The brothers' companies "have today approved and signed an agreement canceling all existing non-compete arrangements," Mukesh's Reliance Industries and Anil's ADA Group companies said in nearly identical statements Sunday.

They have instead agreed to a restricted non-competition agreement, in which Reliance Industries will stay out of gas-based power generation - a mainstay business for Anil - through March 31, 2022, except for its captive gas power plants.

The companies said the deal has been approved by their respective boards of directors.

The arrangement comes on the heels of a Supreme Court ruling that a family agreement executed in 2006 - which contained the non-compete clauses and mandated that Mukesh sell Anil natural gas for roughly half the government-set rate - was essentially void.

The court ordered the brothers to negotiate a fresh agreement within six weeks.

The companies vowed Sunday to "expeditiously" negotiate a new gas supply arrangement and said they "hope to conclude these negotiations very soon." The mysterious family agreement, which has never been made public, divided the sprawling empire of patriarch Dhirubhai Ambani, who died without leaving a will.

It carved up some of India's most valuable industries, allocating core oil and gas interests to Mukesh, while reserving power, telecommunications, entertainment and financial services for younger brother Anil.

Today, Mukesh's holdings are far more profitable and highly valued than his brother's.

Now all that seems to be off the table.

"The cancellation of the existing non-compete Agreement as above will provide enhanced operational and financial flexibility to both groups, and greater ability to participate in high growth sectors of the Indian economy, such as oil and gas, petrochemicals, telecommunications, power, and financial services," the companies said in their statements.