Reliance Industries -the company witha market capitalisation of almost Rs 190,000 crore (Rs 1,900 billion)was founded by late Dhirubhai Ambani-a man who worked at petrol depot in Aden and lived in a samll onebedroom rented apratment.Dhirubhai rose from humble beginnings to found India’s largest industrial empire and, in the process, became one of the world’s richest men. He transformed the way big business operates and thinks in India.
Manubhai Phulchand Sheth-was the first employee of Reliance Industries and here ishis account of how Relaince was formed.Manubhai was the unemployed brother of Dhriubhai friend ,so he was taken in the new venture.
“In 1958,Dhirubhai had capital of Rs 15,000, his life’s savings and with that he Dhirubhai fixed up a place in Masjid Bandar. Dr Dalal was a medical practitioner at 240, Narsi Natha Street, Bhaat Bazaar, Masjid Bandar, Mumbai. That become our first business address.
We became a sub-tenant by keeping a divider in Dr Dalal’s dispensary. Our first office was around 200 square feet. I think we paid a monthly rent of around Rs 150.Dhirubhai started the business of the export of spices. We first exported cardamom to Saudi Arabia.I used to be a versatile office-worker. I used to sweep and mop our office, served tea and later in the day did some banking. Then I would go out to clients for debt collection.”
From humble beginning Reliance ventured into textiles,yarn and petrochemicals to become a big biz giant ,that it is today.He was nicknamed “‘Polyester Prince”.He was a master strategist who knew how to manage enviornment and snatch victory from jaws of defeat .He won even after taking on biggies like Nusli Wadia of Bombay Dyeing and R.Goenka of indian Express
Dhirubhai was praised for his key role in shaping India’s stock market culture by attracting hordes of retail investors to a market dominated by state-run financial institutions.
when Reliance went public in 1977. Dhirubhai created a new class of Indians — middle-class investors in stock market.its annual shareholders’ meetings were so well attended they had to be held in a football stadium.
And Dhirubhai held his shareholders spellbound, paying high dividends and bonuses at a time when equities were seen as a low-return, risky investment
His biggest success was his ability to carry people with him. From brilliant technocrats to financial whiz kids and high flier managers to small time dealers and messenger boys.His last brainchild was Reliance infocom or Reliance communications -that has slashed mobile rates all over the country and made cellphone a dailyuse item from a luxury.
