Anil Ambani quits IPCL

New Delhi, Jan 4: Reliance Industries Ltd (RIL) Vice-Chairman Anil Ambani has quit as Director and Vice-Chairman of the Reliance Group Company IPCL Ltd, sources said on Monday.

Anil resigned on the ground that he was unwilling to work on the same Board where Anand Jain, a close confidante of Mukesh, was present, sources said. Naming Jain eight times in his resignation letter, Anil is also believed to have complained that Jain was running a “personal vilification” campaign against him, the sources said.

The two brothers are engaged in a battle over control of the Rs 90,000-crore Reliance Empire.

Other Reliance Industries Board members refused to comment on the issue till the issue is discussed before the RIL Board. The Board of Reliance Industries Limited will now have to decide whether to accept his resignation.

RIL had acquired erstwhile public sector petrochemical company in 2002 by successfully bidding for government equity and become a strategic partner in IPCL.

Indian Petrochemicals Corporation Limited (IPCL), the pioneering petrochemical company in India, was managed by a board nominated by Government of India till June 4, 2002.

Later, the government divested 26 per cent of the company’s equity shares in favor of Reliance Petroinvestments Ltd through an open, transparent and competitive bidding process.