Dhirubhai Ambani Birth Anniversary 2023: 5 unknown facts about business tycoon

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ALSO READ: Year 2024: What lies ahead for India's leading family-owned conglomerates There he learned trading, accounting, and other business skills. But, in 1958, he returned to India and settled in Bombay – now Mumbai. 1) In the 1950s, Dhirubhai began a business trading in spices and called his venture Reliance Commercial Corporation.

Following this, he expanded his business into other commodities, by offering higher-quality products and accepting smaller profits than his competitors. 2) After this, he opened the first Reliance textile mill in 1966, as he turned his attention to synthetic textiles. he bought land in Naroda.

In 1975, the Naroda mill was recognized as one of the best composite textile mills in India and certified as ‘excellent even by developed country standards’, by a technical team of the World Bank. This later became Reliance Industries. 4) In 1977, Dhirubhai took Reliance public after nationalized banks declined to finance him.

Having a belief in democratizing money and making it available to the masses through efforts such as the Reliance IPO, he managed to convince a large number of middle-class investors to put their money. He was credited with introducing the stock market to the average investor in India. He later added plastics and power generation to the company’s businesses.

4) Bringing his Yemen experience into use, Dhirubhai gradually shaped Reliance into a petrochemicals behemoth by setting up Reliance Hazira -- for the manufacture of petrochemicals -- in 1991. This was the single largest investment made by a private sector group in India at a single location at that time. Despite many troubles, Dhirubhai's Reliance commissioned the Jamnagar facility in 1999 at a cost that was significantly