If you are a budding Indian entrepreneur and are wondering how to create a giant enterprise in a highly regulated sector, you have to read this lucid piece from the FT on how Reliance Industries conquered the Indian mobile telephony sector and in the process humbled Bharti, Vodafone and Idea. The story is not exactly pretty but then one shouldn’t expect the conquest of a highly regulated sector in a country which is 131st on the UN’s Human Development Index to be a stirring tale of enterprise and innovation. Step by step the telecom regulator yielded ground until one day….

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