Reliance Industries
Indian multinational conglomerate
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Key Takeaways
- Reliance Industries Limited is an Indian multinational conglomerate headquartered in Mumbai.
- Reliance is the largest public company in India by market capitalisation and revenue, and the 86th largest company worldwide.
- The company has attracted controversy for reports of political corruption, cronyism, fraud, financial manipulation, and exploitation of its customers, Indian citizens, and natural resources.
- History 1958–1985 Reliance Commercial Corporation was set up in 1958 by Dhirubhai Ambani as a small venture firm trading commodities, especially spices and polyester yarn.
- In 1966, Reliance Textiles Industries Pvt.
Reliance Industries Limited is an Indian multinational conglomerate headquartered in Mumbai. Its businesses include energy, petrochemicals, natural gas, retail, entertainment, telecommunications, mass media, and textiles. Reliance is the largest public company in India by market capitalisation and revenue, and the 86th largest company worldwide. It is India's largest private tax payer and largest exporter, accounting for 7% of India's total merchandise exports.
The company has attracted controversy for reports of political corruption, cronyism, fraud, financial manipulation, and exploitation of its customers, Indian citizens, and natural resources. Its chairman, Mukesh Ambani, has been described as a plutocrat.
History
1958–1985
Reliance Commercial Corporation was set up in 1958 by Dhirubhai Ambani as a small venture firm trading commodities, especially spices and polyester yarn. In 1965, the partnership ended and Dhirubhai continued the polyester business of the firm. In 1966, Reliance Textiles Industries Pvt. Ltd. was incorporated in Maharashtra. It established a synthetic fabrics mill in the same year at Naroda in Gujarat. On 8 May 1973, it became Reliance Textiles Industries Limited. In 1975, the company expanded its business into textiles, with "Vimal" becoming its major brand in later years. The company held its initial public offering (IPO) in 1977. The issue was over-subscribed by seven times. In 1979, a textiles company Sidhpur Mills was amalgamated with the company. In 1980, the company expanded its polyester yarn business by setting up a Polyester Filament Yarn Plant in Patalganga, Raigad, Maharashtra with financial and technical collaboration with E. I. du Pont de Nemours & Co., U.S.
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