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Dhirubhai Ambani
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Dhirajlal Ambani -
Dhirubhai Ambani in 1992
Born28 December 1932Chorwad,Gujarat,India
Died6 July 2002 (aged 69)Mumbai,Maharashtra,India
Cause of death Stroke
Nationality Indian
Ethnicity Gujarati
Occupation
Founder ofReliance IndustriesFounder ofReliance PowerFounder ofReliance Capital
Net worth $8 billion[citation needed]
Religion Hindu
Spouse Kokilaben Ambani
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Children
Mukesh AmbaniAnil AmbaniNina KothariDeepti Salgaonkar
Dhirajlal Hirachand Ambani(Gujarati: ; 28 December 19326July 2002) was anIndianrags-to-richesbusiness tycoon who foundedReliance IndustriesinMumbaiwith his cousin. Ambani took his company public in 1977. Dhirubhai has been amongthe select few to be figured in theSunday Timeslist of top 50 businessmen in Asia.[1]His life hasoften been referred to as a true "rags to riches" story.
Dhirubhai started off as a small time worker with Arab merchants in the 1950s and moved toMumbai in 1958 to start his own business in spices. After making modest profits, he moved intotextiles and opened his mill nearAhmedabad. He foundedReliance Industriesin 1966, andtoday, the company, with over 85,000 employees, provides almost 5% of theCentral
Government's total tax revenue.
In 1985 after a heart attack Dhirubhai handed over the Reliance empire to his sons Mukesh andAnil. After his death, the group was split intoReliance Industries Limited, headed byMukeshAmbani, andReliance Anil Dhirubhai Ambani Group(Reliance ADAG), headed byAnilAmbani.
Contents
1 Early life (1949-1958) 2 Majin Commercial Corporation 3 Reliance Textiles 4 Initial public offering 5 Dhirubhai's control over stock exchange 6 Diversification 7 Criticism 8 Death 9 Reliance after Dhirubhai 10 In popular media 11 Awards and recognitions 12 Reference and notes 13 External links
Early life (1949-1958)
Hirachand Ambani was a low wage villager. Hirachand and Jamnaben had two daughters -Trilochanaben and Jasuben - and three sons - Ramnikbhai, Dhirubhai and Natubhai. Dhirubhaiwas the second son. Just after Dhirubhai was through hisannual matriculation examinationand
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a.org/wiki/Anil_Ambanihttp://en.wikipedia.org/wiki/Anil_Ambanihttp://en.wikipedia.org/wiki/Reliance_Anil_Dhirubhai_Ambani_Grouphttp://en.wikipedia.org/wiki/Mukesh_Ambanihttp://en.wikipedia.org/wiki/Mukesh_Ambanihttp://en.wikipedia.org/wiki/Reliance_Industries_Limitedhttp://en.wikipedia.org/wiki/Government_of_Indiahttp://en.wikipedia.org/wiki/Government_of_Indiahttp://en.wikipedia.org/wiki/Reliance_Industries_Limitedhttp://en.wikipedia.org/wiki/Ahmedabadhttp://en.wikipedia.org/wiki/Rags_to_richeshttp://en.wikipedia.org/wiki/Dhirubhai_Ambani#cite_note-4to40-0http://en.wikipedia.org/wiki/Sunday_Timeshttp://en.wikipedia.org/wiki/Mumbaihttp://en.wikipedia.org/wiki/Reliance_Industrieshttp://en.wikipedia.org/wiki/Rags-to-richeshttp://en.wikipedia.org/wiki/Indiahttp://en.wikipedia.org/wiki/Gujarati_languagehttp://en.wikipedia.org/wiki/Anil_Ambanihttp://en.wikipedia.org/wiki/Mukesh_Ambani7/31/2019 All about Ambani
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even before the result was out, Hirachand called him home (toChorwad). Hirachand had beenunwell for quite some time and had grown extremely weak and frail.
Hirachand asked his son the very night he reached home. "Well, I'll tell you. You know I havebeen unwell for past several months. I cannot work any more. I know you want to study further
but I can't afford that any more. I need you to earn for the family. I need your money. The familyneeds it. You must work now. Ramnikbhai has arranged a job for you in Aden. You gothere."[citation needed]
Dhirubhai had really wanted to study for a bachelor's degree, but his ambition melted when helooked into the anxious eyes of his sick father. "I'll do as you say," he said, and the very nextmorning he left forRajkotto get his passport. Those days Indians were exempt from obtaining avisa for entering Aden, but there were rumors around that the No Visa regime was about to endany day. So he needed to hurry up before the visa rules changed. In a few days he was inBombayto board the ship to Aden. It was on board the ship that Dhirubhai learnt from a Gujaratinewspaper that he had passed his matriculation examination in second division.
