RIL acting in good faith on ADAG, MTN deal

MUMBAI: Reliance Industries said it had in good faith informed the Anil Dhirubhai Ambani Group (ADAG) and South Africa's MTN Group over an agreement on ADAG company Reliance Communications.
Reliance Communications had earlier said Reliance Industries (RIL) had claimed first right of refusal to buy a controlling stake in it, but the mobile operator said this would not delay its tie-up talks with MTN.
RIL has in good faith notified both Anil Dhirubhai Ambani Group and MTN group of the stipulations contained in an agreement, the validity of which has never been questioned so far by ADAG," a Reliance Industries spokesman said when asked for reaction to the Reliance Communications statement.
He did not elaborate on what the agreement contained. Reliance Industries is controlled by Mukesh Ambani and ADAG is controlled by Anil Ambani. The estranged brothers, ranked the world's fifth and sixth richest men respectively, split their father's business empire after a protracted public dispute.