New Delhi, September 6, 2023 - India's top businessmen, led by rivals Mukesh Ambani and Gautam Adani, are set to share a stage with G20 leaders at a grand dinner in the capital this Saturday, underscoring India's status as the world's fastest-growing major economy. Prime Minister Narendra Modi has been actively leveraging India's leadership in the G20 group of the world's most influential economies to position the nation as an attractive destination for trade and investment, particularly in light of China's economic slowdown. Notable attendees expected at this high-profile gathering in New Delhi include U.S. President Joe Biden, British Prime Minister Rishi Sunak, Saudi Crown Prince Mohammed Bin Salman, Canadian Prime Minister Justin Trudeau, and Japanese Prime Minister Fumio Kishida. Among the 500 distinguished guests invited, luminaries like Tata Sons Chairman N Chandrasekaran, billionaire Kumar Mangalam Birla, and Bharti Airtel's founder-chairman Sunil Mittal, along with Reliance Industries' Mukesh Ambani and the Adani Group Chairman Gautam Adani will be present, sources have confirmed. "This exclusive dinner event will be attended by various world leaders and serves as a unique opportunity to bring together India's elite during the leaders' summit," revealed an Indian official on condition of anonymity. However, the Chinese President Xi Jinping and Russian President Vladimir Putin will be conspicuous by their absence from the weekend summit.

The event on Saturday will offer Prime Minister Modi another platform to showcase India's abundant business and investment prospects. The dinner is slated to be hosted at a newly constructed $300-million venue in the shape of a conch shell, featuring a delectable menu highlighting Indian cuisine with a particular focus on millets, a grain actively promoted by the country. Mukesh Ambani and Gautam Adani, two of India's foremost industrialists, have been in a competitive race across various sectors, ranging from telecoms and media to energy and finance. Their alternating reign as Asia's wealthiest individuals has made headlines. In the recent Fortune India Rich List for 2023, Mukesh Ambani, the patriarch of Reliance Industries (RIL), and Gautam Adani, the chairman of the Adani Group, secured the top positions with respective wealth of $99.7 billion and $63.71 billion. The Mistry family of Shapoorji Pallonji Group, with a wealth of $34.6 billion, claimed the third spot, while the Poonawalla family, owners of vaccine maker Serum Institute, stood fourth with $32.9 billion in wealth. Radhakishan Damani, the stockbroker and founder of D-Mart-branded grocery stores, rounded out the top five with a wealth of $23.4 billion. It's noteworthy that the Ambani family has initiated a process to unlock value in their flagship RIL by listing its financial services business. Future plans include unlocking value in the telecommunications and retail sectors as well, promising further wealth creation for shareholders. Gautam Adani, although hailed for his remarkable journey from humble beginnings, has also faced controversy, particularly regarding his association with the Bharatiya Janata Party (BJP). This close relationship has drawn scrutiny, given Adani's business strategy's emphasis on "nation building." Adani's career, which commenced with diamond trading in 1978 and eventually led to the formation of the Adani Group, has been marked by a mix of entrepreneurial acumen, political alliances, and occasional controversies. The rise of his empire, notably the development of Mundra Port in 1998, has been accompanied by allegations of environmental and socioeconomic impacts. Still, his alliance with then-Gujarat Chief Minister Narendra Modi contributed to his growth and coincided with Modi's political ascent to becoming India's prime minister in 2014. Adani's foray into the airports sector, winning contracts for six Indian airports, also raised questions of cronyism, even as the government defended the transparency of the bidding process. In recent years, the Adani Group has expanded its portfolio through mergers and acquisitions, diversifying into sectors like cement, agribusiness, and data tech. The early 2020s saw substantial growth in Adani's net worth, soaring from around $10 billion to $125 billion by the end of 2022. Notably, Adani also acquired a controlling share of New Delhi Television Ltd. (NDTV), a prominent Indian news media company. However, a setback arrived in January 2023 when U.S.-based short seller Hindenburg Research published a damning report alleging stock manipulation and fraud within the Adani Group. The report triggered a significant sell-off, temporarily erasing over $50 billion from the conglomerate's market value, though it later rebounded. Adani Group refuted the allegations, describing them as an attack on India's institutions and growth story. As the controversy unfolds, India's Supreme Court and stock market regulator, SEBI, are conducting investigations into the allegations, while the Adani Group grapples with substantial debts. Despite the challenges, Gautam Adani remains one of the most prominent figures in India's business landscape, a testament to his resilience and his significant contributions to the nation's economic development.

The G20 summit, scheduled for September 9-10, 2023, takes place amidst global turbulence, with expectations running high for the leaders to address pressing global issues. The absence of Chinese President Xi Jinping and Russian President Vladimir Putin raises concerns about the summit's ability to reach a consensus Leaders Declaration, given the ongoing differences over the Ukraine conflict.