Conglomerates
114 ARTICLES
Formula 1’s Middle East conundrum
From cancelled races to scrambled calendars, the Iran conflict is testing an over two-decade partnership that powered the sport’s growth.
04 Aug 2026
Akasa, Air India Express or SpiceJet: plenty on offer for Adani’s airline play
A regulatory easing could see the billionaire’s conglomerate move from running airports to owning an airline—an idea he is warming up to, with multiple options open.
23 Jul 2026
Anil Agarwal’s aluminium ambition faces a stiff test
After a strong listing, Vedanta Aluminium Metal is running into some headwinds. Aluminium prices are easing, but the sharper challenge is rising competition from Kumar Mangalam Birla and Gautam Adani.
07 Jul 2026
Airtel’s Q4 performance adds to Jio IPO headwinds
FY26 numbers show that Airtel is stealing a march on its larger rival on most counts and is unrelenting in its ambition, casting a cloud on Jio’s valuation.
18 May 2026
A mixed bag of a year for Reliance Industries
Telecom and retail both continue with their ‘hit and miss’, while O2C delivers an unsurprisingly poor performance in Q4. This is a year RIL will be glad to see the back of.
24 Apr 2026
Reliance’s growth engines may be losing steam
Telecom and retail, which account for half the conglomerate’s revenue and most of its valuation, aren’t accelerating fast enough to justify their price tags.
16 Jan 2026
Conglomerates, duopolies and domination hamper India
The domination of a few business groups—conglomerates—is a defining feature of the country’s economy. This has been enabled by policy, leading to stifled innovation and hindered progress. All of this, in turn, exacerbates inequalities.
02 Nov 2025
Anil Ambani owes his gravy train ride to apathy, leniency
Multiple institutions have failed in their duty to pursue the litany of cases against Ambani and his companies. This has facilitated a comeback that should never have been
11 Sept 2025
Anil Ambani’s comeback is anything but one
The return to profitability and the deleveraging at Reliance Power and Reliance Infra are not what they’re cracked up to be. Plus, as their promoter, his past continues to haunt the two surviving group companies.
08 Sept 2025
An uneventful Reliance AGM that could not have been otherwise
Everyone seems to be disappointed with the company’s annual general meeting. With hands full and businesses that need further nurturing, this was not the time for big-bang announcements. And so it was.
29 Aug 2025
