Corporate Grapevine

Published: Dec 29, 2021
Updated: Dec 29, 2021

Adani takes on Ambani in petrochem sector

Within weeks of Mukesh Ambani announcing that he will enter the renewable power sector with a Rs 75,000 crore investment, the Adani group has announced its own investment plans in the petrochemical sector and has already floated a company styled as Adani Petrochemicals. The timing of the announcement took industry analysts by surprise as petrochemicals is Reliance Industries’ domain till date, and Ambani has finished off almost all rivals in the last 30 years, including Nusli Wadia of the Bombay Dyeing group. Gautam Adani now feels that he is now capable to take on Mukesh Ambani. Will the war between the two considered to be favorites of the PM Mr. Modi, erupt into something bigger? That’s the question being raised both in business as well as political circles.

The only good news is that with both billionaires investing in new capacities, it is creating new jobs in the economy. As long as there is healthy competition between the two, one can just hope that the Indian market will be big enough to accommodate both the groups.