[citation needed]
On reaching Aden, Dhirubhai joined office on the very day of his arrival. It was a clerk's jobwith the A. Besse & Co., named after its French founderAntonin Besse. Those days Aden wasthe second busiest trading and oil bunkering port in the world after Londonhandling over 6,300ships and 1,500 dhows a year.[citation needed]
And, there in Aden, A. Besse & Co. was the largest transcontinental trading firm east ofSuez. Itwas engaged in almost every branch of trading business - cargo booking, handling, shipping,forwarding, andwholesale merchandising. Besse acted as trading agents for a large number ofEuropean, American, African and Asian companies and dealt with all sorts of goods rangingfrom sugar, spices, food grains and textiles to office stationery, tools, machinery and petroleum
products. Dhirubhai was first sent to the commodities trading section of the firm. Later, he wastransferred to the section that handled petroleum products for the oil giantShell.[citation needed]
"I learnt business at Besse which was then the best trading firm this side of the Suez," he used totell friends in later years. He was quick on the uptake. He learnt the ways of commodity trading,high seas purchase and sales, marketing and distribution, currency trading, and moneymanagement. During lunch breaks he roamed thesouksand bazaars of Aden where traders fromnumerous different continents and countries bought and sold goods worth millions ofpoundssterling, the then global currency, during the day. He met traders from all parts of Europe,Africa, India, Japan and China. Aden was the biggest trading port of the times, a trading portwhere goods landed from all parts of the world and were dispatched to the farthest corners ofdifferent continents. Speculation in manufactured goods and commodities was rife all over theAden bazaars.[citation needed]
Dhirubhai felt tempted to speculate but had no money for that and was still raw for such trading.To learn the tricks of the trade he offered to work free for a Gujarati trading firm. There he learntaccounting, book keeping, preparing shipping papers and documents, and dealing with banks andinsurance companies., skills that would come handy when he launched himself into trading about
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a decade later in Bombay. At the Besse office during the day he polished his skills in typing andPitman shorthand, drafting commercial letters, and composing legal documents.[citation needed]
At the boarding house where he lived with another twenty-five or so youngGujaraticlerks andoffice boys, he devoted long hours of the night mastering English grammar, essay writing,
current affairs and a host of subjects that took his fancy from week to week. He was the first tosnatch the English, Gujarati and Hindi daily papers and weeklies as soon as they arrived by theship every day. TheTimes of India, Blitz, Janmabhoomi and Navajeevan formed his favoritereading material. He also devoured all sorts of books, magazines and journals the passengersarriving from various European and Indian ports left in the ships and at the offices of variousshipping agents.[citation needed]
"Of all the books I read so avidly those days one I remember most fondly are (JawaharlalNehru's) the "Glimpses of World History" and the "Discovery of India," he would recall longafter his Aden days. "They were fat, big books but written in simple English and to me theyopened a whole new world of adventure, of human wisdom and human folly. I began reading
them not to learn of world history but to practice my English but once I opened their pages theirbreadth of vision had me in a thrall. I used to keep a dictionary by my side when reading thesebooks and note down every new word I came across to increase my vocabulary. Later when Iused to draft letters to ministers and senior officials during my early Bombay days, I used wholelot of quotations, phrases and impressive words from these two looks ."[citation needed]
He also gorged on dozens of books and magazine articles on psychology that became hisfavourite subject for a long time. "I learnt much from this class of my reading," he sometimessaid, "I learnt how we humans and animals love to be loved more than anything else, how we aredriven by desire to earn the love, affection and honor of those around us, what it is to be a leader,how to motivate those whom we want to attain great heights, how ideologies and interests clash
and reconcile or cancel each other.
