Ambani Brothers Sign First Deal Since Splitting Reliance
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India’s billionaire brothers Mukesh and Anil Ambani announced a 12 billion-rupee ($221 million) pact to share a fiber-optic network, their first deal since splitting the Reliance business empire founded by their father.
Reliance Jio Infocomm Ltd., a unit of Mukesh Ambani’s Mumbai-based Reliance Industries Ltd., will use the countrywide network of younger brother Anil’s Reliance Communications Ltd. to start a fourth-generation broadband service, according to statements by the companies yesterday. Reliance Communications will have “reciprocal access to optic fiber infrastructure” built by Reliance Jio and the two will share telecommunications towers in the future.