THE AMBANI SAGA: WAR AND PEACE> July 2002 Dhirubhai Ambanidies on July 6, 2002. MukeshAmbani appointed RelianceIndustries CMD and Anil Ambanibecomes vice-chairman. Grouphas sales turnover of ~52,110crore and market cap of ~37,688crore on March 31, 2002.

>Nov 2004 Feud between thebrothers becomes public

> Jun 2005 Family reaches asettlement to split the Reliancegroup in a deal brokered byKokilaben. The combinedReliance Group has a salesturnover of ~83,310 crore andmarket cap of ~92,697 crore onMarch 31, 2005.

> 2006 Formal split takes place,with Mukesh taking control offlagship RIL, with interests inpetrochemicals, oil and gasexploration, refining andtextiles. The Anil DhirubhaiAmbani Group gets telecom,power, entertainment andfinancial services. The Groupincludes RelianceCommunications Ltd, RelianceInfrastructure Ltd, RelianceCapital Ltd, Reliance NaturalResources Ltd (RNRL) andReliance Power.Post-split, RIL Group has aturnover of ~114,011 croreand market cap of ~223,452crore on March 31, 2007. ADAGhas sales of ~31,017 crore andmarket cap of ~116,855 crore onMarch 31, 2007.

> July 2008 Reliance Comm callsoff merger talks with SouthAfrica's MTN after Mukesh makesa claim on the shares of Anil'stelecom firm

> Jun 2009 RNRL wins a case in theBombay high court, asking hiselder brother's company tohonour the family agreement.RNRL files caveat in apex court ongas price issue following theorder

> July 2009 Reliance Industriessays it will appeal to the SupremeCourt against high court ruling.Says supplies to RelianceIndustries not possible at$2.34 per unit, as it is bound bygovernment price of $4.20 perunit. RNRL moves Supreme Court

to make gas supply fromKGD6 binding on

Reliance IndustriesRIL moves apex courtchallenging high court ordersaying the verdict erred indeciding the three terms -quantity, tenure and price of gassupplyThe government files a petitionwanting Ambani family pact thatdeals with gas supplies to bedeclared void. Government saysgas is its property

> July-Aug, 2009 Anil Ambanilashes at oil ministry for allegedlyfavouring his elder brother.Matter rocks Parliament, whereSamajwadi Party leader MulayamSingh Yadav demands

resignation of Petroleum MinisterMurli Deora. But Deora says gasdoes not belong to eitherMukesh or Anil Ambani, but thegovernment.

> Sep 2009 NTPC signs pact withRIL to buy a part of natural gas,other than the quantity underdispute, at $4.20 per unit

> Oct 2009 A three-memberbench, including Chief JusticeK G Balakrishnan, of the SupremeCourt begins hearing argumentsin the case

>Nov 2009 The hearing isdisrupted when a judgewithdraws, citing potentialconflict of interest as his

daughter worked at a firm thatwas a consultant to RelianceIndustries. A new three-memberbench that also includes thechief justice begins hearingarguments from scratch

> Dec 18, 2009 Court finisheshearing the case and reservesjudgement.

>May 7, 2010 The Supreme Courtrules in favour of MukeshAmbani. Says family MoUbetween the two brothers is notbinding and asks the brothers torenegotiate the deal. The RILstock rises 2.27% while ADAGstocks are hammered, with RNRLand Reliance Power falling 23% and 9%, respectively onjudgement day.

>May 23, 2010 Five years after abitterly-fought battle, theAmbani brothers take a big steptowards reconciliation of theirfeud. RIL, ADAG cancel 2006non-compete agreements, hopeto work in harmony. Two groupscancelled all non-competeagreements that were signed in2006. They hoped this wouldlead to cooperation betweenthem in future. As a goodwill gesture, RIL said itwould not enter the gas-basedpower generation arena till2022. ADAG hoped to reach anew gas supply agreementbetween RIL and RelianceNatural Resources (RNRL), whichwas at the heart of their dispute. On May 21, 2010 the ADAG Grouphas a market cap of~1,08,792 crore,while the Mukesh-

led RIL Group has a market cap of~3,26,717 crore

> December-end, 2011 Familygathers at Chorwad in Gujarat tocelebrate Dhirubhai Ambanisbirthday, unveil his memorial.Ambani brothers Mukesh andAnil will be seen together in afamily reunion for the first timein recent past. Addressing localmedia, mother Kokilaben said,They are both my sons; they areprogressing well in theirbusinesses. There is lovebetween them. The Ambanifamily stands together. Thisstatement leaves peopleguessing if this is a prelude tobrothers getting together.

HHooww mmuucchh tthheeyy hhaavvee lloosstt iinn 22001111Market cap ~crore

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ADAG Group Dec 31, 2010 Dec 26, 2011 % Change Loss in Mcap

Rel Broadcast N 668.26 397.70 -40.49 -270.56Reliance Capital 16,409.31 6,161.63 -62.45 -10,247.68Reliance Comm 29,948.93 14,334.62 -52.14 -15,614.31Reliance Infrastructure 22,201.01 9,681.96 -56.39 -12,519.05Reliance MediaWorks 1,033.32 335.29 -67.55 -698.03Reliance Power 44,349.11 20,701.86 -53.32 -23,647.25

RIL Group

Reliance Ind 346,536.66 249,182.21 -28.09 -97,354.45Reliance Ind Infra 1084.10 467.93 -56.84 -616.17

BSE Sensex 20,509.09 15,970.75 -22.13

They are both my sons; they are progressing well intheir businesses. There is love between them.The Ambani family stands togetherKOKILABEN AMBANI, Mother of Mukesh & Anil Ambani, said at Chorwad

BBuussiinneessss IInntteerreessttssMUKESH AMBANI > Oil, gas, petrochemicals > Textile > Retail > SEZs,ports, gas terminals > Lifesciences & biotechnology >IPL

BBuussiinneessss IInntteerreessttssANILAMBANI> Financial services > Telecom > Infrastructure> Media & DTH > Power > Healthcare

HHooww tthhee ttwwoo ggrreeww uupp aalloonnee ~crore ~crore

Market cap on March 31 every year; data compiled on consolidated priority basis Data compiled by BS Research Bureau; Source: Capitaline

PPOOSSSSIIBBLLEE OOVVEERRLLAAPPSS IINN FFUUTTUURREE > Telecom > Financial services > Power (non-gas) > Infrastructure >Media

FY05-06

3,0354,558

50,188

93,351

FY10-11

Net Profits

ADAG Group

Market Cap

Sales

9,121

26,120

RIL Group

FY05-06

10,75895,691

118,074

19,159

267,949

343,936

Net Profits

Market Cap

Sales

450,000

350,000

250,000

150,000

50,000

0FY10-11

450,000

350,000

250,000

150,000

50,000

0