The process of valuation of the Ambani business empire is likely to be completed within the next three weeks, which could lay the basis for a blueprint to end the family feud that has hurt the Reliance group, sources familiar with the exercise said.
ICICI Bank chairman and a friend of the Ambanis, K V Kamath is doing the valuation following a family conclave in Mumbai on December 28 at which the feuding brothers
RIL chairman Mukesh Ambani and vice-chairman Anil Ambani were present along with their mother Kokilaben and their two sisters Dipti and Neena.
Sources close to the Anil camp said that it was agreed at the meeting that Kamath would undertake valuation of the Reliance group estimated to be worth between Rs 90,000 crore (Rs 900 billion) and Rs 100,000 crore (Rs 1000 billion). Thereafter, a formula for 'legal split' between the brothers would be worked out.
The Reliance 'ownership issue'
According to the sources, the understanding at the December 28 meeting was that valuation would be completed by the end of January, "give or take a few days". Thereafter, the family would get together to discuss roadmap for the split.
The key to efforts of Kamath, whom both the brothers have met separately more than once since he began the exercise, lay in his valuation and whether any formulae emerge thereafter that are acceptable to all the concerned.
Minutes of the deliberations of the December 28 meetings may have been kept confidential as sources indicated emphasising that everyone ought to honour the understanding.
Even as process of valuation continues, all eyes are set on board meetings of four group companies, including flagship RIL, next week amid indications that something more than single point agenda of financial performance during third quarter, as informed to stock exchanges, may be discussed.
The board of Reliance Energy will meet on January 19 while that of IPCL and Reliance Capital would meet on January 20.
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