Anil Ambani steps down as RIL MD

MUMBAI: Anil Ambani, steps down as managing director and Vice Chairman of Reliance Industries Limited, said the company in a statement today.

The mother of the Ambani brothers, Kokila Ben, issued a statement earlier today saying that Anil Ambani will now take charge of Reliance Infocomm, Reliance Energy and Reliance Capital. He has stepped down from the post of MD and vice chairman of RIL. His brother, Mukesh Ambani will continue to be chairman of RIL and IPCL.

However, RIL said that it will continue to invest in Reliance Infocomm to provide bank guarantee to the the telecom venture.

Anil will not attend the meeting of the Board of the flagship company Reliance Industries,that is scheduled for this morning in Mumbai. The meeting was called hurriedly to settle a seven month long bitter battle for the ownership of the Reliance empire.