One of the richest Brit’s is moving to Mexico. Richard Branson recently announced that he is expanding his Virgin Group into Mexico to begin offering cell phones and other telecommunication services. This is a direct challenge to Carlos Slim, the Mexican telecommunications tycoon who is the richest man in the world.
Mexico recently passed laws to help boost competition in the country. Slim’s company owns 80% of the cell phone service and 70% of the land line service in that country. The hope is that Branson’s group will help bring down prices and improve service. Branson expects to be up and running by 2014 with Virgin Mobile Latin America.
Branson currently operates Virgin Mobile Latin America in Chile and Colombia, but sees Mexico as an opportunity for great growth potential. For his part, Slim welcomed the competition and seemed undaunted by it. In the end, Mexican consumers will hopefully win as these two billionaires square off for their dollars.
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