The company was founded by the late Dhirubhai Ambani, who started his journey as a small trader and built an empire.
Mukesh Ambani and Anil Ambani belong to India's wealthiest family. Mukesh Ambani is the richest man in India with a market cap of Rs 970356 crore and Anil Ambani is on the rise again after settling debts. A range of 'Reliance' companies are owned by both Mukesh and Anil Ambani. Reliance Industries Limited (RIL) is one of India's biggest and most varied commercial empires, which has holdings in several industries including media, digital services, telecommunications, retail, petrochemicals, and energy. Reliance was founded by their father Dhirubhai Ambani when the conglomerate was established back in 1958. Few people know the history behind the iconic name 'Reliance', despite it being one of the most well-known brand names in the nation. According to a Times of India report, Dhirubhai Ambani named his company Reliance to symbolise his strong belief in independence and self-reliance. According to reports, Dhirubhai viewed Reliance as a way to enable people and communities to accomplish their objectives independently of outside assistance.
Dhirubhai Ambani shaped the future of the company through a partnership. Dhirubhai Ambani, who was young and visionary joined hands with his second cousin Champaklal Damani, to set off on a journey that would redefine the face of Indian business.
They had the concept of a firm that could capitalise on the economic possibilities between Yemen and India when they were living together in Yemen. Together, they founded "Majin," a business in the late 1950s to bring spices and polyester yarn into Yemen. The cornerstone of the business that would later become Reliance Industries was laid by this partnership.
The entrepreneurial duo returned to India at the beginning of the 1960s and founded a brand-new business named "Reliance Commercial Corporation." Embracing their mutual goal and their intimate bond. Using their knowledge and experience from Yemen, the company first concentrated on selling spices and polyester yarn to that country.
Ambani and Damani's business partnership ended in 1965 as a result of their divergent methods. Damani's cautious approach and Ambani's penchant for risk-taking seemed to clash. After this split, Reliance continued to grow under Ambani's leadership, focusing on the textile industry and changing its name to Reliance Textiles in 1966.
After venturing into several other segments, Dhirubhai renamed the company Reliance Industries Limited from the original Reliance Commercial Corporation. Reliance lived up to its reputation by emerging as one of the nation's most reliable businesses. The IPO of Reliance Textile Industries in 1977 made history in India. Seven times oversubscribed, the offer bolsters Reliance's expansion goals.
Even after their father Dhirubhai Ambani passed away, Anil and Mukesh Ambani split up Reliance, but Reliance Industries Limited remains the most valuable corporation in India. It is valued at Rs. 2000000 crore on the market. Under Mukesh Ambani's leadership, Reliance has expanded to include businesses in the areas of energy, petrochemicals, natural gas, retail, entertainment, telecommunications, mass media, and textiles.
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