Grab some popcorn: Mukesh Ambani vs Gautam Adani rivalry is getting intense

 

Mukesh Ambani and Gautam Adani tiptoed around each other for years to reach the top two rungs of Asia’s wealth ladder. While one of them built an empire in telecom and retail, the other established a lock on transport and energy distribution. Increasingly, though, the two billionaires from India’s Gujarat state are starting to overlap, setting the stage for a clash that could alter the country’s business landscape. Given the duo’s proximity to politics, the shock is bound to reverberate through the corridors of power as well.

In the latest sign of their coalescing orbits, the Adani Group has discussed the idea of buying a stake in Saudi Aramco from the oil-rich kingdom’s Public Investment Fund, potentially linking the investment to a broader tie-up or asset swap deal, according to Bloomberg News. This is just months after Ambani’s Reliance Industries Ltd. and Aramco called off more than two years of talks to sell 20% of the Indian conglomerate’s oils-to-chemicals unit to the Saudi behemoth for about $20 billion to $25 billion-worth of Aramco shares. In an attempt to cement the partnership, Reliance even got Aramco chairman Yasir Al-Rumayyan to join its board as an independent director last year.

Aramco, the No. 1 crude oil producer, is still a better fit with Ambani’s Reliance, which owns the world’s largest refining complex at Jamnagar in Gujarat. Reliance is also a leading manufacturer of polymers, polyester and fiber-intermediates. But, Adani, too, has wanted to enter petrochemicals by putting up a $4 billion acrylics complex near his Mundra port in Gujarat in collaboration with BASF SE, Borealis AG, and Abu Dhabi National Oil Co., or Adnoc. Covid-19 put a dampener on the plan. This wasn’t the first retreat from his petro-ambitions: Nothing also came of a plant in Gujarat, which was looking to rope in Taiwan’s CPC Corp.

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