In March, a quiet coastal town in the western Indian state of Gujarat could have given both Davos and Coachella a run for their money.
That’s when billionaires and movie stars from around the world jetted to Jamnagar, overwhelming its small airport with private planes and chartered flights. They were all there to party with Asia’s richest man, Mukesh Ambani.
The 67-year old chairman of India’s most valuable private company Reliance Industries had thrown a lavish pre-wedding bash for his son, welcoming around 1,200 guests from Silicon Valley, Bollywood and beyond. Mark Zuckerberg, Bill Gates and Ivanka Trump were among the many high-profile celebrities in attendance.
The three-day celebration, which saw performances by popstar Rihanna and magician David Blaine, transfixed India and further underscored Ambani’s growing global clout.
But Ambani was not the only Indian businessman at the bash whose staggering influence and riches are reshaping the world’s most populous country.
Fellow billionaire Gautam Adani, founder of the Adani group, was also invited. The infrastructure tycoon has stunned the world with his supercharged rise in the last decade. In 2022, he briefly ousted Jeff Bezos as the world’s second-wealthiest person.
“They are phenomenal … entrepreneurs, who have been able to sustain steady growth and development in a vibrant yet sometimes chaotic political and business environment that exists in India,” said Rohit Lamba, an economist at Pennsylvania State University.
Investors have been cheering the duo’s ability to adroitly bet on sectors prioritized for development by Prime Minister Narendra Modi, currently campaigning for his third consecutive term to lead India.
The South Asian country is poised to become a 21st-century economic powerhouse, offering a real alternative to China for investors hunting for growth and manufacturers looking to reduce risks in their supply chains.
Reliance Industries and the Adani Group are sprawling conglomerates worth over $200 billion each, with established businesses in sectors ranging from fossil fuels and clean energy to media and technology.
As a result, these three men — Modi, Ambani and Adani — are playing a fundamental role in shaping the economic superpower India will become in the coming decades.
The new Rockefellers
In India’s financial capital Mumbai, the fingerprints of the two businessmen are everywhere, starting from the bustling international airport, which is operated by Adani.