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Time Line

Dhirubhai, 1932-2002

A time-line of the milestones in the maverick tycoon's life.

Dhirubhai, 1932-2002
| AP
Dhirubhai, 1932-2002
outlookindia.com
-0001-11-30T00:00:00+05:53

1932 : Born December 28 to Jamna and Hirachand Ambani, a school teacher near Chorwad in Gujarat. Studies till Class X

1949 : Goes to Aden in the footsteps of elder brother Ramniklal to work with Shell Oil agents Besse & Co. as a pump attendent.

1958 : Returns to Mumbai, export of ginger, turmeric and other spices to west Asia before turning to textiles. Family moves to a one-bedroom flat at Bhuleswar

1959: Starts Reliance Commercial Corporation with a capital of Rs 15,000 at Masjid bandar.

1966 : Sets up spinning mill at Naroda, near Ahmedabad; floats Reliance Textiles on a capital of Rs 15 lakh.

1977 : Goes public -- Reliance Textile Industries issues 2.8 million shares in a landmark public issue, attracts 58,000 investors.

1978 : Launch of Vimal brand and beginning of financial management wizardry to make RTI a zero-tax company since 1977-78.

1979 : Picks up over Rs 400 crore by issuing convertible debentures. Manages licence for polyester filament yarn (PFY), along with Orkay Silk Mills.In addition to 25 per cent dividend, bonus shares at a 3:5 ratio are issued. Reliance shares appreciate 450%

1980 : Shows political clout by co-hosting a party celebrating the return of Indira Gandhi after the short-lived Janta party government., which Mrs. G attends.

1982 : Congress Government repays dividends - raising customs duty on polyester chips, used by Orkay and levying "anti-dumping" duty on PFY.

Major bear hammering of Reliance stocks RIL debenture issue. Dhirubhai turns tables by buying shares, raising prices and insisting on physical delivery, ending in huge losses for bears.

1983 : Allegations of dummy companies -- Crocodile Investments and Fiasco Investments -- registered in Isle of Man purchasing RIL shares at 20% below market price but ownership can't be proved.

1985 : Ambani-Nusli Wadia war begins V.P. Singh comes to Bombay Dyeing aid, hitting Reliance. Major tax raid on Orkay.

Reliance sales up but net profit down. RIL records 1.2 million shareholders, holds historical annual shareholders meeting in a football field -- 12,000 attend.

1986 : February, Dhirubhai suffers first paralytic stroke. March, Goenka-Shourie combine at the Indian Express exposes accuse Reliance of smuggling by under-invoicing. Between June and October, raid rumours and falling polyester yarn prices trigger panic run, pull Reliance share price down from Rs 388 to Rs 218 . Strings are pulled, the Govt wheels turn in his favour again. Rs 150 crore debenture issue elicits massive public response.

1987 : V.P. Singh dropped as finance minister and Reliance sponsors cricket World Cup in india. Import duty on PTA reduced, polyester fibre taken off OGL List. Dhirubhai is riding high.

1988 : V.P. Singh is out of Congress. Tax burden lightened thanks to helpful budget. RPL raises Rs 1,300 crore from two million applicants. RIL takes Larsen & Toubro.

1989 :Wadia is embroiled in citizenship case.Kirti Ambani, RIL employee, is arrested for conspiring to kill Wadia. Govt. helps Reliance by dropping two cases against Ambani.: V.P. Singh is PM

1990 Under V.P. Singh, inquiries begin. Dhirubhai and Mukesh Ambani resign as chairman and vice-chairman of L&T, respectively.

1992 : Reliance is the first to raise money abroad through Global Depository Receipts

1993 : Reliance is India’s largest private-sector company as sales cross Rs 4,000 crores.

1995 : Net profit crosses a record of Rs. 1000 crores (Rs 1,065 crores) Investigations for duplicate shares commence.

1996-97 : Relaince completes the Rs 9,000 crore Hazira complex and becomes the first Asian company to issue bonds in the US.

1998: Total assers cross Rs. 35,000 crores and revenue crosses Rs. 14,000 crores.

2000 : World's largest refinery complex commissioned at Jamnagar, valued at over Rs. 25,000 crores. Total assets cross Rs. 50,000 crores, revenues cross Rs. 20,000 crores and group profits cross Rs. 2,500 crores.

2001 : Group revenues cross Rs. 60,000 crores. Reliance Infocom announces a Rs 25,000 crore plan.as modification of telecom policy is controversially interpreted.

2002 : RPL merges with RIL, making India's first Fortune 500 private company. Takign advantage of the disinvestment process, acquires government’s 26 per cent stake in IPCL.

24 June evening Dhirubhai hospitalised after suffering a stroke, remains on life support system till the end on Saturday, July 6 at 11:50 PM.

 

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