Almost everybody’s called wrong in the Ambani dispute, especially after the Supreme Court verdict. Most didn’t think a new round of negotiations over gas pricing would result in anything meaningful, and fewer still even considered a return to good old times. Both now appear plausible.

It might be premature to talk of a regrouping but a new bonhomie has emerged between the brothers. It almost seems as if Anil Ambani, in a rare act of surrender after the stinging loss at the highest court and sustained pressures in almost all his businesses, prostrated at brother Mukesh’s feet seeking forgiveness. What’s more, older brother Mukesh, who has said he considered Anil as a son, seems to have responded with unexpected largesse.

Mukesh has eliminated a non-compete clause between the two brothers that allows Reliance Communications’ to reconsider an aborted bid to acquire African cellular giant MTN. He also met with the nation’s most powerful leaders including Prime Minister Manmohan Singh, presumably to ease brother Anil’s strained recent ties. And, even opened up a guest house he owns at Tirumala for his younger brother to pray to Lord Venkateswara.

While the family reunion would be a welcome thing, what’s in it for business?

Mukesh is a hard-headed businessman and chances are, nothing including family ties or emotions, would come in the way of his business decisions. As it is, his flagship Reliance Industries hasn’t been performing well in recent years, thanks to the global recession and drop in oil prices; and his retailing venture is going through troubled times. So, the end to the non-compete clause is a huge relief for Mukesh as well as he eyes new businesses.

It is speculated that Mukesh could be interested in the cellphone business or in finance. His meeting with Sunil Mittal of Airtel has raised speculation and so has rumours about RIL’s bid for the mutual fund business of JM Financial, one of the country’s oldest headed by Nimesh Kampany. I think both are red herrings.

Plunging call rates and huge license and infrastructure costs have made the telecom business rather unattractive, at least for now; and finance has never been Mukesh’s forte, certainly not mutual funds. Besides, I doubt Mukesh ended the non-compete clause in order to enter brother’s business turf. If things are going as well as they seem to between the billionaire brothers, Mukesh might as well join hands with his brother in telecom or finance, rather than acquire any other.

Mukesh would seek something a lot bigger, especially after the end to the bitter dispute with his brother. He is the man with “vision” who is likely to enter greenfield areas and use his great operational skills to build a business. So, prepare to be surprised.