Born on December 28, 1932, in Chorwad village, Junagadh district, Gujarat, Dhirubhai Hirachand Ambani, known globally as Dhirubhai Ambani, not only built a business empire but also reshaped the trajectory of Indian corporate history. Born into a humble family with a school teacher father, this young man laid the foundation of Reliance Industries in 1958 and never looked back.
Early Journey: From Yemen to Mumbai
Dhirubhai completed his schooling at Bahadurakhanji School. At a young age, he ventured to Yemen to seek livelihood. It is said that he even worked at a petrol pump there. However, he returned to India in 1958, harboring the dream of starting his own business. This marked the turning point that led to the emergence of a brand like Reliance in India.
Business Beginnings: Small Office, Big Aspirations
After returning to India, Dhirubhai, along with his cousin Champalal Damani, formed a company called 'Majin.' This company imported polyester yarn and exported spices. Their first office in Masjid Bunder, Mumbai, measured a mere 350 square feet, containing only a telephone, a table, and three chairs. From this small office, the foundation of India's largest business empire was laid.
Gradually, differences emerged in the business approaches of Dhirubhai and Champalal, leading to the dissolution of their partnership in 1965. Thereafter, Dhirubhai resolved to expand his business independently.
Reliance Industries Takes Flight
In 1977, Reliance went public, entering the stock market. Dhirubhai was masterful at raising capital from the public. He encouraged participation from ordinary citizens in the share market, attracting them to invest.
He expanded the company into sectors like polyester, petrochemicals, and later, telecommunications. Reliance Industries became one of the select Indian companies to feature on the Fortune 500 list.
Enveloped in Controversy, Yet Unwavering
Dhirubhai Ambani's success was as monumental as the criticism he faced. He was accused of stock market manipulation, tax evasion, and nepotism.
The biggest controversy erupted in 1988 when Reliance was raising capital through partially convertible debentures. Some brokers attempted to bring down Reliance's share price, but brokers known as 'friends of Reliance' countered by purchasing shares. This event shook the market, forcing the Bombay Stock Exchange (BSE) to close for three days.
It later transpired that Dhirubhai himself was selling shares to these brokers, profiting even from this crisis. However, Reserve Bank investigations failed to establish any illegal activity against Reliance or Dhirubhai.
Death and Legacy
On June 24, 2002, Dhirubhai suffered a stroke and was admitted to Breach Candy Hospital. After more than a week in a coma, he passed away on July 6. His first stroke, in 1986, had affected his right hand.
Upon his death, then-Prime Minister Atal Bihari Vajpayee described him as an emblem of Indian entrepreneurship. The then-Governor of Maharashtra, P.C. Alexander, also paid his respects.
Family Discord and Company Split
From 1986 onwards, Dhirubhai had gradually begun to hand over the reins of the company to his sons, Mukesh and Anil. However, in 2004, Mukesh Ambani admitted in an interview to differences between himself and Anil. Subsequently, the company was divided into two – Reliance Industries (under Mukesh) and Reliance Anil Dhirubhai Ambani Group (under Anil).
Honors and Awards
Dhirubhai Ambani received numerous awards. In 1998, he was awarded the 'Dean's Medal' from the prestigious Wharton School of the University of Pennsylvania – the first Indian to receive this honor. In 2016, he was posthumously awarded India's second-highest civilian award, the 'Padma Vibhushan'.
Dhirubhai in the Media
In 1988, Hemish McDonald's unauthorized biography of Dhirubhai, The Polyester Prince, was published. It could not be published in India due to threats of legal action from Ambani. However, an updated version titled Ambani and Sons later emerged.
The Bollywood film Guru, directed by Mani Ratnam, is also considered to be inspired by Dhirubhai Ambani's life story, although the director denied it was a direct biography.
An Inspiration that Endures
Dhirubhai Ambani's story is akin to a dream – a boy from a humble family who journeyed from the summers of Yemen to the hustle and bustle of Mumbai, building India's largest industry. He demonstrated that with vision, confidence, and hard work, any dream can be realized.
Today, Reliance Industries is among the world's largest companies, and the name behind this success is Dhirubhai Ambani.
Dhirubhai Ambani's life story is proof that with passion, vision, and hard work, anyone can achieve extraordinary heights. He not only built a company but also inspired millions of Indians to dream and make those dreams a reality.
