Mumbai : The two big brothers of India Inc, Mukesh Ambani and Anil Ambani, who parted business-ways and managed their coterie of group holdings in respective MDAG (Mukesh Dhirubhai Ambani Group holdings) and ADAG (Anil Dhirubhai Ambani Group holdings), have decided to come together to launch fourth-generation (4G) mobile phone services by the year-end, thereby signalling a consolidation in the fragmented Indian telecom market.
Terming it as a ‘virtual consolidation’, Reliance Group chairman Anil Ambani said at the Reliance Communications (RCom) annual general meeting that he was tying up trading and sharing of spectrum with Mukesh Ambani-led Reliance Jio (RJIO) for offering 4G services.
RCom and RJIO will work together in this venture. RCom is India’s fourth-biggest mobile phone carrier by subscribers.
The details of working pattern, as in shares and structure of holdings have not been elaborated yet. Ambani did not disclose any equity transaction at this juncture.