MUMBAI: In June, Indian billionaire Mukesh Ambani and his aides ran into an unexpected dilemma when debating where to train the dealmaking lens of his empire next.
Ambani’s Reliance Industries Ltd was contemplating buying a foreign telecommunications giant, when word reached them that Gautam Adani -- who had overtaken Ambani as Asia’s richest man a few months earlier -- was planning to bid in the first big sale of 5G airwaves in India, according to people familiar with the matter.
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