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Reliance Industries and Adani Group Sign a No-Poaching Agreement: Report
The no-poaching pact, according to a report, will apply to all of their group enterprises starting in May of this year.
According to reports, the Adani Group, managed by Gautam Adani, and Reliance Industries, owned by Mukesh Ambani, have an agreement not to hire employees from one another. The no-poaching pact, which will be applied to all of their group firms, went into force in May of this year, according to a Business Insider story. Adani Group and Reliance Industries have not responded to the report’s assertions or verified them.
In India, no-poaching agreements between businesses are nothing new.
“These pacts have always existed and they continue to be informal in nature. From here on both groups cannot poach from each other,” a senior professional of a global executive search firm that works with both conglomerates told Business Insider.
Both organisations are present in a variety of industries and compete against one another in others.
A significant player in the power, ports, aviation, renewable energy, and solar power sectors is the Adani Group. Reliance Industries is the dominant player in the petrochemicals industry, while the Adani Group has just made its entry.
The two businesses have become more similar to one another in telecom as well. Reliance Jio Infocomm, the third-largest mobile network provider in the world, placed as the highest bidder in the just completed 5G auctions. Adani Group, which took part in the auction for the first time, paid 212 crore for 400 MHz spectrum.
Reliance Industries and Adani Group have disclosed plans to increase their retail businesses through significant expenditures. Adani Wilmar Limited, the food products company controlled by the Adani Group, has targeted 5 billion from its initial public offering for acquisition targets to strengthen its food operations, according to a recent Bloomberg story. Reliance Industries has revealed its intentions to start a consumer goods company.
The IIFL Wealth Hurun India Rich List 2022 places Gautam Adani, who has a net worth of $10,94,400 crore, ahead of Reliance Industries Chairman Mukesh Ambani for the first time.
