Elon Musk vs Mukesh Ambani: Starlink Row Intensifies Ahead of Reliance Jio’s ₹30,000 Crore IPO

A growing dispute between Elon Musk and Mukesh Ambani over India’s telecom market has drawn fresh attention as Reliance Jio Platforms prepares for its proposed initial public offering (IPO), with its share price band reportedly set at ₹1,065–₹1,119.

Musk, the billionaire founder of SpaceX and owner of Starlink, has criticised India’s regulatory process for satellite internet services and questioned whether Reliance Jio’s market position is affecting Starlink’s entry into the country. His remarks have intensified the public debate over competition, regulatory approvals and the future of satellite broadband in India.

Elon Musk Questions India’s Telecom Approval Process

In a series of posts on X, Musk alleged that powerful business interests were obstructing Starlink’s entry into India. He also directed criticism towards Ambani and questioned why the satellite internet service had not yet begun commercial operations.

Musk has argued that greater competition in the internet market would benefit Indian consumers by expanding their choices. He has also indicated that Starlink would need to offer affordable pricing to compete in a country where mobile data services are comparatively inexpensive.

However, Musk has not publicly established evidence that Ambani or Reliance Jio improperly influenced the government’s approval process.

Indian Government Rejects Claims of Preferential Treatment

India’s government has pushed back against suggestions that the regulatory process is favouring Reliance Jio.

Union Communications Minister Jyotiraditya Scindia has stated that India does not allow monopolies in any sector. The government has also said that satellite operators, including Starlink and Jio’s satellite venture, are subject to security and regulatory requirements.

Although Starlink has obtained an operating licence in India, it still needs to complete the necessary security compliance requirements and obtain spectrum assignment before launching commercial services.

Reliance Jio has not publicly responded to Musk’s latest allegations, according to reports published on October 11.

Reliance Jio IPO Price Band Reportedly Set at ₹1,065–₹1,119

The dispute comes as Jio Platforms, the digital services and telecom business backed by Reliance Industries, prepares for its much-anticipated stock market debut.

According to reports citing people familiar with the matter, the proposed IPO price band is ₹1,065–₹1,119 per share. At the upper end of the reported range, the offering could raise approximately ₹30,213 crore, potentially making it India’s largest IPO.

The offering has reportedly been scheduled to open for public subscription on October 21 and close on October 23, with a potential listing on October 28. These details remain subject to the final offer documents and official announcements.

Investors should note: The reported price band and schedule should not be treated as final until confirmed through the relevant official disclosures.

Why the Jio–Starlink Competition Matters

Reliance Jio transformed India’s mobile internet market through competitively priced data plans and large-scale network expansion. Starlink, meanwhile, aims to provide satellite-based broadband, which could offer connectivity options in remote areas where conventional infrastructure is limited.

The two companies have different core technologies, but their ambitions overlap in the broader market for internet connectivity. Competition could influence pricing, service availability and investment in India’s digital infrastructure.

For Jio, the upcoming IPO represents a major financial milestone. For Starlink, obtaining the remaining regulatory clearances is an important step towards entering one of the world’s largest internet markets.

What Happens Next?

The coming weeks could be significant for both companies as investors watch the Jio IPO process and the government’s handling of satellite broadband approvals.

While Musk’s public criticism has brought renewed attention to the competition between the two billionaires, the central issues remain the regulatory requirements for satellite internet services, the terms of Jio’s proposed share offering and the impact of future competition on Indian consumers.

For now, the IPO details remain subject to official confirmation, while the dispute over Starlink’s market entry continues to raise questions about competition and regulation in India’s rapidly evolving telecom sector.