Word: mukesh
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Several weeks ago, I found myself in the company of Mukesh “Mark” Mehta while on Christmas Break in Montana. Mark’s Great Falls home—he has one in Bombay, too—is a labyrinthine world wherein the twains of Bollywood and the American West meet. There is the print of Charlie Russell’s “Lewis and Clark Meeting the Flatheads” in one corner—a coming-together between “Indian-Feather and Indian-Dot,” Marks notes gleefully while...
Summers, a co-chair for the annual meeting, was joined by Mukesh D. Ambani, chairman and managing director of India-based Reliance Industries; Peter Brabeck-Letmathe, chairman and chief executive officer of Nestlé in Switzerland; Sir Martin Sorrell, group chief executive of WPP; and London Business School Dean Laura D. Tyson...
...their differences, in the two years following the patriarch's death, there was no outward sign of disharmony between the brothers. Reliance aggressively branched out of its core industrial sectors into telecommunications, oil exploration and power generation. As co-managing directors at Reliance Industries, Anil handled finance while Mukesh oversaw strategic projects. The pair found a safe vent for sibling rivalry by creating distinct fiefdoms among Reliance's smaller subsidiaries. Under Mukesh, Reliance entered the highly competitive mobile-phone market and quickly garnered a subscriber base of more than 7 million, becoming the country's largest wireless carrier. Anil directed...
...Behind the scenes, however, the fissures inside Reliance were deepening. Internal company e-mails seen by TIME and excerpted in Indian newspapers suggest that relations between the brothers have been deteriorating rapidly since July, when Anil complained to Mukesh that the powers of the chairman and the managing directors at Reliance Industries had been redefined without his approval. "I sincerely hope ... we will revert to our earlier system of consultations/discussions/mutual consent," Anil wrote. Three months later, the tone of his missives had become more strident. On Oct. 25, Anil shot off a formal letter to Mukesh complaining that...
...Carving up the conglomerate between the brothers is one option, although Reliance's complex ownership structure?the company is controlled by the Ambanis through a web of holding companies?would not make such a division easy. Supporters of the two brothers also disagree about who controls these holding companies?Mukesh, as the chairman of Reliance Industries, or the entire Ambani family. A less painful option than the division of the whole company might be for Anil to be offered a substantial cash settlement and control of some of the smaller companies, in return for his departure from the flagship Reliance...