
Mukesh Ambani's big bets at risk from Trump, Musk & US rivals
Mukesh Ambani can’t afford to have Donald Trump smash open the latch with a sledgehammer. But that is how the threat is unfolding.
The concern in New Delhi is that any retaliatory trade action by Washington will cover broader ground than just India’s “massive tariffs,” as the US president characterized them Friday. American firms do “very little business inside” the most-populous nation, Trump said.
Indian conglomerates enjoy varying degrees of protection from foreign competition. While nearly all of them are at risk from concessions to avoid a trade war, Ambani’s empire appears to be unusually vulnerable.
Retail and digital services, which have guzzled $50 billion in investments since 2020, are key to the group’s $200 billion market value. Both units, currently a part of the flagship Reliance Industries Ltd., are nearing their much-awaited public floats, though they aren’t exactly ready. The sprawling retail business, as Bloomberg News reported last week, is undergoing an overhaul amid sagging analyst estimates of its worth.
At this critical juncture, Elon Musk entering the market with Starlink Inc., or Washington dictating tweaks to domestic policies that have kept Amazon.com Inc. and Walmart Inc. at a disadvantage on Ambani’s home turf, could be destabilizing.
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