[citation needed]
"More than anything else I learnt that nothing big can ever be achieved without money, influenceand power and I also learnt that money, influence and power alone cannot achieve anything inlife, big or small, without a certain soft, delicate, sensitive, understanding human touch in allone's deeds and words."[citation needed]
After he thought he had learnt the basics of commodities trading, Dhirubhai began speculating inhigh seas purchase and sales of all sorts of goods. He did not have enough money of his own forsuch speculative trading. So he borrowed as much as he could from friends and small Adenshopkeepers on terms nobody had ever offered them. "Profit we share and all loss will be mine"became his motto. During lunch break and after office hours he was always in the local bazaar,trading in one thing or the other.[citation needed]
Soon, those around him found that he had an uncanny knack for such speculative trading. Heseldom lost money in any deal. "I think I had an animal instinct about such trading but there wasa lot of reading and understanding of market trends behind that animal instinct of mine. I readevery bit of paper I could lay my hands on about what was happening around the world, Ilistened carefully to every word uttered in the market, picked every bit of gossip in the shipping
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circles and pondered long through the night in the bed about the pros and cons of every deal Iwanted to make."[citation needed]
Meantime, the Shell oil refinery and the first oil harbor came up in Aden in 1954, the yearDhirubhai returned home to Gujarat to marry Kokilaben. As expected, A. Besse & Co. became
the agents for distribution of Shell refinery products. Dhirubhai had done well at the officeduring his first five years. Now he was sent on promotion to the oil filling station at the newlybuilt harbour.[citation needed]
He liked the new job, though it was a lot more demanding than the desk job in the commoditiessection. Here he had to service the ships bunkering for diesel and lubricants. He enjoyed visitingthe ships, making friends with sailors and the engine staff I heard from them first hand accountsof their voyages in different parts of the world of which he had until then read about only inbooks and magazines. And, here it was that he first began dreaming of one day building arefinery of his own.[citation needed]
"It was a crazy idea for a petrol pump attendant to want to build a refinery of his own, but that isthe sort of crazy ideas I have been playing with all my life," Dhirubhai recalled at the timeReliance's 25 million ton oil refinery, the largest grassroots refinery in the world, went on streamin Jamnagar in 1999. "I have been able to build this refinery because I decided long years ago notto settle for anything else," he said, "I had heard a Yemeni proverb in Aden "la budd min Sana'awa lau taal al-safr" (You must visit Sana'a, however long the journey takes). I never forgot thatsaying."[citation needed]
By the late 1950s it became clear that the British rule in Aden would not last long in the face ofgrowing Yemeni movement for independence supported by Gamal Abdel Nasser's revolutionarygovernment from across the Suez. The large Indian community of Hindu and Parsee Gujaratis
began preparing to move out of Aden. Some began returning home to India, while some chose tosettle in Britain. Aden Indians those days were allowed to settle in Britain.[citation needed]
Where to go on leaving Aden was debated among the colony's settlers heatedly everyday. Someof Dhirubhai's friends told him that he should migrate to London where, considering his talents,acumen and guts, he could find better opportunities of growth. At the port and on ships at Adenhe often heard glowing accounts of post-warBritainand the promises of a life of much greaterease there than one could ever hope to find in India.
[citation needed]
Dhirubhai weighed his options.. By now he had saved some money and was thinking of settingup some business of his own. Although Dhirubhai's father had died in 1952, he had in themeantime been blessed with his first son, Mukesh D. Ambani, in April, 1957. Kokilaben andMukesh were back home in India.The choice of opening a shop somewhere in London wastempting but he felt India was calling him home.
[citation needed]
Those were exciting years in India. The country was in the midst of implementing theSecondFive Year Planwhich promised to build big industries, raise new big dams across many rivers,lay new roads through the length and breadth of the country, boost agricultural production to newrecord levels and set up a huge network of food grains procurement centers.[citation needed]
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Though by the end of 1958, the newspapers coming from India were painting a rather gloomypicture of the country's finances and foreign exchange reserves, there was also a new vigor and anew fervor in their reports of a new 100 billion Five Year Plan then under preparation. ThePlan promised to open massive new opportunities for growth for the country's youth. JawaharlalNehru was daily exhorting the young to cast away their old ways and help build a new India. His
words were stirring and roused the passions of every young Indian, especially of those living faraway from the country.[citation needed]
Dhirubhai was now 26 years (1957), full of youthful vigor and vitality, and filled with highhopes for himself and for the new India of Nehru's dreams. He just could not miss the excitementof being in India in such tumultuous times. He decided to return home, instead of going toLondon to live a life of ease there.
