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Reliance Commercial Corporation was founded by Dhirubhai Ambani in 1966 as a polyester firm. It was renamed to Reliance Industries on 8 May 1973. Reliance later entered into financial services, petroleum refining, and power sector. By 2002, Reliance had grown into a U$15 billion conglomerate. After the death of Dhirubhai Ambani on 6 July 2002 ...
In 1985, the name of the company was changed from Reliance Textiles Industries Ltd. to Reliance Industries Ltd. [17] During 1985 to 1992, the company expanded its installed capacity for producing polyester yarn by over 145,000 tonnes per annum. [17] The Hazira petrochemical plant was commissioned in 1991–92. [21]
Mukesh Ambani set up Reliance Infocomm Limited (later Reliance Communications Limited), which was focused on information and communications technology initiatives. [26] 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. [27]
Anil Ambani is the youngest son of the founder of Reliance Industries, Dhirubhai Ambani and his wife Kokilaben Ambani. Ambani has said that his father would lead the brothers on "incentive-oriented outings" where they would be rewarded with a box of mangoes for a 10-km (6 mile) hike, but also punished them for acting out in front of guests. [9]
The predecessor company, Reliance Energy Limited, came into existence when it took over an 83-year-old government undertaking, the Bombay Suburban Electric Supply (BSES) in 2002. [9] BSES was originally founded in October 1929. In April 2008, Reliance Energy Limited changed its name to Reliance Infrastructure Limited.
After the open offer was completed, Reliance Infrastructure held 36.5% equity in Pipavav Shipyard and Anil Ambani was appointed as the chairman. [10] The company was renamed to Reliance Defence and Engineering on 3 March 2016 and again renamed to Reliance Naval and Engineering Limited on 6 September 2017. [11]
The company raised ₹ 5 crore (equivalent to ₹ 6.2 crore or US$720,000 in 2023) through two batches of investments from the two promoters in March 2003 and in January 2004, and then incorporated a subsidiary called SGA News. [4] In the meantime, the government introduced a 26% foreign equity cap in the news broadcasting industry.
Reliance Communications Limited (RCOM) was an Indian mobile network provider headquartered in Navi Mumbai, Maharashtra that offered voice and 2G and 3G and 4G data services. In February 2019, the company filed for bankruptcy as it was unable to sell assets to repay its debt. [ 3 ]