuesday. Investments to introduce fourthgeneration services across India will be funded by Jio, the younger Ambani said.

Meanwhile, shareholders at Reliance Capital Ltd approved the appointment of Jai Anmol Ambani as an executive director Tuesday, grooming a prospective heir to his billionaire father at parent Reliance Anil Dhirubhai Ambani Group.

Anmol, the older son of 57-yearold Reliance chairman Anil Ambani, was appointed as an additional director by the board in August. A majority of institutional investors, which control about 27 per cent of Reliance Capital shares, voted against the resolution to appoint Anmol to the board, according to the exchange filing released on Wednesday.

Reliance Capital, which runs India’s third-biggest mutual fund, will pay Anmol, 24, a salary of 12 million rupees a year ($180,000) as well as perquisites and allowances, and a commission based on profit, it said in a stock exchange filing. — Bloomberg