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My father founded Reliance with Rs 1,000: Mukesh Ambani

Back in 1966, Dhirubhai Ambani, Mukesh Ambani's father set up Reliance Commercial Corporation. Almost after 10 years of being founded, Reliance went public

twitter-logo BusinessToday.In        Last Updated: February 24, 2020  | 17:30 IST
My father founded Reliance with Rs 1,000: Mukesh Ambani

Mukesh Ambani during his conversation with Satya Nadella during the Future Decoded CEO Summit in Mumbai said that Reliance was a small start-up when his father started it. He said, "Reliance was founded as a startup even before startups became - like my father founded Reliance with a table and a chair and Rs 1,000, it was five decades ago. It then became micro-industry, then it became a small industry, medium - today you can consider it large."

Back in 1966, Dhirubhai Ambani, Mukesh Ambani's father set up Reliance Commercial Corporation. Almost after 10 years of being founded, Reliance went public. In 1985 they renamed to reliance Industries Limited and started their expansion from textiles and polyesters to other sectors like petrochemical, power generation and telecom.

By 2001, Reliance Industries Ltd and Reliance Petrochemicals Ltd became the largest financial organizations. In 2006, Dhirubhai's sons split the company into The Reliance ADA group and Reliance Industries.

Satya Nadella and Mukesh Ambani also talked about the future of smaller businesses in India and what role technology has to play in it. "I'm saying this is fundamentally to just drive the point that every small business and entrepreneur has the potential in India to become Dhirubhai Ambani or Bill Gates. And that is the power that is what differentiates India, from the rest of the world I think that the entrepreneurial power that we have at the grassroots is enormous," Mukesh Ambani said.

The Reliance Industries Chairman also talked about the reduced internet rates in the country after Reliance Jio was introduced and how it has increased internet consumption across different classes. He said after the introduction of Jio, data charges in India dropped to Rs 12-14 per GB from the earlier Rs 300-500 per GB.

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