Majin Commercial Corporation
Ten years later, Dhirubhai Ambani returned to India and started "Majin" in partnership with
Champaklal Damani, his second cousin, who used to be with him inAden,Yemen. Majin was toimportpolyesteryarn and export spices to Yemen.[2]The first office of the RelianceCommercial Corporation was set up at the Narsinatha Street inMasjid Bunder. It was a350 sq ft (33 m
2) room with a telephone, one table and three chairs. Initially, they had two
assistants to help them with their business. During this period, Dhirubhai and his family used tostay in a one-bedroom apartment at the Jai Hind Estate in Bhuleshwar,Mumbai. In 1965,Champaklal Damani and Dhirubhai Ambani ended their partnership and Dhirubhai started on hisown. It is believed that both had different temperaments and a different take on how to conductbusiness. While Damani was a cautious trader and did not believe in building yarn inventories,Dhirubhai was a known risk-taker and believed in building inventories, anticipating a price rise,and making profits.
[3]In 1968, he moved to an upmarket apartment atAltamont RoadinSouth
Mumbai. Ambani's net worth was estimated at about 1 million by late 1970s.[citation needed]
Reliance Textiles
Sensing a good opportunity in the textile business, Dhirubhai Ambani, along with Amit Mehra, aDelhi-based chartered accountant and company secretary residing in Ashok Vihar, Delhi, startedthe first textile mill atNaroda, inAhmedabadin the year 1966. Textiles were manufacturedusing polyester fiber yarn.[4]Dhirubhai started the brand "Vimal", which was named after hiselder brother Ramaniklal Ambani's son, Vimal Ambani. Extensive marketing of the brand"Vimal" in the interiors ofIndiamade it a household name. Franchise retail outlets were startedand they used to sell "only Vimal" brand of textiles. In the year 1975, a Technical team from theWorld Bankvisited the Reliance Textiles' Manufacturing unit. This unit has the rare distinctionof being certified as "excellent even by developed country standards" during that period. AmitMehra had played a pivotal role in helping and supporting Dhirubhai in this success.
[5]
Initial public offering
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Dhirubhai Ambani is awarded with starting the equity cult in India. More than 58,000 investorsfrom various parts of India subscribed to Reliance'sIPO(Initial public offering) in 1977.Dhirubhai was able to convince large numbers of small investors from ruralGujaratthat beingshareholders of his company would be profitable.
[citation needed]
Reliance Industrieswas the first private sector company whose annual general meetings wereheld instadiums. In 1986, the annual general meeting of Reliance Industries had number of first-time retail investors investing in Reliance. Ambani's net worth was estimated at about 1 billionby early 1980s.
[citation needed]
Dhirubhai's control over stock exchange
In 1982, Reliance Industries came up against a rights issue regarding partly convertibledebentures.
[6]It was rumored that thecompanywas making all efforts to ensure that their stock
prices did not slide an inch. Sensing an opportunity, The Bear Cartel, a group of stock brokersfromCalcutta, started toshort sellthe shares of Reliance. To counter this, a group of stock
brokers till recently referred to as "Friends of Reliance" started to buy the short sold shares ofReliance Industries on theBombay Stock Exchange.[citation needed]
The Bear Cartel was acting on the belief that theBullswould be short of cash to complete thetransactions and would be ready for settlement under the "Badla" trading system operative intheBombay Stock Exchange. The bulls kept on buying and a price of 152 per share wasmaintained till the day of settlement. On the day of settlement, the Bear Cartel was taken abackwhen the Bulls demanded a physical delivery of shares. To complete the transaction, the muchneeded cash was provided to the stock brokers who had bought shares of Reliance, by none otherthan Dhirubhai Ambani. In the case of non-settlement, the Bulls demanded an "Unbadla" (apenalty sum) of 35 per share. With this, the demand increased and the shares of Reliance shot
above 180 in minutes. The settlement caused an enormous uproar in the market.
To find a solution to this situation, the Bombay Stock Exchange was closed for three businessdays. Authorities from theBombay Stock Exchange(BSE) intervened in the matter and broughtdown the "Unbadla" rate to 2 with a stipulation that the Bear Cartel had to deliver the shareswithin the next few days. The Bear Cartel bought shares of Reliance from the market at higherprice levels and it was also learnt that Dhirubhai Ambani himself supplied those shares to theBear Cartel and earned a healthy profit out of The Bear Cartel's adventure.
