A Giant So Big It's a Proxy for India's Economy (The New York Times)

The NYT looks at the Reliance megacorp.

Some interesting facts:

[Reliance group's] sales equal 3.5 percent of the country's gross domestic product, more than the combined global sales of all of India's outsourcing companies. Its $3.6 billion worth of exports are 6.1 percent of India's total. It helps fill government coffers, contributing 9.4 percent of India's so-called indirect tax revenues, from things like sales taxes, customs and duties.

The article is somewhat one-sided since Reliance's competitors declined to comment.

The article quotes Arun Shourie on how he did a "180 degree turn" on his views on the conglomerate. He opposed it in the 80s but is now a staunch supporter.

It has routinely surprised me how the Indian govt encourages monopolies. It allowed, even encouraged, Reliance to buy IPCL (a profit-making PSU) which made Reliance the only player in that market. Such policies have no doubt played an important role in Reliance's ascent.