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Mukesh Ambani
Elon Musk on Sunday renewed his attack on Mukesh Ambani over Starlink's entry into India, accusing the billionaire's supporters of indulging in "absurd hypocrisy and hyperbole" in arguing simultaneously that his satellite internet service cannot compete with "amazing low prices offered by Ambani's de facto monopoly in India", even as they claimed - in the same breath - that it poses a strong competitive threat. In a post on X, Musk said competition from Starlink would benefit ordinary Indians by expanding consumer choice, and that while it could lower Ambani's profits "he is not going out of business". Musk also said that if, indeed, Starlink's services were too expensive in India, consumers would not buy them, forcing the company to make its pricing affordable. The "ridiculous arguments" by Ambani's internet supporters "make no sense", he said. "On the one hand, they say Starlink couldn't possibly compete with the amazing low prices offered by Ambani's de facto monopoly in India an
Elon Musk shared reports of Reliance-backed firms' donations to the BJP, stepping up his campaign against the corporate giant he had accused of blocking the entry of Starlink into India. Musk on Friday evening posted screenshots of news reports on Reliance-backed firms' donations to the BJP, hours after he sarcastically addressed industrialist Mukesh Ambani as "Prime Minister Ambani" and accused him of seeking to protect a "monopoly". Musk had also asked if Ambani would consider allowing the satellite internet service to compete in the country. Earlier, Communications Minister Jyotiraditya Scindia asserted that India does not permit monopolies in any sector, and that despite the buzz around one particular company, three players have received satcom licences and can start operations after individually meeting the security requirements and milestones.
India needs a level playing field where every business has a fair chance to compete, and the Congress is committed to breaking the chain of crony capitalism, Leader of Opposition in the Lok Sabha Rahul Gandhi said on Friday. The remark came a day after his exchange on X with US business tycoon Elon Musk, who had asked whether Reliance Industries chairman Mukesh Ambani is the "real boss" of India amid a controversy over Starlink satellite internet services. Gandhi on Thursday said to the business tycoon: "Wait till you discover the other guy." In another post on his WhatsApp channel a day later, Gandhi said India needs a level playing field where every business has a fair chance to compete. "Congress party and I are committed to breaking this chain of crony capitalism and building an economy driven by innovation and hard work -- not political patronage," Gandhi said. He also shared a video montage including his exchange with Musk. "I am not anti-business; I am anti-monopoly," Gand
Reliance Industries plans to invest Rs 1 lakh crore in Andhra Pradesh to set up compressed biogas plants, creating more than 3 lakh jobs and generating nearly Rs 60,000 crore in revenue for the state over the coming decades, the company's executive director Anant M Ambani said on Friday. Speaking at the foundation stone laying ceremony for the Rayalaseema Horticulture Hub and Indian School of Agriculture in Madanapalle, Ambani said the investment would support the state's transition towards cleaner energy while creating new opportunities for farmers. "Our kisans, who ensure India's food security, will now strengthen India's energy security too - making India self-reliant in energy," he said. "That is why Reliance Industries is grateful to the Government of Andhra Pradesh for the opportunity to invest Rs 1 lakh crore in the state to set up compressed biogas (CBG) plants." CBG is a renewable fuel produced by processing organic waste such as agricultural residue, animal dung, food was
The promoter group of Reliance Industries Ltd increased shareholding by nearly 0.5 percentage points during the June quarter through market purchases, reinforcing its long-term commitment to the country's most valuable company. Regulatory shareholding data showed the promoter and promoter group raised their stake to 50.48 per cent at the end of the June quarter from about 50 per cent three months earlier. The purchases were made within the limits permitted under the Securities and Exchange Board of India's (Sebi's) creeping acquisition regulations, which allow promoters to gradually increase ownership without triggering a mandatory open offer, subject to prescribed thresholds. Market analysts believe market purchases by the promoter group would have cost Rs 8,500-9,000 crore. Reliance Chairman Mukesh Ambani, his wife and three children -- Isha, Akash and Anant -- hold 1.61 crore shares, or 0.12 per cent stake, each in Reliance, according to the latest shareholding filing by the ...