MEXICO CITY -- Carlos Slim is facing the Mexican government's biggest effort in years to bring more competition to the wireless market dominated by his America Movil. The billionaire is likely to turn back the challenge, analysts say. Grupo Televisa and Telefonica plan to offer wireless high-speed Internet across Mexico for the first time after winning airwaves in a government auction, the nation's first since 2005. The companies also won the right this year to use public fiber-optic lines to fortify their networks and compete against America Movil. While those new assets may bring Mexicans lower prices for mobile phones and services such as Web access, they're unlikely to do real damage to Slim's profits in Mexico, said Richard Dineen, an analyst at HSBC. America Movil's Mexican division is its most profitable and the fourth most profitable carrier in the world, according to Merrill Lynch. 'Their budget for various activities, whether it's engineering, investment, marketing, is often equivalent to the summed budgets of their competitors,' Dineen said. 'That is a formidable competitor.' Through March, the Mexican unit, called Telcel, had 71 percent of Mexican phone subscribers, while Telefonica, its next-biggest rival, held 21 percent. Telcel's share of the market was the largest of operators in 50 countries studied by Merrill Lynch in a report released in April. America Movil is the foundation of Slim's wealth, helping make him the richest man in the world, according to Forbes magazine. His stake in the company now makes up almost three- quarters of his $57 billion in publicly disclosed holdings, according to data collected by Bloomberg. The company's shares have increased 166 percent over the past five years, compared with a 122 percent increase in Mexico's IPC index. America Movil acquired a stake of 59 percent this year in Telefonos de Mexico, Mexico's largest land-line phone carrier. Through last quarter, the Mexican wireless unit represented about half the profits of America Movil. While the companies operate separately and Telmex must accept traffic from America Movil rivals, having Telmex under its control can help America Movil plan investments, such as where to put its equipment to align with Telmex's network, said Tomas Lajous, an analyst at UBS. 'What's going to be key for this war is infrastructure,' Lajous, who recommends buying America Movil shares, said. 'It now becomes about execution and investment, and that's where it's really tough to compete.' 