In a public statement on July 9, the Adani Group said that it has no intention of entering the consumer mobile space currently dominated by Ambani, and will only use any airwaves purchased at the government auction to create "private network solutions," and for enhancing cybersecurity at its airports and ports.ĭespite such commentary, speculation is rife that he might eventually venture into offering wireless services for consumers. Representatives from Adani's and Ambani's companies declined to comment for this story. "Ambanis and Adanis will cooperate, co-exist and compete," he said. 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. The opportunities emerging - from e-commerce, to data streaming and storage - are reminiscent of the US's 19th century economic boom, which fueled the rise of billionaire dynasties like the Carnegies, Vanderbilts and Rockefellers. That's setting the stage for a clash with widening implications both beyond India's borders, as well as at home as the $3.2 trillion economy embraces the digital era, triggering a race for riches beyond the commodity-led sectors where Ambani and Adani made their first fortunes. One set of aides advised Ambani to pursue the overseas target and diversify beyond the Indian market, while another counseled conserving funds to fend off any challenge on the home turf, according to people familiar with the discussions.Īmbani, worth $87 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 his net worth surge more than anyone else in the world this year - to $115 billion, based on data from the Bloomberg Billionaires Index.Īfter peacefully expanding in their respective domains for over two decades, Asia's two richest men are increasingly treading the same ground, as Adani in particular sets his sights beyond his traditional areas of focus.
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