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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