Anil Ambani's Reliance Communications bid for a multi-billion dollar tie-up with South Africa's MTN is facing a challenge from his older brother Mukesh Ambani's Reliance Industries, which claims it has the right of first refusal to a controlling stake in Reliance Communications.
Reliance Communications is in exclusive talks with MTN for a merger that would create one of the top-10 global telecoms. Reliance Communications denounced Reliance Industries' claim to first refusal as "legally and factually untenable, baseless and misconceived."
The two brothers, among the world's richest, have been feuding for years since the death of the family patriarch Dhirubhai Ambani in 2002. | |
