Reliance AGM: From stadium to digital platform, know how Dhirubhai made Reliance’s meeting the most popular event
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Reliance AGM 2023The AGM of Reliance Industries is being held today. The 46th general meeting of the company is being organized online. Its investors and common people can watch sitting in their homes. In the AGM of Reliance Industries, the company’s chairman Mukesh Ambani (Mukesh Ambani) are about to address. It is understood that the stakeholders and investors are going to get very important information in this meeting. Investors expect that in the meeting, Ambani can make several announcements related to the IPO deadline of Telecom and Retail Business. Along with this, many big announcements are being expected from 5G to Green Energy. The whole market is waiting for this. Reliance is one of those companies whose discussion is not only in the country but in the whole world. This company was founded by Mukesh Ambani’s father Dhirubhai.
Who was Dhirubhai Ambani
Dhirubhai Ambani is included in the list of such Indian industrialists whose story is told to people for inspiration. He single-handedly built Reliance Industries in the year 1966. Dhirubhai Ambani was born on December 28, 1932 in Chhorvada village of Gujarat. Even though, he founded these big company. However, his early life was full of struggle. He did not complete his education due to financial crisis in his family, but he acquired business skills and achieved professional success in his life. Dhirubhai Ambani was honored with various awards and honours, such as the Padma Bhushan and the Bharat Ratna. He died on July 6, 2002. Today Reliance Group does business in various sectors such as Petroleum, Natural Gas, Petrochemicals, Telecom, Retail, Life Insurance, NBFC etc.
Dhirubhai won the trust of investors
Dhirubhai Ambani created an investor cult through Reliance. Also, he is credited with popularizing the equity culture in India. He was known for never disappointing his shareholders, seeing Reliance’s steady progress over time. In 1977, the IPO of Reliance Textile Industries created a new history among investors. This issue was oversubscribed seven times. Thereafter, Dhirubhai became the epitome of an investor, addressing thousands of shareholders at Reliance AGM with the gusto of a rock star, a rock star who didn’t sing but paid dividends. People used to gather in the stadium to sit on the ground and listen to Dhirubhai.
work done at petrol pump
Dhirubhai Ambani, who is called the icon of the business world, earlier Dhirubhai had neither big name, nor money, nor anyone to show him the right path. The economic condition of his house was very bad. So in 1949, at the age of only 17, he went to Yemen with his brother Ramniklal. There he got a job at a petrol pump of A. Bassi & Company. There he used to get three hundred rupees every month. Due to his sharp mind, he was soon made the manager of the petrol pump. After working there for about five years, he came to India in 1954. After coming back, Dhirubhai did not want to do the job. He made up his mind to do his business. Then, with his hard work and dedication, he became the owner of property worth Rs 62,000 crore.
This is how Reliance started
After coming to India, Dhirubhai started gathering information about the Indian market. He found that the highest demand in India was for polyester. Whereas, there was a demand for Indian spices in foreign countries. Then, Dhirubhai formed the Reliance Commercial Corporation company with the help of his cousin Champaklal Dimani. Started work at a small place in Mumbai with a table, three chairs, a telephone and two colleagues. Spices were sold abroad through the company and polyester was brought to India from there. After making profit in the export of spices, he tried to increase his business further. He turned his attention to synthetic clothes. After this, in 1966, Dhirubhai started a textile mill in Ahmedabad, Gujarat under the name of Reliance Textile. After which he never looked back.
After the death of Dhirubhai Ambani became the chairman of the company
Ambani has been on the board of directors of Reliance since 1977 and became the company’s chairman in July 2002 after the death of his father and group founder Dhirubhai Ambani. In a special resolution sent to shareholders, Reliance said that its board of directors has approved the appointment of Mukesh Ambani as Managing Director for a further five years with effect from July 21, 2023. It was said in the proposal that Ambani had fixed his annual remuneration from the financial year 2008-09 to the financial year 2019-20 at Rs 15 crore. After this, from the financial year 2020-21 onwards, he opted to forego his salary due to the Kovid-19 pandemic. He has not been paid any salary and profit-based commission for three consecutive years from FY 2020-21. The resolution said that at the request of Ambani, the board has recommended that he will not be paid any salary or profit-based commission for the proposed period from April 19, 2024 to April 18, 2029.
Reliance Retail crossed the figure of one billion transactions in the last financial year
Reliance Retail crossed the figure of one billion transactions in the financial year 2022-23. This information was given in the annual report of Reliance Industries. Reliance Retail’s digital commerce and new commerce businesses contributed 18 per cent to its Rs 2.60 lakh crore revenue in FY 2022-23. The company opened 3,300 new stores during the period under review. Now it has a total of 18,040 shops. According to the annual report of Reliance Industries, in the financial year 2022-23, the business crossed the figure of one billion transactions with an increase of 42 percent on an annual basis. More than 78 crore customers came to the shops, which is 50 percent more on an annual basis.
Reliance Industries journey in timeline
1960s: Reliance’s dialogue business with government equipment began, including Williams Solvent and Petroleum Refinery.
1970s: With Dirubhai Ambani’s sons Mukesh Ambani and Anil Ambani, Reliance expanded into new areas in petroleum refining.
1980s: Reliance also ventured into petrochemical production and expanded into other industries. Reliance’s first public offer (IPO) took place in 1986.
1990s: Reliance entered the telecom sector and established its company “Reliance Communications”.
2000s: Mukesh Ambani splits with Anil Ambani and Reliance Industries is run by Mukesh Ambani. He has since then worked from strength to strength in various sectors, such as petroleum, petrochemicals, retail, life insurance etc.
2010s: Reliance founded Jio, a telecom company that revolutionized the Indian telecom market. Jio has rapidly expanded its services and provided various digital entertainment services to the viewers.
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