RIL plans mega foray into power biz

Investors were disappointed,however,that Ambani did not unveil more specific plans.

Mukesh Ambani’s Reliance Industries,unfettered by a pact that banned it from competing with his brother’s firms,announced an aggressive push into the power business but was short on specifics during a hotly anticipated shareholders meeting.

The elder Ambani has unveiled deals since the long-estranged brothers called a truce last month in their feud,and said the end of the non-competition agreement opens up possibilities in a power sector that he said provides “unbounded opportunity.”

Investors were disappointed,however,that Ambani,the world’s fourth-richest man,did not unveil more specific plans,and that his younger brother Anil was not in attendance.

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“People had built unrealistic expectations that there would be big-bang announcements at the meeting,” said Tejas Doshi,head of research at Sushil Finance in Mumbai.

“The disappointment is showing in the stock price of the companies led by both Ambani brothers,” he said.

Reliance shares,which had gained as much as 1.7 per cent early on Friday,were down by 0.41 per cent after the meeting,while Anil Ambani’s Reliance Communications and Reliance Natural Resources Ltd also skidded.

Police personnel seen to control the situation during a massive protest over the statehood demand and the inclusion of Ladakh under the Sixth Schedule, in Leh on Wednesday. (ANI Video Grab)

Statehood protest takes violent turn in Ladakh, BJP office set ablaze in Leh

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Protests in Ladakh turned violent as students and youth organisations demanded statehood and Sixth Schedule status. Two elderly protesters fainted, prompting a shutdown call. A BJP office and security vehicle were set on fire. Activist Sonam Wangchuk urged for a peaceful approach. The demand for Sixth Schedule status is due to Ladakh's tribal-majority population and direct central administration.

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