Surprised by the stiff resistance to its attempts to wrest control of the trust that owns the prime plot of land in upscale Breach Candy, the conglomerate seems reconciled to licking its wounds.
The Reliance group headed by Mukesh Ambani has been eyeing a prime plot of land in south-central Mumbai’s Breach Candy area over the last four years. In fact, so keen was it on acquiring it that, at one point, it allegedly made a “backdoor attempt” to wrest control of the family trust that owns the land.
It is quite another matter that India’s biggest privately-owned corporate entity did not make much headway as the Seth Damodar Madhavji Charity Trust (henceforth, DMT), controlled by the Vussonji family, has opposed the group’s attempts tooth and nail.
Clearly, the stakes are high here. …
Paranjoy is a writer, speaker, anchor, interviewer, teacher and commentator. His main areas of interest are the workings of the political economy and the media in India and the world, on which he has authored/co-authored books and directed/produced documentary films.
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