Reliance Industries

January 26, 2010

Reliance Industries

Reliance Industries is India’s largest private sector conglomerate (by market value) , with an annual turnover of US$ 35.9 billion and profit of US$ 4.85 billion for the fiscal year ending in March 2008 making it one of India’s private sector Fortune Global 500 companies, being ranked at 206th position (2008). It was founded by the Indian industrialist Dhirubhai Ambani in 1966. Ambani has been a pioneer in introducing financial instruments like fully convertible debentures to the Indian stock markets. Ambani was one of the first entrepreneurs to draw retail investors to the stock markets. Critics allege that the rise of Reliance Industries to the top slot in terms of market capitalization is largely due to Dhirubhai’s ability to manipulate the levers of a controlled economy to his advantage. Though the company’s oil-related operations form the core of its business, it has diversified its operations in recent years. After severe differences between the founder’s two sons, Mukesh Ambani and Anil Ambani, the group was divided between them in 2006. In September 2008, Reliance Industries was the only Indian firm featured in the Forbes’s list of “world’s 100 most

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