The subtitle of Hamish McDonald's biography of the Ambani family, Mahabharata in Polyester, is: “The making of the world’s richest brothers and
their feud.” I haven't read it but my interest is aroused by a review of the book in today's Financial Times (subscription needed). Joe Leahy, reviewing it, notes that the book relies heavily on secondary sources, but as he points out, the Reliance dynasty story is a corker of a tale. And he concludes that the book:
“…asks a question that
resonates beyond India’s borders: are business oligarchs responsible for
the country’s ineffectual government and bureaucracy by subverting
politicians and policies to their will? Or have India’s smarter
businesspeople provided leadership and innovation where none would
otherwise have existed? McDonald takes the former line, concluding
that oligarchs are too powerful. “One legacy of Dhirubhai Ambani is a
dangerously suborned state,” he writes.
Yet few figures capture
the brash spirit of modern India as well as Dhirubhai and his sons.
Their materialism has trumped the austere socialism of the country’s
early post-independence era. As McDonald puts it, thanks to the Ambanis,
polyester has triumphed over cotton in India.”
There are few biographies of the figures who have made the modern Indian economy what it is, and is becoming, so this looks like a book worth reading.