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.