Mukesh Ambani, Gautam Adani face off in race to solar domination
Indian tycoon Mukesh Ambani’s $10 billion entry into renewable energy could drive solar tariffs further to the ground and ignite bidding wars with fellow billionaire Gautam Adani, industry analysts say.
India’s two richest men are vying to be at the forefront of Prime Minister Narendra Modi’s ambition to ramp up green energy capacity in the world’s second-most populous country more than four-fold to 450 gigawatts (GW) by 2030.
They have mostly avoided operating in each other’s space and the renewable energy push by Ambani’s flagship Reliance Industries and the Adani group of companies will be the highest profile faceoff between them.
Ambani, 64, built up his family-owned petrochemicals and textiles business into a sprawling empire including telecoms and retail.
