When Reliance lost out to a small trust in a Mumbai property tussle

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.

 

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