Dhirajlal Hirachand Ambani
28 December 1932
|Died||6 July 2002 69) (aged|
|Occupation||Founder of Reliance Industries (RIL) |
Founder of Reliance Capital, Reliance Infrastructure & Reliance Power (which were later carved out from RIL)
|Spouse(s)||Kokila Dhirubhai Ambani|
|Children|| Mukesh Ambani |
Nina B. Kothari
Dipti D. Salgaocar
|Awards||Padma Vibhushan (2016)|
Dhirajlal Hirachand Ambani, popularly known as Dhirubhai Ambani (28 December 1932 – 6 July 2002) was an Indian business tycoon who founded Reliance Industries. Ambani took Reliance public in 1977 and was worth $25.6 billion upon his death on 6 July 2002. In 2016, he was honored posthumously with the Padma Vibhushan, India's second highest civilian honour for his contributions to trade and industry.
Dhirubhai Ambani was one of the sons of Hirachand Gordhanbhai Ambani, a village school teacher belonging to the Modh community and Jamnaben Ambani and was born in Chorwad, Junagadh district, Gujaraton 28 December,1932. He did his studies from Bahadur Kanji school. In his youth, he joined the protests against the Nawab of Junagarh and organized many actions against his actions to join Pakistan after independence. It was a testament to his leadership skills.
In 1948, he left for the Port of Aden to work for A. Besse and Co. along with his brother Ramnikbhai. He later came to sell shell and Burmah oil products for the company. There is a famous story about how he once made a lot of money by melting the silver bullion and selling it as pure silver because he knew that the value of pure silver was much higher than the bullion thus was a precursor to his financial wizardry and acumen.
His friends described him as someone who was affable yet ambitious, cheerful yet had a 'dark side' because of his extreme ambition and risk taking. In Aden, his first son, Mukesh was born to him in 1957. Another son, Anil , was born two years later in 1959.
He left Aden in 1958 to try his hand at his own business in India in the textiles market .
Ambani returned to India and started "Majin" in partnership with Chambaklal Damani, his second cousin,who lived with him in Yemen. Majin was to import polyester yarn and export spices to Yemen. .
The first office of the Reliance Commercial Corporation was set up at the Narsinatha Street in Masjid Bunder. 350 sq ft (33 m2) room with a telephone, one table and three chairs. Initially, they had two assistants to help them with their business.It was a
At the tiny office, he began to make a team that would stay with Reliance for years, which includes Rasikbhai Meswani (his nephew), Ramnikbhai, Nathubhai (his younger brother) and two former schoolmates named Rathibhai Mucchala and Narottambhai Joshi. They usually worked around the streets of Pydhonie.
During this period, Ambani and his family stayed in a two-bedroom apartment at the Jai Hind Estate in Bhuleshwar, Mumbai.In 1965, Champaklal Damani and Dhirubhai Ambani ended their partnership and Ambani started on his own. It is believed that both had different temperaments and a different take on how to conduct business. While Damani was a cautious trader and did not believe in building yarn inventories, Ambani was a known risk-taker and believed in building inventories to increase profit. In 1966 he formed Reliance Commercial Corporation which later became Reliance Industries on 08 May 1973.
He launched the brand ' vimal 'during this time which sold polyester materials for saris , shawls, suits and dresses .
Extensive marketing of the brand in the interiors of India made it a household name. Franchise retail outlets were started and they sold the "Only Vimal" brand of textiles. In the year 1975, a technical team from the World Bank visited the 'Reliance Textiles' Manufacturing unit.
In 1988, Reliance Industries came up against a rights issue regarding partly convertible debentures.It was rumoured that the company was making all efforts to ensure that their stock prices did not slide an inch. Sensing an opportunity, The Bear Cartel, a group of stock brokers from Calcutta, started to short sell the shares of Reliance. To counter this, a group of stock brokers until recently referred to as "Friends of Reliance" started to buy the short sold shares of Reliance Industries on the Bombay Stock Exchange.
