Business Maverick: With $208 Billion Between Them, Asia Richest Men Face Off

  • 📰 dailymaverick
  • ⏱ Reading Time:
  • 38 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 18%
  • Publisher: 84%

South Africa News News

South Africa South Africa Latest News,South Africa South Africa Headlines

In June, Indian billionaire Mukesh Ambani and his aides ran into an unexpected dilemma when debating where to train the dealmaking lens of his empire next.

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.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 3. in ZA

South Africa South Africa Latest News, South Africa South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Business Maverick: Billions pulled from Europe’s controversial ESG investing fund categoryESG has become a punching bag for the far right, disgruntled corporate executives and even industry insiders.
Source: dailymaverick - 🏆 3. / 84 Read more »

Business Maverick: US futures dip, stocks mixed on Fed, China caution: markets wrapUS equity futures fell and Asian stocks were mixed on Monday, hampered by the challenges swirling around China and a reminder from Federal Reserve officials that their key objective is to fight high inflation.
Source: dailymaverick - 🏆 3. / 84 Read more »

Business Maverick: China’s home sales slump further during mortgage boycottsThe country’s top 100 developers saw home sales slump further in July, indicating a widening mortgage boycott crisis emerging around China has further weighed down buyer confidence.
Source: dailymaverick - 🏆 3. / 84 Read more »

Business Maverick: New Zealand’s Ardern urges China to condemn Russia’s Ukraine warPrime Minister Jacinda Ardern has urged China to condemn Russia’s invasion of Ukraine, saying Beijing has benefited from international rules and has a duty to uphold them. New Zealand is a puppet of UK no one cares
Source: dailymaverick - 🏆 3. / 84 Read more »