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Superb writeup.

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Reliance is a juggernaut. It cannot be stopped because of simple and deadly equation of :

1. A very highly ambitious entrepreneur.

2. So far a well and shrewdly crafted strategy of developing and owning the value chain. Even you have stated that it wants to own and dominate content, carrier and commerce.

3. A really extremely efficient businessman to manage different political landscape in India having an experience and expertise (running down to 3rd generation) of dealing and managing with two most powerful political outfits simultaneously.

4. Why RIL went to debt reduction is because it is the flavour of the season - both, domestically as well as globally. Every one knows that the cost of equity is much higher than the cost of debt, but, still the world over, over the last 3 to 4 years, suddenly there is a great rush to give unprecedented valuation to low/zero debt companies.

5. Finally, all three SBUs/listed subsidiaries, namely, O2C, Retail and Telecom will be managed independently by three scions of RIL boss and therefore it makes sense to carve 3 niches.

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