Billionaire Mukesh Ambani and his brother Anil seem to be united in a common Yatra.
According to sources, the result of last week's Rs 4,000- crore buyout of Raghav Bahl's Network18 media Group by Mukesh- run Reliance Industries Limited ( RIL) is that it has brought him together in a business venture with Anil.
The connection has come through the travel portal yatra. com, in which Anil-controlled Reliance Capital has 15 per cent stake. Network18' s 11.5- per cent stake in yatra. com now passes on to elder brother Mukesh as part of the country's biggest media deal.
Reliance Capital refused to comment on the issue. The development comes at a time RIL has doubled its investment in Reliance Mutual Fund ( MF) by parking close to Rs 1,300 crore as part of its investment portfolio.
This marks a significant increase of investment worth Rs 691 crore as on March 31, 2013, in select schemes of Reliance Mutual Fund, which is part Reliance Capital.
RIL's total investment in select Reliance MF schemes, mostly fixed maturity plans ( FMPs), rose to Rs 1,290 crore as on March 31, 2014, according to the company's latest annual report for the financial year 2013- 14. This information was provided in RIL's annual report being sent to its shareholders ahead of their annual general meeting on June 18.
While RIL has been known for years to park excess cash in various MFs, it began investing in funds operated by Reliance MF only during the 2012- 13 fiscal. This was a good seven years since the brothers split in 2005.
At the end of fiscal ended March 31, 2012, RIL had invested over Rs 8,700 crore in various MFs, but they did not include any scheme of Reliance MF. On the other hand, RIL has always figured prominently in stock portfolios of various schemes of Reliance Mutual Fund. As per latest estimates, Reliance MF has investment of close to Rs 400 crore in RIL shares across all its funds.