Gautam Adani’s Adani Group and Mukesh Ambani-led Reliance Industries have entered into a pact not to lure talent away from each other.
According to Business Insider, the no-poaching pact, which applies to all businesses owned by the two conglomerates, went into effect in May.
The pact comes even as the Adani Group recently entered the petrochemicals sector with Adani Petrochemicals Limited. Reliance is a leading player in this industry. In addition, the Adani Group participated in the 5G spectrum auctions for the first time, in which Reliance Jio emerged as the top bidder.
Reliance Industries recently announced plans to enter the consumer goods business, a segment in which Adani Wilmar Limited is a major player.
Such a pact will ensure that there is no talent war as both these conglomerates operate in multiple sectors.There has been no official confirmation of the news from either business establishment.
Gautam Adani is the second richest person in the world with a net worth of Rs 10.94 crore. Between them, Ambani ($88.8 billion net worth) and Adani ($150 billion) account for 59 percent of the wealth held by the country’s top 10 billionaires.