Adani Group and Reliance Industries recently announced plans to make big investments.
According to a report, the no-poaching agreement has come into effect from May this year and will be applicable to all their group companies.
IndustriesEdited by Nonika SharmaUpdated: September 22, 2022 5:43 pm IST
Gautam Adani-led Adani Group and Mukesh Ambani’s Reliance Industries have reportedly entered into an agreement of not hiring talents from each other. According to a Business Insider report, the no-poaching agreement has come into effect from May this year and will be applicable to all their group companies.
Both Adani Group and Reliance Industries have neither commented nor confirmed the claims made by the report.
No-poaching agreements among companies in India are not new.
“These pacts have always existed and they continue to be informal in nature. From here on both groups cannot poach from each other,” a senior professional of a global executive search firm that works with both conglomerates told Business Insider.
Both the groups have a presence across sectors and they are rivals in a few industries.
The Adani Group is a major player in power, ports, airports, renewable energy and solar power sectors. The Adani Group has recently entered into the petrochemicals segment, where Reliance Industries is the top player.
In telecom too, the two companies have veered closer to each other. In the recently concluded 5G auctions, Reliance Jio Infocomm, the third largest mobile network operator in the world, emerged as the largest bidder. Adani Group, which participated in the auction for the first time, bought 400 MHz spectrum for ₹ 212 crore.
Adani Group and Reliance Industries have recently announced plans to make big investments to boost their retail businesses. According to a recent Bloomberg report, Adani Wilmar Limited, the food products company owned by the Adani Group, has earmarked ₹ 5 billion from its initial public offering for acquisition targets to boost its food operations. Recently, Reliance Industries also announced its plans to launch a consumer goods business.
Gautam Adani, pushed Reliance Industries Chairman Mukesh Ambani to the second position on India’s rich list for the first time with a wealth of ₹ 10,94,400 crore, according to the IIFL Wealth Hurun India Rich List 2022.
Source: NDTV-Business