India’s estranged Ambani brothers showed the first signs of reconciliation since they split the family empire in 2005 by scrapping agreements that prevented the billionaires from competing with each other in business.

Mukesh Ambani, 53, and Anil Ambani, 50, the world’s richest siblings, yesterday ended all non-compete accords reached in January 2006 and announced a new pact barring competition in natural gas-based power generation. In a rare show of unity, their companies issued almost identical statements saying they were “hopeful and confident” of creating an “environment of harmony, co-operation and collaboration.”

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