The Bear Cartel was acting on the belief that the Bulls would be short of cash to complete the transactions and would be ready for settlement under the "Badla" trading system operative in the Bombay Stock Exchange. The bulls kept buying and a price of ₹ 152 per share was maintained until the day of settlement. On the day of settlement, the Bear Cartel was taken aback when the Bulls demanded a physical delivery of shares. To complete the transaction, much money was provided to the stock brokers who had bought shares of Reliance, by Dhirubhai Ambani. In the case of non-settlement, the Bulls demanded an Unbadla, or penalty sum, of ₹ 35 per share. With this, the demand increased and the shares of Reliance shot above ₹ 180 in minutes. The settlement caused an enormous uproar in the market.[ citation needed ]
To find a solution to this situation, the Bombay Stock Exchange was closed for three business days. Authorities from the Bombay Stock Exchange (BSE) intervened in the matter and brought down the "Unbadla" rate to ₹ 2 with a stipulation that the Bear Cartel had to deliver the shares within the next few days. The Bear Cartel bought shares of Reliance from the market at higher price levels and it was also learnt that Dhirubhai Ambani himself supplied those shares to the Bear Cartel and earned a healthy profit out of The Bear Cartel's adventure.
After this incident, many questions were raised by his detractors and the press. Not many people were able to understand how a yarn trader until a few years ago was able to get in such a huge amount of cash flow during a crisis period. The answer to this was provided by the then finance minister, Pranab Mukherjee in the Parliament. He informed the house that a Non-Resident Indian had invested up to ₹ 220 million in Reliance during 1982–83. These investments were routed through many companies like Crocodile, Lota and Fiasco. These companies were primarily registered in Isle of Man. All the promoters or owners of these companies had a common surname Shah. An investigation by the Reserve Bank of India in the incident did not find any unethical or illegal acts or transactions committed by Reliance or its promoters.
Ambani was admitted to the Breach Candy Hospital in Mumbai on 24 June 2002 after he suffered a major stroke. It was his second stroke, the first had occurred in February 1986 and had paralyzed his right hand. He was in a coma for more than a week and a number of doctors were consulted. He died on 6 July 2002.
The country has lost iconic proof of what an ordinary Indian fired by the spirit of enterprise and driven by determination can achieve in his own lifetime.
This new star, which rose on the horizon of the Indian industry three decades ago, remained on the top until the end by virtue of his ability to dream big and translate it into reality through the strength of his tenacity and perseverance. I join the people of Maharashtra in paying my tribute to the memory of Ambani and convey my heartfelt condolences to the bereaved family.— P C Alexander, former Governor of Maharashtra
Following his first stroke in 1986, Ambani handed over control of Reliance to his sons, Mukesh and Anil. In November 2004, Mukesh in an interview admitted to having differences with Anil over ownership issues. He also said that the differences "are in the private domain". After the death of Dhirubhai Ambani, the group was split into Reliance Industries Limited headed by Mukesh, and Reliance Anil Dhirubhai Ambani Group headed by Anil.
As of 2017, the company has more than 250,000 employees. In 2012, Reliance Industries was one of the two Indian companies to be ranked among the top 100 in the Fortune 500 list of the world's largest companies by revenue.
In 1988 an unauthorized biography of Dhirubhai Ambani, by Hamish McDonald with the title The Polyester Prince , outlined all his political and business conquests. The book was not published in India because the Ambanis threatened legal action;an updated version went on sale under the title Ambani and Sons in 2010, and there has been no action against the publisher so far.
A Hindi film said to be loosely inspired by the life of Dhirubhai Ambani was released on 12 January 2007. Guru , directed by filmmaker Mani Ratnam, cinematography by Rajiv Menon and music by A.R.Rahman shows the struggle of a man striving to make his mark in the Indian business world with a fictional Shakti Group of Industries.
Reliance Industries Limited (RIL) is an Indian multinational conglomerate company headquartered in Mumbai, Maharashtra. Reliance owns businesses across India engaged in energy, petrochemicals, textiles, natural resources, retail, and telecommunications. Reliance is one of the most profitable companies in India, the largest publicly traded company in India by market capitalization, and the largest company in India as measured by revenue after recently surpassing the government-controlled Indian Oil Corporation. On 18 October 2007, Reliance Industries became the first Indian company to exceed $100 billion market capitalization.
Reliance Communications Limited was an Indian mobile network provider headquartered in Navi Mumbai that offered voice and 2G and 3G data services.
Ambani is a surname belongs to Modh Bania Religion of India.
Reliance may refer to:
Mukesh Dhirubhai Ambani is an Indian billionaire business magnate, and the chairman, managing director, and largest shareholder of Reliance Industries Ltd. (RIL), a Fortune Global 500 company and India's most valuable company by market value. According to Forbes magazine, he is the richest man in Asia and the 13th richest person in the world as of December 2019.
