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Your right, Indias huge size as a market for telecom and refineries is what is keeping Reliance afloat. They are a mass market based industry, so its not clear how they may run it if they took up specialist industries like aircrafts because it requires quality not mass quantity like cheap telecom and oil.Something tells me Reliance into the foray is bad.Those brothers are plain thugs.If the TATA's had been in the foray it would have been a different matter
The flip side is because they are private they can hire the best brains in the world for management, like Richard Branson said all you have to do is start a industry and hand it over to the most capable people and they will run it for you. That is something DRDO or HAL can never do, they are socialist based laggards who rely on the government and not on talent.