There are rumors that Mukesh Ambani is going to completely buyout the Bombay Dyeing brand from the Wadia family. It would end the bittersweet rivalry between the two big business families in India- Wadia and Ambani.

But for the deal to be in its favor, Reliance Industries (RI) needs to fight it out with the Indo Rama and JBF Industries.

The polyester plant of Bombay Dyeing, which is center for the contest, is a loss making unit and had been the reason for the fight between the two families since 1980's.

Both the sides have in their own way denied the reports, but sources close to the matter have said that developments regarding the same are true.

Said Durgesh Mehta, Joint MD, of Bombay Dyeing that there is no such proposal from the board. Spokesperson from RIL refused to make a statement calling the whole thing as just speculation.

Bombay Dyeing as a whole has been making losses for quite some time now. While the real estate division made a pre-tax profit of Rs. 346.65 crore in 2010, the other sides were in losses. In 2010 fiscal it made a total loss of Rs. 100 crore.