ALSO READ: Reliance Industries share rises 3% after Jio adds maximum subscribers in October. Reliance Life Sciences Institute (Rils) founded by Dhirubhai Ambani Foundation, life sciences and technology is an institution of higher education in various fields. New Delhi: Dhirubhai Ambani, the late founder of Reliance Industries Ltd (RIL), has been primarily credited for the vision and objectives of the oil-to-textile-to-retail-to-telecom conglomerate. Similarly, India’s richest person, Mukesh Ambani, openly denounced his involvement in the agriculture sector. The company was being built from scratch with the principle of everybody contributing to the business and not heavily depend on selected individuals. Erosion in Ambani's wealth came on the back of correction in Reliance Industries shares, which have fallen as much as 16 per cent from their all-time high of Rs 2,369.35. He elected to do this even as RIL's total remuneration packages to its top management personnel increased during that fiscal year. [73] Mukesh Ambani is a strict vegetarian and teetotaler. RLG is an international air, sea, and land-based logistics provider established in 2013. All the reliance industries brands contribute to the net worth of the brand. ALSO READ: Reliance plans JioPhone relaunch in first quarter of 2021, RIL to acquire 50% stake in its sports arm IMG-R, rebrand as Reliance, Reliance Industries share rises 3% after Jio adds maximum subscribers in October, Reliance plans JioPhone relaunch in first quarter of 2021, India need not worry about new strain; only two mutations per month: AIIMS chief, Oppo X Tom Ford sliding phone with extendable display surfaces. [5] He is the second richest person in Asia with a net worth of US$74 billion in January 2021, and as of 28 December 2020, the 14th richest in the world.[3][6]. [42] During the 40th annual general meeting of RIL, he announced bonus shares in the ratio of 1:1 which is the country's largest bonus issue in India, and announced the Jio Phone at an effective price of ₹0. Dhirajlal Hirachand Ambani also known as Dhirubhai, (28 December 1932 – 6 July 2002) was an Indian business magnate and entrepreneur who founded Reliance Industries, a petrochemicals, communications, power, and textiles conglomerate and the only privately owned Indian company in the Fortune 500.Ambani took his company public in 1977. RELIANCE LOGISTICS. Ambani, still the richest man in Asia, has now dropped down to eleventh position in the Bloomberg Billionaires Index, after reaching the fourth spot earlier this year. The Bloomberg list shows Ambani's wealth at $76.5 billion (over Rs 5.63 lakh crore), down from $90 billion (around Rs 6.62 crore) earlier this year. Ambani did not return to his university program, leading Reliance's backward integration, where companies own their suppliers to generate more revenue and improve efficiency, in 1981 from textiles into polyester fibers and further into petrochemicals, which the yarns were made from. At the end of the month, Mukesh bailed out his younger brother, paying the debt. Younger brother Anil Ambani received telecom, power, entertainment, and financial services business of the group. [70], Ambani was titled "The World's Richest Sports Team Owner" after his purchase of the IPL cricket team Mumbai Indians for $111.9 million in 2008. [16] His father felt that real-life skills were harnessed through experiences and not by sitting in a classroom, so he called his son back to India from Stanford to take command of a yarn manufacturing project in his company. Erosion in Ambani's wealth came on the back of correction in Reliance Industries shares, which have fallen as much as 16 per cent from their all-time high of Rs 2,369.35 after the conglomerate entered a Rs 24,713 crore deal with Future Retail to acquire the latter's retail, wholesale, logistics and warehousing businesses. Reliance Industry is started by formation of Reliance Commercial Corporation. Microsoft co-founder Bill Gates was placed third on the list with $131 billion. Reliance Logistics is an important win of Reliance Group; it is involved in the selling of products related to distribution, warehousing, supply chain, logistics, and transportation. As of 2016, Ambani was ranked 36 and has consistently held the title of India's richest person on Forbes magazine's list for the past ten years. It provides logistics services to … [47][48] Kejriwal has alleged that the Centre allowed the price of gas to be inflated to eight dollars a unit though Mukesh Ambani's company spends only one dollar to produce a unit, which meant a loss of Rs. In a BSE filing, the Mukesh Ambani-led Reliance Industries said that its wholly-owned subsidiary Reliance Industrial Investments and Holdings Limited (‘RIIHL’) will acquire equity shares of … •The company, which was formed after Dhirubhai Ambani's business empire was divided up, is headed by his