It turns out that the R-Adag trademark is held by Anil Dhirubhai Ambani Ventures Ltd (Adav), which is part-owned by Ambani. And Adav is set to receive up to Rs160 crore for the use of the R-Adag trademark, along with the use of Reliance Infratel and Reliance Power trademarks, names and logos, according to the public share offer documents of these two firms of the group.
Last month, Reliance Power Ltd mopped up some Rs10,000 crore in India’s largest public offer, which was fully subscribed in the first minute it opened to the public.
Ambani directly owns around 19% in Adav, while Swan Consultants Pvt. Ltd holds nearly 80% stake in the company, according to latest information with the Registrar of Companies on the website of the Union ministry of corporate affairs.
The spokesperson couldn’t immediately explain the discrepancy between his statement and the regulatory filings from both those companies that clearly note the payments are to Adav.
Ambani, the estranged brother of Mukesh Ambani, India’s richest person, is ranked 18 on the Forbes magazine’s list of the global rich published in August last year.
His business interests span telecommunications, power, entertainment and finance.
This is not the first instance of promoters benefiting from the ownership of the brands used by their own units, ensuring income that tops what they earn as directors fees and through dividends on their stakes.