FORUM

Success Story of Reliance Industries

Success Story of Reliance Industries, according to the latest Bloomberg Billionaires Index, with a net worth of $ 72.4 billion, Mukesh Ambani has emerged as the world’s sixth (now  fifth) richest person surpassing Elon Musk of Silicon Valley as well as Sergey Brin and Larry Page, Co Founders of Alphabet. His father and Founder of Reliance Industries, the late Dhirubhai Ambani, did not hail from a family of any industrial houses. Son of a village school teacher in Chorwad, Junagadh district, Dhirubhai and his brother Ramnibhai left for the Port of Aden in 1948 where Dhirubhai is reported to have made a substantial amount of money by melting silver bullion and selling it as pure silver since he knew the value of pure silver was much higher than bullion.

Once Dhirubhai dropped by at Gurjari (name of Gujarat village industries unit) in Ahmedabad when he looked at things in the shop which had been languishing for the past several years with no takers. He asked the Manager of the store to tell him the total value of the goods lying unsold. The Manager paused for a while and said “One crore rupees.”

Dhirubhai wrote a cheque for Rs 1 crore and within a month he was able to sell the entire stuff for more than INR 10 crores in the overseas markets advertising how these items were the handiwork of poor artisans living in rural areas in India which was factually correct. This bears eloquent testimony to the business acumen of Dhirubhai. He returned to India from Aden in 1958 to start his own business in textiles. The first office of the Reliance Corporation was a 350 square feet room at Narsinatha Street, Masjid Bunder, in Mumbai with one table, three chairs and a telephone. He established the Reliance Commercial Corporation in 1966 which later became Reliance Industries on May 8 1973.

In the early 1980s, when Mukesh Ambani was at Stanford Business School, Dhirubhai called him back to India to supervise construction of a polyester mill. Dhirubhai was actively engaged in purchasing suppliers as well as petrochemical plants and oil refineries culminating in the establishment of fabrics, textiles and energy empire under the Reliance flagship. The rest is history.

Dr Sitharam Gurumurthi, IAS (Retired),

Chennai

Honest officer transferred

An Honest officer transferred who made the first GST arrest in her zone and collected evaded revenues for central govt. Everyone knew she was an epitome of honesty hence must have been sour tooth for many in department and evasion circle. Her transfer comes as a surprise as she was investigating few big files where many corrupt influential people were involved. Raises eyebrows if it was just a routine transfer or a conspiracy to remove her from the post so that the looted booty can be shared. Hope CBIC members team read this and transfer people only after thorough verification of IRS officers and their contribution to the job they are entitled. Wishing her good luck in future. Corruption seeds is what we sow and in the end corruption is what we reap.

A Visitor

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