The fight of the Indian billionaires for the first place in the list of Asia’s richest people

For more than 20 years, Mukesh Ambani and Gautam Adani, two Indian billionaires, have quietly advanced in their respective industries. As Adani, the leader of the company that recently acquired Haifa Port, continues to explore both new areas and those that overlap with Ambani’s interests, it appears as though their paths will continue to cross time and time again.

According to a report in “Bloomberg,” the Ambani-led Reliance Industries Ltd group tried to acquire a foreign telecom juggernaut after it learned that Adani intended to move forward with an approach to buy the rights to implement the G5 technology in India.

A few months earlier, Adani had surpassed Ambani to claim the top spot on the list of Asia’s wealthiest persons. Even though Ambani is the CEO of Reliance Jio Infocomm Ltd, the largest mobile carrier in India, and Adani does not even have a license to offer telecommunications services, Ambani is on high alert due to Adani’s aspirations to invade his direct domain.

Ambani, who is worth almost $90 billion, ultimately decided against making an offer to purchase the foreign business. He reasoned that it would be wiser to hold onto his money in case Adani, which made the highest profit in the world this year and amassed a capital of $118.3 billion, would challenge him. Data from the Bloomberg Billionaires Index support this.

The opportunity for competition between the two was thus present as India, whose economy is valued at $3.20 trillion, embraces the digital age and sparks a race for the wealthy to diversify beyond the numerous commodities industries, where Ambani and Adani have their roots. The new opportunities, which range from data streaming and storage to e-commerce, are reminiscent of the American economic boom of the 19th century, which sparked the development of wealthy dynasties like the Carnegie, Vanderbilt, and Rockefeller families.

Despite the numerous rumors, the Adani Group stated in a public statement on July 9 that it has no plans to enter the Ambani-controlled cellular market and will only use airwaves acquired through the government tender to develop “private network solutions” and enhance cyber security at its ports and airports.

The struggle between the two is getting more intense.

Even so, it appears that there is a growing overlap between the two billionaires. Due to his significant oil investments, Ambani has stayed away from industries like ports, coal mining, and shipping for many years. These industries were the focus of Adani’s enterprises. The Adani Group is reportedly looking into prospective partnerships in Saudi Arabia, including the possibility of owning the country’s massive oil exporter, Aramco. However, this has drastically changed over the past year. A contract that had been in the works for two years was abandoned a few months earlier by Ambani’s organization, which still derives the majority of its income from industries tied to the sale of petroleum.

Each of the billionaires pledged to invest more than 70 billion dollars in green energy projects that stem from the Modi administration’s objectives. Adani, meanwhile, has started to hint at intentions to enter markets where Ambani is either present or has significant plans, including digital services, sports, retail, petrochemicals, and media.

By Editor

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