Una Galani is Associate Editor of Reuters Breakingviews, based in Mumbai. She covers a cross-section of business, finance, and politics in South Asia. Una was in Hong Kong from 2013 and previously spent three years in Dubai writing about Middle Eastern economies during the Arab Spring. She joined Breakingviews in 2006 in London. In 2016, she won Asia Pacific Best Editorial Comment at the State Street Press Awards and Reuters global analysis/commentary of the year. She read English Literature at St Catherine’s College, Oxford. Follow Una on Twitter @ugalani. Follow @ugalani
The energy billionaire built an upstart telecoms data network into the world’s biggest. Now Ambani wants to redefine how Indians shop, pitting him against Amazon and Walmart. India’s e-commerce market is young enough – and his pockets deep enough – for him to be a real threat.
Tax authorities have sold part of a stake in Vedanta Limited seized from the UK company in a $1.3 bln tax dispute, weeks before the pair go to arbitration. India only pockets $216 mln, half what the shares were worth at the start of the year. The timing and the logic look flawed.
“The Billionaire Raj” offers a colourful account of many types of cronyism afflicting the country, and whether India will descend into Russian oligarchy or give way to a U.S.-style progressive era. The pace of change, though, means some conclusions have already been overtaken.