Anil Dhirubhai Ambani is an Indian businessman. He is the chairman of Reliance Group, which was created in July 2006 following a demerger from Reliance Industries Limited. He leads a number of stock listed corporations including Reliance Capital, Reliance Infrastructure, Reliance Power and Reliance Communications. Ambani, once the sixth richest person in the world, as of July 2019, his net worth has fallen to $109 million.
Tina Anil Ambani is a former Bollywood actress and chairperson of the Mumbai-based Kokilaben Dhirubhai Ambani Hospital, Harmony for Silvers Foundation and Harmony Art Foundation. She is also Chairperson of Group CSR, Reliance Group, and the Mudra Foundation for Communications Research and Education (MFFCRE), as well as Chief Mentor and Advisor for the Strategic Planning Committee of the Dhirubhai Ambani Institute of Information and Communication Technology (DA-IICT). Her husband is Anil Ambani, Chairman of Reliance Group.
Dhirubhai Ambani Knowledge City, often abbreviated as DAKC, is a technology park located at Kopar Khairane in Navi Mumbai, India. Spread over 56 hectares, it was completed in 2002. The city is named after the famous Indian industrialist Dhirubhai Ambani and is owned by the Reliance ADA Group and houses a 24-hour National Network Operations Centre (NNOC) along with more than 25,000 employees working primarily for Reliance Communications division.
Bombay Dyeing & Mfg Company Limited is the flagship company of the Wadia Group, engaged primarily in the business of Textiles. Bombay Dyeing is one of India's largest producers of textiles.
Reliance Anil Dhirubhai Ambani Group or Reliance Group is an Indian conglomerate, headquartered in Mumbai, India. The company, which was formed after Dhirubhai Ambani's business was divided up, is headed by his younger son Anil Ambani.
Anand Jain is an Indian business executive. He is the Chairman of Jai Corp Limited, Urban Infrastructure Venture Capital Limited. He has 30 years of experience in various businesses, with an expertise in real estate, finance and capital markets.
Reliance Power Limited (R-Power), formerly Reliance Energy Generation Limited (REGL) is a part of the Reliance Anil Dhirubhai Ambani Group. It was established to develop, construct, operate and maintain power projects in the Indian and international markets. Reliance Infrastructure, an Indian private sector power utility company and the Reliance ADA Group promote Reliance Power.
Hamish McDonald is an Australian journalist and author of several books. He held a fellowship at the American think tank the Woodrow Wilson Centre in 2014.
Lalit Jalan is the Advisor & former Chief Executive Officer of Reliance Infrastructure, part of the Reliance Anil Dhirubhai Ambani Group (ADAG), one of India's largest corporate houses. He is the Chairman of BSES Rajdhani Power Limited and BSES Yamuna Power Limited and serves as Director in several companies including Reliance Defence Ltd, which is associated with the Rafale deal between India and France.
Hill Grange High School was a private school for boys and girls located on Pedder Road, Mumbai, Maharashtra, India.
The Polyester Prince The Rise of Dhirubhai Ambani is an unauthorized biography of Indian business tycoon and Reliance Industries founder Dhirubhai Ambani. The book was written by Australian journalist Hamish McDonald and first published by Allen & Unwin, an Australian publisher, in 1998. The book was never published in India and was banned there.
Reliance Foundation is an Indian initiative which was founded in 2000 by Dhirubhai Ambani. It is affiliated with Reliance Industries Limited and is one of the largest private foundations in the country.
Parimal Dhirajlal Nathwani is an Indian politician and industrialist who has been twice elected Member of Parliament from Jharkhand. He was first elected to Rajya Sabha in March 2008 and then re-elected in March 2014.
Nita Mukesh Ambani is an Indian philanthropist. She is the chairperson and founder of the Reliance Foundation, Dhirubhai Ambani International School and a non-executive director of Reliance Industries. She is married to Reliance Industries chairman and managing director Mukesh Ambani. With a family fortune estimated in excess of $50 billion, the Ambanis are among the richest in India. She is also an art collector and owner of the Indian Premier League cricket team Mumbai Indians.
Panda Madhusudana Siva Prasad is an engineer by profession and is the present Executive Director of Reliance Industries. He is the senior most individual in the Reliance Industries day-to-day operations corporate organizational chart excluding Chairman Mukesh Ambani. PMS Prasad has also served as the Chief Executive Officer of Reliance Petroleum Limited.
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