Ambani’s Reliance Jio Infocomm Ltd. is the top player in India’s mobile market, while the Adani Group doesn’t even have a license to offer wireless telecommunications services. But the very idea that he mightground so core to Ambani’s ambitions put the tycoon’s camp on high alert, according to the people, who asked not to be named discussing information that isn’t public.
Ambani, worth almost $90 billion, ultimately never bid for the foreign firm, partly, the people said, because he decided it would be more astute to retain financial firepower in case of a challenge from Adani, who has seen the world’s largest wealth gain this year — to $118.3 billion, based on data from the Bloomberg Billionaires Index.
The two Indian families are similarly hungry for growth and that means they’re inevitably going to run into each other, said Arun Kejriwal, founder Mumbai investment advisory firm KRIS, who has been tracking the Indian market and the two billionaires for two decades. Despite such commentary, speculation is rife that he might eventually venture into offering wireless services for consumers.
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