Last week, Goenka said Mahindra will launch the electric version of its entry-level sedan Verito at some point in 2014.

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On Wednesday, a court in Delhi rejected the bail applications of Swan Telecom Director Vinod Goenka and Unitech Wireless Managing Director Sanjay Chandra.

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Other property IPOs in the pipeline include that of billionaire Adi Godrej's Godrej Properties and DB Realty, co-founded by Mumbai billionaires Vinod Goenka and Shahid Balwa.

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Meanwhile, Ambani was fighting off press baron Ramnath Goenka.

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Debi Goenka, executive trustee of Conservation Action Trust, an environmental non-profit dubbed it as "an expensive non-solution" that will lead to increased congestion in South Mumbai and choke the city's roads further.

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"The good thing is, we're not poles apart in brand imagery and there's no overlap between our vehicles, " points out Pawan Goenka, the ex-GM executive who heads Mahindra's auto and farm-equipment business and now chairs SsangYong.

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