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Dhirubhai Ambani, was an Indian business tycoon who founded Reliance .
21. Man of Substance
Dhirubhai Ambani is the founder of the Reliance Group of Industries which is a conglomerate and only privately owned company in India, with a net worth of $6.10 billion at the time of his death. Dhirubhais Reliance has almost taken over all types of trading sectors in India. From capital markets to households, Reliance is a common name.This great Indian business tycoon was worldly recognized and awarded.In June 1998, he became the first Indian to receive the Wharton School Dean medal for setting an excellent example of leadership.Dhirubhai was featured among Power 50 the most powerful people in Asia in the Asia week Magazine for three alternate years 1996, 1998, and 2000.He was also named the Man of 20th Century by the FCCI (Federation of Indian Chambers of Commerce and Industry).He was also awarded the Economic Times Lifetime achievement Award in august 2001.Dhirubhai was famously known as Polyester Prince.
22. Company Profile
Reliance Group of Industries, founded by Dhirubhai, is a conglomerate company which is indulged in petrochemicals, communications, textiles and power. The company has over 85000 employees at present and provides almost 5% of the Central governments Total tax revenue.The Reliance Group split soon after Dhirubhais death into Mukesh Ambanis Reliance Industries and Anil Ambanis Reliance Anil Dhirubhai Ambani Group.
23. Obstacles Faced
There were several business rivalries faced by Dhirubhai Ambani.At one point of time, Nusli Wadia of Bombay Dyeing was the greatest competitor and threat to Dhirubhais Reliance Industries. The competition between the two turned out to be ugly.Another obstacle was Dhirubhais tussle with Ramnath Goenka, who once was Dhirubhais friend. It all began because Ramnath Goenka was not getting his equal share in the company and so he teamed up with Dhirubhais rival, Nusli Wadia and tried hard to cause a major harm to the Reliance group. The Indian express, a broadsheet daily published by Goenka, carried a series of articles stating the unfair means used by the Reliance Industries to make profits. But soon Dhirubhai handled the pressure and came over it.
Dhirubhai faced severe health problems. In 1986 he suffered a major stroke, which paralyzed his right hand and in June 2002, he suffered his second stroke, after which he was admitted to the Breach Candy Hospital, Mumbai. A number of doctors attended to him but not much could be done and the Indian business magnet died on July 6, 2002.
Dhirubhai was a hardworking and intelligent man, since childhood. Though he couldnt study after his matriculation examination, he built up a great business due to his determination and skills he learned at A. Besse & Co. in Aden. Dhirubhais journey has been also depicted into a famous Bollywood movie named Guru, which was a great commercial success.
25. Awards and recognitions
November 2000 Conferred Man of the Century award by Chemtech Foundation and Chemical Engineering World in recognition of his outstanding contribution to the growth and development of the chemical industry in India.
2000, 1998 and 1996 Featured among Power 50 the most powerful people in Asia by Asiaweek magazine.
June 1998 Deans Medal by The Wharton School, University of Pennsylvania, for setting an outstanding example of leadership. Dhirubhai Ambani has the rare distinction of being the first Indian to get Wharton School Deans Medal.
August 2001 Economic Times Awards for Corporate Excellence for Lifetime Achievement.
Dhirubhai Ambani was named the Man of 20th Century by the Federation of Indian Chambers of Commerce and Industry (FICCI).
A poll conducted by The Times of India in 2000 voted Him Greatest Creator of Wealth In The Centuries. He is the true son of India
Dhirubhai Ambani was admitted to the Breach Candy Hospital in Mumbai on June 24, 2002 after he 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 in a state of coma for more than a week. A battery of doctors were unable to save his life. He died on July 6, 2002, at around 11 50 P.M. (Indian Standard Time).
His funeral procession was not only attended by business people, politicians and celebrities but also by thousands of ordinary people. His elder son, Mukesh Ambani, performed the last rites as per Hindu traditions. He was cremated at the Chandanwadi Crematorium in Mumbai at around 4 30 PM (Indian Standard Time) on July 7, 2002.He is survived by Kokilaben Ambani, his wife, two sons, Mukesh Ambani and Anil Ambani, and two daughters, Nina Kothari and Deepti Salgaonkar.
Dhirubhai Ambani started his long journey in Bombay from 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 market closed on July 8, 2002. At the time of Dhirubhais death, Reliance Group had a gross turnover of Rs. 75,000 Crore or USD $ 15 Billion. In 1976 77, the Reliance group had an annual turnover of Rs 70 crore and it is to be remembered that Dhirubhai had started the business with just Rs.15,000(US$350).
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