• Adani Group and Reliance Industries Sign No-Poaching Agreement: Report

    Business
    Adani Group and Reliance Industries Sign No-Poaching Agreement: Report






    Digital Desk: The Adani Group, led by Gautam Adani, and
    Mukesh Ambani's Reliance Industries have reportedly agreed not to hire talent
    from each other. According to Business Insider, the no-poaching agreement went
    into effect in May of this year and will apply to all of their group companies.



    Adani
    Group and Reliance Industries have neither commented nor confirmed the report's
    claims.



    Companies
    in India have long had no-poaching agreements.



    "These
    pacts have always existed and remain informal in nature." "From now
    on, neither group can poach from the other," said a senior professional at
    a global executive search firm that works with both conglomerates.



    Both
    groups have a presence in multiple industries and are competitors in a few.



    The Adani
    Group is a major player in the sectors of power, ports, airports, renewable
    energy, and solar power. The Adani Group has recently entered the
    petrochemicals sector, which is dominated by Reliance Industries.



    In
    telecom, the two companies have moved closer together as well. Reliance Jio
    Infocomm, the world's third largest mobile network operator, emerged as the
    highest bidder in the recently concluded 5G auctions. Adani Group, which
    participated in the auction for the first time, paid Rs 212 crore for 400 MHz
    spectrum.



    Adani
    Group and Reliance Industries recently announced plans to invest heavily in
    their retail businesses. Adani Wilmar
    Limited, the Adani Group's food products company, has set aside Rs 5 billion
    from its initial public offering for acquisition targets to expand its food
    operations. Reliance Industries recently announced plans to launch a consumer
    goods business.



     According to the IIFL Wealth Hurun India Rich List 2022,
    Gautam Adani has pushed Reliance Industries Chairman Mukesh Ambani to the
    second position on India's rich list for the first time, with a fortune of Rs
    10,94,400 crore.

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