Mukesh Ambani, India's wealthiest man, will re-enter the country's telecoms market, pitching him into direct competition with his younger sibling, Anil.
Reliance Industries, the older Ambani brother's flagship, announced yesterday it had agreed to buy out Infotel Broadband Services, the only company to have won a national allocation in an auction of spectrum for fourth generation mobile broadband services.
The spectrum auction, which closed yesterday, and an earlier sale of third generation mobile spectrum that ended last month have netted India's exchequer $23bn. While this is seen as a success for Pranab Mukherjee, finance minister, the outlay has led to concern over the health of Indian mobile companies.
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