The Pais of Manipal and Syndicate Bank, the Ambanis� Karnataka connections dating back to the 1960s, have welcomed the resolution of the dispute between the two Ambani brothers.

Ramdas M Pai, chairman Manipal Education and Medical Group, said: �I am very happy for the Ambani family. With the intervention of mother Kokilaben, the issue has been settled amicably. Both the brothers are dynamic leaders in their own right and, together they will take the Reliance brand to greater heights.�

N Kantha Kumar, chairman and managing director of Syndicate Bank said, �I believe the two brothers will lead their respective companies as done by their father. It is a good thing to happen to the leading industrial house, especially when the economy is booming.�

As for the future of the brothers� relationship with Syndicate Bank, he said, �As Reliance Industries is now cash rich, the company has no commitments.�

But this was not always so. On arrival from East Africa, it was to Manipal-based Syndicate Bank that Dhirubhai Ambani went for a loan to start his business in India. Then the bank was privately held and T R Pai, who was the top bank honcho, after hearing Ambani out for 15 minutes, instructed the general manager of the bank to give him Rs 10 lakh instead of the Rs 8 lakh he had asked for.

A similar story was enacted in November 1977, when Dhirubhai wanted to go public with RIL. Despite help from Pai, Ambani had a hard time raising funds, eventually relying on family and friends. Syndicate Bank was made the lead bankers to the issue and the rest is history.

Later, for the merger of Reliance Industries and Reliance Petro, State Bank of Mysore led the consortium and Syndicate Bank was joint lead manager.