From Textiles to Tech Giant: History of Reliance

From Textiles to Tech Giant: History of Reliance

As of 17th July 2020, Mukesh Ambani was the world’s 6th richest person with a wealth of $71.2bn. While companies across the world are combating the Coronavirus, RIL bagged 14 investments worth more than ₹1 lakh crores in just 14 weeks. RIL became the 1st Indian firm to cross ₹9 lakh crores valuation – it is currently valued at ₹12 lakh crores. Moreover, Jio will now launch 5G next year and is working on a low-cost 5G phone with Google. But do you how Reliance became one of the world’s largest conglomerate? Let’s have look at its timeline.

Crux of the Matter

Timeline
Early Days

  • 1957 – Dhirubhai Ambani returned to India from Yemen
  • 1957 – Dhirubhai Ambani started a yarn trading business at Mumbai
  • 1960s – Dhirubhai Ambani and Champaklal Damani established Reliance Commercial Corporation
  • 1965 – Partnership ended
  • 1966 – Established Reliance Textiles Engineers Pvt. Ltd. in Maharashtra
  • 1966 – Established a synthetic fabrics mill in the same year at Naroda in Gujarat
  • 1973 – Became Reliance Industries Limited
  • 1975 – Expanded its business into textiles
  • 1977 – Reliance Textile Industries’ IPO creates history by introducing the equity cult in India.
  • 1979 – Textiles company Sidhpur Mills was amalgamated with the company
  • 1980 – Expanded its polyester yarn business with a financial and technical collaboration with E. I. duPont de Nemours & Co., U.S.

    Growing In The 90s
  • 1991 – The Hazira plant laid the foundation for Reliance becoming the world’s largest integrated producer of polyester
  • 1993 – Collected overseas funds through a global depositary issue of Reliance Petroleum
  • 1996 – Became the first private sector company in India to be rated by international credit rating agencies
  • 1995/96 – entered Telecom industry
  • 1998/99 – RIL introduced Reliance Gas
  • 1998–2000 – Established world’s largest refinery integrated petrochemical complex at Jamnagar in Gujarat
  • 2001-02 – Merged Reliance petroleum into Reliance Industrial Ltd.
  • 2003 – Purchased a majority stake in Indian Petrochemicals Corporation Ltd. (IPCL)
  • 2004-05 – Demerged its investments in power generation and distribution, financial services and telecommunication services into four separate entities. Brothers Mukesh and Anil Ambani separate.

    RIL Marking Its Presence
  • 2006 – Launched ‘Reliance Fresh’ Retail store chain
  • 2010 – Reliance entered the broadband services market with the acquisition of Infotel Broadband Services Limited
  • 2011 – RIL and D E Shaw Group agree to establish a joint venture to build a financial services business in India
  • 2011 – Acquisitions of Bharti Axa Life Insurance Co Ltd and Bharti Axa General Insurance Co Ltd.
  • 2013 – RIL owned Infotel Broadband Services was renamed Reliance Jio Infocomm Limited
  • 2014 – Acquired control in Network18 Media & Investments Limited (NW18) including its subsidiary TV18 Broadcast Ltd
  • 2015 – LYF is established by Reliance Jio as a mobile handset company. Headquartered in Mumbai
  • 2016 – Reliance Jio Infocomm announced the commencement of telecom services with Jio Welcome Offer
  • 2017 – RIL and British Petroleum announced Joint development of R-Series’ deepwater gas fields in Block KGD6 offshore the east coast of India
  • 2018 – RIL is ranked 148th on the Fortune Global 500 list of the world’s biggest corporations as of 2018
  • 2019 – RIL becomes the first Indian firm to cross Rs 9 lakh crore market valuation mark


Latest Announcements By RIL Jio

  • Jio Mart online grocery platform and WhatsApp working closely for local Kirana stores to come online.
  • Jio TV+ to host 12 OTT platforms like Netflix, Amazon Prime Video, Disney+, Youtube, Hotstar, etc.
  • Jio Meet set to replace Zoom, Google Meet, etc.
  • Jio Embibe is its new ed-tech platform.
  • Jio HealthHub – a healthcare and fitness app.
  • Jio Glasses, a mixed reality headset.

Curiopedia
  • The Polyester Prince is an unauthorized biography of Indian business tycoon and Reliance Industries founder Dhirubhai Ambani. The book was never published in India and was banned in it.
  • Football Sports Development Ltd is an Indian company established to operate the Indian Super League, the association football franchise-based league. The company is run as a subsidiary to Reliance with Nita Ambani as its chairperson.
  • E. I. du Pont de Nemours and Company, commonly referred to as DuPont, was an American company that was founded in 1802 in Wilmington, Delaware, as a gunpowder mill by French-American chemist and industrialist Éleuthère Irénée du Pont. In 2014, DuPont was the world’s fourth-largest chemical company based on market capitalization and eighth-largest based on revenue.
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