Starlink’s repeated setbacks in entering the Indian market—what deeper commercial rivalries lie behind them?

Doing business in India requires patience—and Musk acted too hastily. When Nokia sold its mobile phone business to Microsoft, the global deal was completed, yet the Chennai factory in India did not transfer along with it. Due to a tax dispute, its assets were frozen. In 2022, Xiaomi had INR 55.5127 billion (approx. USD 670 million) frozen in its Indian bank accounts by Indian enforcement authorities over foreign exchange disputes—including payments for overseas patent royalties. As of Xiaomi’s mid-2025 financial report, related investigations and litigation in India remain unresolved, with approximately RMB 4.021 billion still restricted. Several smartphone generations have already been launched—but that money remains locked up. Apple’s suppliers face similar challenges. Wistron’s Indian operations were acquired by Tata Electronics in 2024; in 2025, Tata Electronics announced it would acquire 60% of Pegatron’s Indian business. Manufacturing operations once controlled by foreign firms are gradually being absorbed into major Indian conglomerates. Now Musk publicly complains that Starlink is being blocked from the Indian market by local oligarchs—and even bluntly states that Mukesh Ambani is “India’s real boss.” So who exactly is Ambani? Mukesh Ambani is Chairman of Reliance Industries, a conglomerate active in energy, petrochemicals, retail, and telecommunications. His telecom subsidiary Jio already commands a massive user base: according to Reliance’s 2024–2025 annual report, as of March 31, 2025, Jio served approximately 488.2 million users. Musk covets India’s vast market—but for Ambani, Jio operates its own mobile networks, fixed broadband services, and satellite communication initiatives. If Starlink sells directly to end-users in India, it will directly compete with Jio’s offerings. Their core point of contention is clear: Should satellite communication spectrum be auctioned off—or allocated administratively by the government?

Billionaire | India’s Richest Person Changes Hands: Net Worth Exceeds RMB 750 Billion; Invests USD 100 Billion in AI Data Centers

October 2026 update: Forbes released its 2026 India Rich List. This year’s entry threshold dropped from USD 3.2 billion to USD 3.0 billion. The combined wealth of the 100上榜 billionaires remained stable at USD 1 trillion (approx. RMB 6.7 trillion). Eleven individuals dropped off the list—including Nandan Nilekani, co-founder and Chairman of Infosys (a software services and consulting firm), and S. Gopalakrishnan, former Deputy Chairman of Infosys. Meanwhile, seven billionaires returned to the list, and four newcomers joined. The new entrants are: Krishna Chivukula, Founder & Chairman of Indo-MIM—a precision metal injection molding company based in Bengaluru; brothers Kushal and Chaitanya Desai of Apar Industries, a leading Indian manufacturer of cables/specialty conductors and transformer oil; Aditya Khemka, Founder & Managing Director of Aditya Infotech, a security and surveillance equipment maker; and the Virani brothers—Bhikhabhai, Chandubhai, and Kanjibhai—who control Balaji Wafers, a snack food manufacturer. More than half of the listed billionaires saw their net worth shrink. India’s software services sector is grappling with challenges posed by AI-driven automation: Shiv Nadar, Honorary Chairman of HCL Technologies, saw his fortune decline from USD 33.2 billion last year to USD 27.4 billion, dropping him from fifth to seventh place. Mukesh Ambani—previously crowned India’s richest person multiple times—has slipped to second place, with a net worth of USD 86.3 billion, down USD 18.7 billion year-on-year. He serves as Chairman and Managing Director of Reliance Industries, a diversified conglomerate spanning oil & gas, telecommunications, power, and retail. Last year, the group posted revenue of USD 119.6527 billion, up 4.9% year-on-year, ranking 85th on the 2026 Fortune Global 500—up three places from last year. Ambani is now accelerating preparations for the IPO of Jio Platforms—the largest mobile network operator in India—with a maximum fundraising target of INR 302 billion (approx. USD 3.2 billion). If priced in USD, this would rank as India’s largest-ever IPO—though slightly below Hyundai Motor India’s USD 3.3 billion IPO in 2024.

Ambani-owned Reliance's Profit Jumps 41% on Refining, Jio Strength

22 hours ago

Reliance Industries reported a 41% surge in quarterly net profit driven by record crude runs and strong petrochemical margins. The conglomerate leveraged its world's largest refining complex to offset disruptions while expanding its digital and retail arms.

reuters

2026-10-30

Ambani-owned Reliance's Profit Jumps 41% on Refining, Jio Strength

Ambani-owned Reliance's Profit Jumps 41% on Refining, Jio Strength

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