Anil Ambani resigns as vice-chairman and managing director of Reliance Industries

Anil Ambani resigns as vice-chairman and managing director of Reliance Industries

The truce announced in the morning meant that the younger brother Anil Ambani had to resign as the vice-chairman and managing director of Reliance Industries. The formalities were completed in the day as the duo handling the Reliance Group of Industries after the demise of Dhirubhai Ambani settled their differences after the intervention by their mother Kokila Ben.

Reliance Industries commended Anil for his role and efforts to get the company attain a pre-eminent position in the India Incorporation. RIL said in a statement after the crucial board meeting of the directors of Reliance: “The board of directors recorded their sincere appreciation of the invaluable services of Anil Ambani in contributing to the growth of Reliance and help the company in attaining a pre-eminent position in the corporate world.�€�

After this split, Mukesh Ambani would be taking over the controls of the flagship Reliance Industries with interests in petrochemicals, oil and gas exploration, refining and textiles, and Indian Petrochemicals. Anil Ambani on the other hand would be taking care of Reliance Energy, Reliance Capital, and the Reliance Infocomm.

The news brings a lot of relief to the millions of shareholders of the Reliance Group after months of uncertainties.