Business

Between The Brothers, A Deep Sea

They may have Delhi's corridors of power abuzz, but the epicentre of the battle royale is still Mumbai, their home turf.

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Between The Brothers, A Deep Sea
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Mumbai Metro: It’s among the first turf battles fought between the brothers. Mukesh and Anil led two consortia that used every trick in the book to outdo each other in the bidding process. Eventually, the city’s first metro was allotted to Anil’s Reliance Energy-led consortium. The public-private partnership with the Mumbai Metropolitan Region Development Authority (MMRDA) started work on Phase I (11.4 km route, Rs 2,356 crore) with great fanfare. Issues between REL and MMRDA, like allotment of land for fabrication work, have stalled the grand project announced by the PM himself.

Mumbai Trans-Harbour Sealink: The 22-km bridge between Mumbai and Nhava Sheva was billed as the project of the year to link Mumbai with islands across the harbour and the fastest road/rail link to RIL’s proposed MahaMumbai SEZ across the harbour. Logically, Mukesh bid for the project, offering a recovery period of 75 years. For Anil, however, it meant that Mukesh would virtually control access to one of the largest SEZs in the country. His REL-Hyundai consortium challenged the bidding process in courts; he eventually bid Rs 6,000 crore with a recovery period of nine years and 11 months. The government worked out a period of 44 years. RIL officials told Outlook that theirs was a realistic estimate based on worldwide average recovery period. A baffled state government was unable to make sense of the bids—and took the view mid-June that this critical project "should not get delayed due to differences between brothers". A week later, it decided that MSRDC would undertake the project. While Anil did not get the project, the real loss was Mukesh’s.

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Bandra Kurla plot: RIL picked up a prime plot measuring 75,000 sq mt in the tony Bandra-Kurla business district last May. The ADAG bid fell just short. Mukesh planned a convention centre-auditorium and office blocks. When Anil realised months later that the government had increased the Floor Space Index (proportion of area built to plot) from the standard one to four, he took the issue to the Bombay High Court.

Mumbai airport land: In 2000, RIL was allotted airport land near the hangar. During the demerger, it went to Reliance Transport and Travels Ltd, an ADAG subsidiary. Mukesh continues to stake his claim. Typically, the issue is in the Bombay HC.

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Real estate standoff: The warring brothers and their companies are yet to vacate office premises belonging to the other, including three prime properties: the sprawling Dhirubhai Ambani Knowledge City, office space in Maker IV chambers and Reliance Centre. In addition, the rival companies undercut and outbid each other to buy up existing buildings and real estate.

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