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Ambani Is Coming for India’s Phones and Wallets

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Ambani Is Coming for India’s Phones and Wallets

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The Reliance empire’s biggest draw to global investors is its alignment with Prime Minister Narendra Modi’s policy priorities. Modi badly needs a success story to repair some of the economic damage caused by the pandemic, but there aren’t many private-sector balance sheets with the heft to give expression to his rhetoric of self-reliance, which has the goal to reduce imports of Chinese-made goods. Most other Indian business groups — including that of Ambani’s younger brother, Anil — are sinking in unsustainable leverage. Reliance, however, has hunkered down after a seven-year, $100-billion spending binge, and cut its net debt to zero. 

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