Delhi It is a good thing our India FDI Watch Campaign (www.indiafdiwatch.org) is not easily intimidated. A recent article in the New York Times indicates that we now have our sights on the largest companies in the country.
Reliance Industries, which is the force behind Reliance Fresh that is threatening our shopkeepers, hawkers, and street sellers by adopting the Wal-Mart business model, is now the largest business in India with a $85 Billion USD market capitalization thanks to the run-up in the Indian stock exchange in the last 3-4 years. Reliance Fresh, as you recall, we joined with others to recently block in Uttar Pradesh. It was interesting to note in the article that the author did not even mention that Reliance was moving into large scale retail!
Bharti Airtel is the second largest Indian conglomerate and a telecommunications giant that is partnering with Wal-Mart on the backside and a key focus of our campaign. The market cap on Bharti is now $46 Billion USD. As a frame of reference that would make Bharti triple the size of Qwest in the US as an example!
Icici Bank is moving past $30 Billion USD and is the objection of a lot of our campaign discussions this week about whether or not to add banking to the India FDI Watch Campaign.
This is all getting big time and high stakes now in India with a shadow and footprint that now starts to span more than just this one huge subcontinent. Globalism is moving from India, not just to India.