younger son Anil Ambani. Reliance later entered into Telecom Sector, Retail Sector, financial services, petrol refining, hydropower sector. [39] In February 2016, Ambani-led Jio launched its own 4G smartphone brand named LYF. Dhirubhai Ambani applied for a license to set up a PFY manufacturing plant. "[34][29], During the fiscal year ending 31 March 2012, he reportedly decided to forgo nearly ₹240 million from his annual pay as chief of Reliance Industries Ltd (RIL). ", "How Reliance Jio's LYF became India's third largest selling phone brand", "Analysis | Who Is Mukesh Ambani, Asia's Newest Richest Man? Group's annual revenues are in excess of US$ 44 billion. In 1973, Dhirubhai Ambani changed the name of Reliance Commercial corporation to Reliance Industries. [41] The release of the service Reliance Jio Infocomm Limited, commonly known as Jio, in September 2016 was a success, and Reliance's shares increased. He is also the wealthiest person in the world outside North America and Europe. While the matter is now in court, Reliance Industries shares have seen profit booking on the back of the dispute with Amazon. The Early office of Reliance commercial corporation was set up at Narsinatha Street in Masjid Bunder. [31] At the age of 24, Ambani was given charge of the construction of Patalganga petrochemical plant when the company was heavily investing in oil refinery and petrochemicals. [14][15], Ambani later enrolled for an MBA at Stanford University, but withdrew in 1980 to help his father build Reliance, which at the time was still a small but fast-growing enterprise. [74] He is a very big fan of Bollywood movies, watching three a week because he says "you need some amount of escapism in life. However, the deal faced serious hiccups with Amazon challenging it. 540 billion to the country annually. [43] As of February 2018, Bloomberg's "Robin Hood Index" estimated that Ambani's personal wealth was enough to fund the operations of the Indian federal government for 20 days. The Reliance Group, founded by Dhirubhai H. Ambani (1932-2002), is India's largest private sector enterprise, with businesses in the energy and materials value chain. [26], In 1980, the Indian government under Indira Gandhi opened PFY (polyester filament yarn) manufacturing to the private sector. [46] Kejriwal has asked both Rahul Gandhi and Narendra Modi to clear their stand on the gas pricing issue. : QuickTake", "Macro cues, Q3 earnings, and oil prices to sway market this week", "What If the World's Richest Paid for Government Spending? [11], Ambani attended the Hill Grange High School at Peddar Road, Mumbai, along with his brother and Anand Jain, who later became his close associate. [28] To help him build the PFY plant, Dhirubhai pulled his eldest son out of Stanford, where he was studying for his MBA, to work with him in the company. [12] After his secondary schooling, he studied at the St. Xavier's College, Mumbai. Despite the recent turbulence, RIL shares are 33 per cent higher year till date, creating over Rs 3 lakh crore wealth for investors. Tesla CEO Elon Musk stood at the second position of Bloomberg Billionaires Index with $160 billion. [37] In December 2013 Ambani announced, at the Progressive Punjab Summit in Mohali, the possibility of a "collaborative venture" with Bharti Airtel in setting up digital infrastructure for the 4G network in India. [6] He surpassed Jack Ma, executive chairman of Alibaba Group, to become Asia's richest person with a net worth of $44.3 billion in July 2018. [5] After joining the company, he reported daily to Rasikbhai Meswani, then executive director. [23], Through Reliance, he also owns the Indian Premier League franchise Mumbai Indians and is the founder of Indian Super League, a football league in India. Reliance Acquires 2 Startups from Logistics, Software Space. ALSO READ: RIL to acquire 50% stake in its sports arm IMG-R, rebrand as Reliance. In 2004 Reliance Industries (RIL) became the first Indian private sector organisation to be listed in the Fortune Global 500 list. [24] In 2012, Forbes named him one of the richest sports owners in the world. We pride ourselves on our ability to design and execute innovative, cost-effective solutions to even the most complex global logistics challenges. Mukesh Dhirubhai Ambani (born 19 April 1957) is an Indian billionaire businessman, and the chairman, managing director, and largest shareholder of Reliance Industries Ltd. (RIL), a Fortune Global 500 company and India's most valuable company by market value. [30] Mukesh Ambani set up Reliance Infocomm Limited (now Reliance Communications Limited), which was focused on information and communications technology initiatives. Reliance Industries full information - Reliance Industries Limited is a multinational conglomerate founded by Dhirubhai Ambani in India on 8th May 1973. 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