Dhirajlal Hirachand Ambani aka Dhirubhai Ambani is a great business magenta which had total family wealth of Rs 331.39 billion in 2002.He is a great example of rags to riches story which started with just 1 rupee to become India’s finest billionaire.
His father was a school headmaster.Little Ambani completed primary schooling in his fathers school and he moved up to Junagadh
and enrolled at the Bahadur Kanji High School.Since his family background was too low,he had to find work at age of 16.Which he did and went to Aden to work with A. Besse & Co. for a salary of Rs.300.
There he used to buy Rials, melting them down, and sell the silver ingots to dealers in London.Dhirubhai later reminisced ‘ margins were small, but it was money for jam. After three months it was stopped, but I made a few lakhs [one lakh = 100000 rupees] of rupees. I don’s believe in not taking opportunities.” This shows his love for business.
He got quickly promoted but he had other plans.He wanted to start his own busseness.So he returned India got maried and started “Majin” in partnership with Champaklal Damani, his second cousin, who lived with him in Aden.They used to import polyester yarn and export spices to Yemen.They opened their first office as Reliance Commercial Corporation which was just 350sq.ft area.
Dhirubhai was a risk taker while Champaklal was cautious trader.These led to end their partnership in 1965.
His company grew a lot during this period.At first he lived in one bedroom hall kitchen(1BHK) flat.But later moved to apartment at Altamount Road in South Mumbai.In late 1960’s his net worth was almost 1 milllion (i.e 10 lack) rupees.
Importing nylon and other threads meant a 600% o more profit.This made Dhirubhai a fortune while it lasted.In 1979, his company barely made it to the list of India’s 50 biggest companies, measured by annual sales, profits or assets. By 1984, Reliance was in the largest five.His Vimal brand has became household name and many retailers only stored Vimal textiles.
In December 1993, Dhirubhai announced that a multiply of Patalganga would be superimposed to Hazira in a back polyester-PTA complex. Other 350 000 tonnes a gathering of PTA nonnegative 120 000 tonnes of polyester yarn, 120 000 tonnes of polyester staple stuff and 80 000 tonnes of the bottle-making impressionable PET would be ready in two years. In Sept 1993, he partnered with ICI, Terene Fibres India, to hump over ICI’s 30 000 tonne a period polyester stuff flora at Thane, outside Bombay. The tierce polyester complex would achieve Reliance the 4th biggest maker in the world (after Germany’s Hoechst, America’s Du Pont and Taiwan’s Nanya), and the only one with production integrated from naphtha down to fabrics.The results for 1993-94 showed Reliance had edged past the Tata Iron & Steel Co, founded in the first decade of the century, to become India’s largest company measured by annual sales, operating profit, net gain, net worth and assets. Its 2.4 million shareholders were the most widely spread equity base of any industrial company in the world.