[7]
After this incident, many questions were raised by his detractors and the press. Not many peoplewere able to understand as to how a yarn trader till a few years ago was able to get in such a huge
amount of cash flow during a crisis period. The answer to this was provided by the then financeminister,Pranab Mukherjeein the Parliament. He informed the house that a Non-Resident Indianhad invested up to 220 million in Reliance during 1982-83. These investments were routedthrough many companies like Crocodile, Lota and Fiasco. These companies were primarilyregistered inIsle of Man. The interesting factor was that all the promoters or owners of thesecompanies had a common surnameShah. An investigation by theReserve Bank of Indiain theincident did not find any unethical or illegal acts or transactions committed by Reliance or itspromoters.
[8]
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Diversification
Ambani began the process of backward integration, setting up a plant to manufacture polyesterfilament yarn. He subsequently diversified into chemicals, petrochemicals, plastics, power. Thecompany as a whole was described by theBBCas "a business empire with an estimated annual
turnover of $12 billion, and an 85,000-strong workforce". The final phase of Reliancesdiversification occurred in the 1990s when the company turned aggressively towardspetrochemicals and telecommunications.
[citation needed]
Criticism
Despite his almost Midas Touch, Ambani has been known to have flexible values and anunethical streak running through him. his biographer himself has cited some instances of hisunethical behavior when he was just an ordinary employee at a petrol pump in Dubai. He hasbeen accused of having manipulated government policies to suit his own needs, and has been
known to be a king-maker in government elections. Although most media sources tend to speakout about business-politics nexus, the Ambani house has always enjoyed more protection andshelter from the media storms that sweep across the country.
[citation needed]
Tussle withNusli Wadia
Nusli WadiaofBombay Dyeingwas, at one point in time, the biggest competitor of DhirubhaiandReliance Industries. Both Nusli Wadia and Dhirubhai were known for their influence in thepolitical circles and their ability to get the most difficult licenses approved during the times ofpre-liberalized economy.[citation needed] During theJanata Partyrule between 19771979, NusliWadia obtained the permission to build a 60,000 tons per annumDimethyl terephthalate(DMT)
plant. Before the letter of intent was converted into a licence, many hurdles came in the way.Finally, in 1981, Nusli Wadia was granted the license for the plant. This incident acted as acatalyst between the two parties and the competition took an ugly turn.[citation needed]
TheIndian ExpressArticles
At one point in time,Ramnath Goenkawas a friend of Dhirubhai Ambani. Ramnath Goenka wasalso considered to be close toNusli Wadia. On many occasions, Ramnath Goenka tried tointervene between the two warring factions and bring an end to the enmity. Goenka and Ambanibecame rivals mainly because Ambani's corrupt business practices and his illegal actions thatlead to Goenka not getting a fair share in the company. Later on, Ramnath Goenka chose tosupport Nusli Wadia. At one point of time, Ramnath Goenka is believed to have said "Nusli is anEnglishman. He cannot handle Ambani. I am a bania. I know how to finish him"....[citation needed]
As days passed by,The Indian Express, a broadsheet daily published by him, carried a series ofarticles against Reliance Industries and Dhirubhai in which they claimed that Dhirubhai wasusing unfair trade practices to maximise the profits. Ramnath Goenka did not use his staff at theIndian Express to investigate the case but assigned his close confidante, advisor and charteredaccountantS. Gurumurthyfor this task. Apart from S. Gurumurthy, another journalist Maneck
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Davar who was not on the rolls of Indian Express started contributing stories. JamnadasMoorjani, a businessman opposed to the Ambanis was also a part of this campaign. [citation needed]Both Ambani and Goenka were equally criticized and admired by sections of the society. Peoplecriticized Goenka that he was using a national newspaper for the cause of a personal enmity.Critics believed that there were many other businessman in the country who were using more
unfair and unethical practices but Goenka chose to target only Ambani and not the others. Criticsalso admired Goenka for his ability to run these articles without any help from his regular staff.Dhirubhai Ambani was also getting more recognition and admiration, in the meantime. A sectionof the public started to appreciate Dhirubhai's business sense and his ability to tame the systemaccording to his wishes.
