Ambanis bury hatchet, strike a fresh oil deal - Deccan Chronicle

Mumbai, May 23: The two Ambani brothers seem to be burying the hatchet — for the second time. The two groups announced on Sunday that all non-compete agreements between them had been scrapped, with one exception.

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The Mukesh Ambani-led Reliance Industries will steer clear of gas-based power generation till 2022. This is being seen as an informal commitment to supply natural gas to the Anil Ambani-led RNRL. RIL said in a statement that the two rivals have “... today approved and signed an agreement cancelling all existing non-compete arrangements entered into ... in January 2006.” This will give both increased flexibility to participate in high growth segments such as oil and gas, petrochemicals, telecommunications, power and financial services, the statement added.

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