370)this.width=370">Will Sunday's rapprochement open a Pandora's Box? At first glance, going just by the statements that both Reliance Industries Ltd and R-ADAG released, it seems No.
All non-compete and first-right-of-refusal agreements between the two sides come to an end, with the only exception of gas-based power plants. RIL will stay away from that till March 2022.
From Monday, Mukesh's RIL can enter financial services or telecom or even thermal power, which till Sunday belonged to his brother, Anil. Likewise, ADAG can bid for oil and gas assets in India and abroad.
Says a group insider: "In any case, the businesses that began post-2005, like retail, metro, airports and other infrastructure verticals, were not part of any non-compete."
In the past five years, the family agreement, with its non-compete and first-refusal clauses, has popped its ugly head a number of times.
Gas supply to Anil's Dadri power plant, RCom-MTN merger, the rival bids for trans-harbour projects in Mumbai. The story of mistrust, ambition and one-upmanship has been long.
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