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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » Dhirajlal Hirachand Ambani - Reliance

Dhirajlal Hirachand Ambani - Reliance

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1Dhirajlal Hirachand Ambani - Reliance Empty Dhirajlal Hirachand Ambani - Reliance Sat Aug 02, 2014 4:36 pm

Market R

Market R
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics

Dhirajlal Hirachand Ambani (28 December 1932 – 6 July 2002), better known as Dhirubhai Ambani, was an Indian business tycoon who founded Reliance Industries in Bombay with his cousin. He figured in The Sunday Times list of top 50 businessmen in Asia.[2] Ambani took Reliance Industries public in 1977, and by 2007 the combined fortune of the family was $60 billion, making the Ambanis the second richest family in the world. Ambani died on 6 July 2002.[3]


Early careerEdit


Ambani started with rupee 1 in his hand and earned money by working with a firm in Yemen in the 1950s and moved to Mumbai in 1958 to start his own business in spices. After making modest profits, he moved into textiles and opened a mill in Naroda industrial area of Ahmedabad. He founded Reliance Industries in 1966, and as of 2012, the company has over 85,000 employees and provides almost 5% of the Central Government's total tax revenue. As of 2012, Reliance Industries was listed among top Fortune 500 list of world's biggest companies by revenues.,[4]

Majing CorporationEdit


Dhirubhai Ambani returned from Yemen to India and started "Majin" in partnership with Champaklal Damani, his second cousin,[5] who lived with him in Aden, Yemen. Majin was to import polyester yarn and export spices to Yemen.[6] The first office of the Reliance Commercial Corporation was set up at the Narsinatha Street in Masjid Bunder. It was a 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. During this period, Ambani and his family stayed in a two-bedroom apartment at the Jai Hind Estate in Bhuleshwar, Mumbai.[7] 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, anticipating a price rise, and make lots of profit.

sorce : wikipedia

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