Mukesh Ambani, the world’s richest energy billionaire, is seeking to increase the share of his group’s revenue from new ventures in telecommunications and retail to as much as 40 percent, said a company official with knowledge of the plan.
Billionaire Mukesh Ambani has picked P.M.S. Prasad, Reliance Industries Ltd.’s petroleum division chief, to help the company start telecommunications services, two people with direct knowledge of the matter said.
Mukesh Ambani ’s Reliance Industries Ltd. and companies controlled by Anil Ambani surged in Mumbai, adding $4 billion in market value, after the brothers moved to end a five-year feud that split India’s second-biggest group.
India’s stocks advanced the most in two weeks after the billionaire Ambani brothers said they will end a family dispute over the division of assets and Citigroup Inc. raised its estimate for the nation’s benchmark equity index.
Reliance Natural Resources Ltd., the natural gas supplier owned by Anil Ambani , plunged by a record after the billionaire arranged to sell the company to his Reliance Power Ltd. at a discount to speed construction of power plants.