[citation needed] The end to this tussle came only after Dhirubhai Ambanisuffered a stroke. While Dhirubhai Ambani was recovering inSan Diego, his sonsMukeshAmbaniandAnil Ambanimanaged the affairs. The Indian Express had turned the guns againstReliance and was directly blaming the government for not doing enough to penalize RelianceIndustries. The battle between Wadia - Goenka and the Ambanis took a new direction andbecame a national crisis. Gurumurthy and another journalist, Mulgaokar consorted withPresidentGiani Zail Singhandghost-wrotea hostile letter to thePrime Ministeron his behalf.
The Indian Express published a draft of the Presidents letter as a scoop, not realizing that ZailSingh had made changes to the letter before sending it to Rajiv Gandhi. Ambani had won thebattle at this point. Now, while the tussle was directly between the Prime Minister Rajiv Gandhiand Ramnath Goenka, Ambani made a quiet exit. The government then raided the Express guesthouse inDelhis Sunder Nagar and found the original draft with corrections in Mulgaokarshandwriting. By 1988-89, Rajivs government retaliated with a series of prosecutions against theIndian Express. Even then, Goenka retained his iconic stature because, to many people, heseemed to be replaying his heroic defiance during theEmergency regime.
[citation needed]
Dhirubhai andV. P. Singh
It was widely known that Dhirubhai didn't enjoy a cordial relation withVishwanath PratapSingh, who succeededRajiv Gandhias thePrime Minister of India. In May 1985, he suddenlyremoved the import ofPurified terephthalic acidfrom the Open General License category. As araw material this was very important to manufacture polyester filament yarn. This made it verydifficult for Reliance to carry on operations. Reliance was able to secure, from various financialinstitutions, letters of credit that would allow it to import almost one full years requirement of
PTA on the eve of the issuance of the government notification, changing the category underwhich PTA could be imported. In 1990, the government-owned financial institutions like theLife Insurance Corporation of Indiaand theGeneral Insurance Corporation of Indiastonewalledattempts by the Reliance group to acquire managerial control overLarsen & Toubro. Sensingdefeat, the Ambanis resigned from the board of the company. Dhirubhai, who had becomeL&T'schairman in April 1989, had to quit his post to make way for D. N. Ghosh, former chairman oftheState Bank of India.[citation needed]
Death
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Final Journey: Dhirubhai Ambani's funeral saw thousands of people attending.Mukesh AmbaniandAnil Ambanican be seen carrying their father's body as perHindutraditions
Dhirubhai Ambani was admitted to theBreach Candy HospitalinMumbaion June 24, 2002 afterhe suffered a major stroke. This was his second stroke. The first one had occurred in February,
1986 and had kept his right hand paralyzed. He was, latterly, in a state of coma for more than aweek. A number of doctors were used. He died on July 6, 2002, at around 23:50 UTC+05:30.
His funeral procession was not only attended by business people, politicians and celebrities butalso by thousands of ordinary people. His elder son,Mukesh Ambani, performed the last rites asperHindutraditions. He was cremated at the Chandanwadi Crematorium in Mumbai at around16:30 UTC+05:30 on July 7, 2002.
[citation needed]
He is survived by Kokilaben Ambani, his wife, two sons,Mukesh AmbaniandAnil Ambani, andtwo daughters, Nina Kothari and Deepti Salgaonkar. Dhirubhai Ambani started his long journeyinMumbaifrom the Mulji-Jetha Textile Market, where he started as a small-trader. As a mark of
respect to this great businessman, The Mumbai Textile Merchants' decided to keep the marketclosed on July 8, 2002.[citation needed] At the time of Dhirubhai's death, Reliance Group had a gross
turnover of 750 billion (US$15 billion). In 1976-77, the Reliance Group had an annual turnoverof 700 million (Note that Dhirubhai had started the business with just 150 000(US$3500).
[citation needed]
The country has lost iconic proof of what an ordinary Indian fired by the spirit of enterprise anddriven by determination can achieve in his own lifetime.
[9]
Atal Bihari Vajpayee,Former Prime Minister of India
The nation has lost one of the doyens of the modern Indian corporate community, aphilanthropist and above all a great human being endowed with great compassion and concernfor the underprivileged sections of the society. This new star, which rose on the horizon of theIndian industry three decades ago, remained on the top till the end by virtue of his ability todream big and translate it into reality through the strength of his tenacity and perseverance. I jointhe people of Maharashtra in paying my tribute to the memory of Ambani and convey myheartfelt condolences to the bereaved family.
