Thai energy tycoon sets his sights on telecom in empire expansion

BANGKOK — After a quick rise to prominence in a country not generally friendly to startups, independent Thai power provider Gulf Energy Development is rapidly diversifying into natural gas and telecommunications, raising suspicion about tacit government support.

Gulf Energy, run by Sarath Ratanavadi, Thailand’s second-richest man, last month announced a planned tender offer for InTouch Holdings, which is the top shareholder of the country’s largest wireless carrier Advanced Info Service. 

“InTouch has a very strong business platform from mobile phones, satellites to e-commerce that can add value to our energy and infrastructure business,” Smith Banomyong, Gulf Energy’s chief of asset management and investment, said of the company’s move into telecom.

InTouch also holds a 40% stake in satellite operator Thaicom. But it remains unclear how the telecom company will mesh with Gulf…