Reliance Industries Limited
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Reliance Industries Limited is India's largest private sector company with a turnover of 744 billion rupees (US$16.7 billion) for the fiscal year ending in March 2004. It was founded by Dhirubhai Ambani in the 1970s. Reliance sponsored the 1987 Cricket World Cup which was held in India.
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Financials
Reliance enjoys an eminent position in the economy of India with reported turnover amounting to about 4% of India's GDP (which was 27 trillion rupees during 2003, [1]).
- Sales $11.82 bil
- Profits $1.19 bil
- Assets $16.60 bil
- Market Value $17.81 bil
- Employees 11,358
Stock
- Among Indian shareholders 25% own a Reliance share.Template:Fact
Products
Reliance Industries Limited has a wide range of products from petrochemicals (its major product), garments (under the brand name of Vimal), telecommunications and Energy generation and distribution.
Subsidiaries
- Reliance Infocomm, a CDMA mobile service provider in India. The mobile service caters content from Wikipedia in one of its menus.
- Bombay Suburban Electric Supply, now called Reliance Energy.
Management
Currently it is jointly managed by Dhirubhai's sons, chairman Mukesh Ambani and Anil Ambani. The share prices of the company tumbled recently after CMD of Reliance Industries Limited and elder brother, Mukesh Ambani, said in an interview to CNBC, that there were ownership issues related to the company, implying that all was not well between him and younger brother Anil. He then went on to coerce the board of RIL to give the CMD (himself) the final authority in the company. This further distanced the two brothers.
The $23-billion Template:Fact Reliance Industries will be split between the brothers Anil and Mukesh Ambani, heirs to the sprawling industrial behemoth created by their father, Dhirubhai Ambani.
The details will take some time to emerge, but elder brother Mukesh will keep control of the flagship Reliance Industries, in the oil, gas and petrochemicals space, and worth about 70-80% of the empire. Younger brother Anil gets control of Reliance Energy, one of India's biggest power utility firms, Reliance Infocomm, market leader in the country's booming telecoms sector, and Reliance Capital, the group's finance arm.
Anil Ambani created a new company called RoVcl in Jan 2005 which will be merged with Reliance Infocomm.
External links
Reliance Industries Ltd, subsequent to its split has continued to grow from strength to strength. The squabbles between the brothers having faded into the background, Reliance companies have been among the best performing in the Indian Stock Market.