The Times Group assets underwent an elaborate evaluation process about a year ago, but due to the complexities involved in the media conglomerate worth hundreds of crores, brothers Samir Jain and Vineet Jain reportedly couldn't reach a consensus despite multiple rounds of talks. That was the time when they decided to rope in mediators, who didn’t only enjoy the trust of the family but also have skills to manage a smooth split for the Times Group which is a web of around 70 entities, including the most complex one-Times Internet Ltd (TIL), sources told e4m.

Two top business leaders who were roped for this massive task were-Sunil Bharti Mittal, the billionaire chairman of India’s leading telecom operator Bharti Airtel, and Gaurav Dalmia, Chairman of the Dalmia group Holdings and Landmark Group holdings. Incidentally, Dalmia family owned the BCCL in the 1950s before handing the company over to Jains.

While Dalmia (57) is part of the family-owned business and a noted private equity and real estate investor, Mittal (66) is a first-generation entrepreneur. Both are among India’s wealthiest persons with businesses spread across the  world.

“Mittal and Dalmia then oversaw the entire negotiations and mediation process. With their meticulous  business acumen, the duo was able to help Samir Jain and Vineet Jain to adjust here and there for larger gains and an amicable solution,” insiders claimed.

The two were present with Jain brothers at the latter’s Delhi bungalow on Thursday when the settlement issue was resolved and a memorandum of understanding (MoU) was signed.

“Smaller assets of the group have been fully settled, while the settlement of a few larger assets are being fine-tuned. Once it finishes, it would be clear how much cash payout Samir Jain needs to give to Vineet Jain,” a highly placed source told e4m, requesting anonymity. It is believed that the cash component could be in the range of Rs 3,500 crore to Rs 5,000 crore.

It is said that Samir Jain has started looking for investors as well. “One of the two mediators might extend his helping hand to Samir Jain,” an insider said.

Sources further said that top law firm Khaitan & Co is taking care of the legal technicalities of the partition.

Does Vineet Jain’s new profile pic posted on Sunday signal’s new beginning?