[10]
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P C Alexander, Governor of Maharastra
Reliance after Dhirubhai
In November 2004, Mukesh Ambani in an interview, admitted to having differences with his
brother Anil over 'ownership issues.' He also said that the differences "are in the private domain."He was of the opinion that this will not have any bearing on the functioning of the companysaying Reliance is one of the strongest professionally-managed companies. Considering theimportance of Reliance Industries to the Indian economy, this issue got extensive coverage in themedia.
[11]
Kundapur Vaman Kamath, the Managing Director ofICICI Bank[12]was seen in media, a closefriend of the Ambani family who helped to settle the issue. The brothers had entrusted theirmother, Kokilaben Ambani, to resolve the issue. On June 18, 2005, Kokilaben Ambaniannounced the settlement through a press release.
With the blessings of Srinathji, I have today amicably resolved the issues between my two sons,Mukesh and Anil, keeping in mind the proud legacy of my husband, Dhirubhai Ambani.
I am confident that both Mukesh and Anil, will resolutely uphold the values of their father andwork towards protecting and enhancing value for over three million shareholders of the RelianceGroup, which has been the foundational principle on which my husband built India's largestprivate sector enterprise.
Mukesh will have the responsibility for Reliance Industries and IPCL while Anil will haveresponsibility for Reliance Infocomm, Reliance Energy and Reliance Capital.
My husband's foresight and vision and the values he stood for combined with my blessings willguide them to scale new heights.[13]
Kokilaben Ambani
The Reliance empire was split between the Ambani brothers,Mukesh Ambanigetting RIL andIPCL & his younger siblingAnil Ambaniheading Reliance Capital, Reliance Energy andReliance Infocomm. The entity headed by Mukesh Ambani is referred to as the RelianceIndustries Limited whereas Anil's Group has been renamed Reliance Anil Dhirubhai AmbaniGroup (Reliance ADA Group).[citation needed]
Reliance Institute of Life Sciences, a Dhirubhai Ambani Foundation Initiative, was established topromote higher education in various fields of life sciences and related technologies.[citation needed]
In popular media
In 1998, a book published byHamish McDonaldtitled "The Polyester Prince" is also anunauthorized biography of Dhirubhai Ambani, outlining all his political and business conquests.
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HarperCollins didn't sell the book in India, because the Dhirubhai threatened legal action.[14]In2010, an updated version of the book went on sale in India, called Ambani and Sons, there hasbeen no legal action against the publisher so far.
[14]A film said to be inspired by the life of
Dhirubhai Ambani was released on 12 January 2007. The Hindi FilmGuru, directed by acefilmmakerMani Ratnam, cinematography byRajiv Menonand music byA.R.Rahmanshows the
struggle of a man striving to make his mark in the Indian business world with a fictional ShaktiGroup of Industries. The film starsAbhishek Bachchan,Mithun Chakraborty,Aishwarya Rai,R.MadhavanandVidya Balan. In the film, Abhishek Bachchan plays Guru Kant Desai, a characterimplicitly based on Dhirubhai Ambani. The character is known in the film as "Gurubhai", similarto the real-life "Dhirubhai". Mithun Chakraborty portrays Manikda who bears an uncannyresemblance to the real lifeRamanath Goenkaand Madhvan portraysS. Gurumurthy, whogained national fame twenty years ago, spearheading virulent attacks against the Reliance groupin one of India's bloodiest corporate wars ever.
Awards and recognitions
October 2011 - Awarded posthumously the 'ABLF Global Asian Award' at theAsianBusiness Leadership Forum Awards.
[15]
November 2000Conferred "Man Of The Century" award by Chemtech Foundation andChemical Engineering World in recognition of his outstanding contribution to the growthand development of the chemical industry inIndia
2000, 1998 and 1996Featured among "Power 50 - the most powerful people in Asia"byAsiaweekmagazine.
June 1998 - "Dean's Medal" byThe Wharton School, University of Pennsylvania, forsetting an outstanding example of leadership. Dhirubhai Ambani has the rare distinctionof being the first Indian to get Wharton School Dean's Medal[16]
August 2001Economic Times Awardsfor Corporate Excellence for LifetimeAchievement.
Dhirubhai Ambani was named the "Man of 20th Century" by theFederation of IndianChambers of Commerce and Industry(FICCI).
A poll conducted by TheTimes of Indiain 2000 voted him "Greatest Creator of WealthIn The Centuries"
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