Commanding a whopping market capitalisation of 5.94 lakh crore, the company was started with a meager Rs 1,000 and just one employee just about half a century ago
Billionaire Mukesh Ambani the chairman of Reliance Industries has often shared the success story of the oil-telecom conglomerate, often charting RIL’s growth to become one of India’s most valued company by market capitalisation. Commanding a whopping market capitalisation of 5.94 lakh crore, the company was started with a meager Rs 1,000 and just one employee just about half a century ago. In October-17, Reliance Industries had hit a new milestone, as the company’s market capitalisation topped a staggering Rs 6 lakh crore, as the shares touched life-high levels. RIL had become the first company to hit the magical figure. Currently, TCS leads the race with a market capitalisation of Rs 6.03 lakh crore. We take a closer look at what Mukesh Ambani has to say about RIL’s rise.
Where it all started
“My father founded Reliance in 1966 with one just employee and with a meagre capital of only Rs 1000, or about USD 130 at that time. Even then, his dream was to build Reliance as a world-class and world-scale Indian business conglomerate. He realised his dream in his own lifetime,” Mukesh Ambani said at Financial Times ArcelorMittal Boldness in Business Awards in March this year.
“It is a matter of great pride for me that, since Reliance’s IPO in 1977, our shareholders’ money has doubled every two and a half years, for the last 40 years,” Ambani observes.
Contribution to India’s economy
“During the same period, Reliance has contributed more to India’s national wealth than any other business group,” Mukesh Ambani said. Notably, a recent report by Institute for Competitiveness, finds that Reliance Jio’s disruptive entry into the industry has led to at least Rs 60,000 crore in annual savings for Indian consumers.
On Reliance Jio
“In less than 18 months of its launch, Jio has enabled 99 % of India’s 1.3 billion population to zip forward from the past to the future,” he said.
The way forward
Within the next few years, Jio will empower the equivalent of two-thirds of Europe’s population to enjoy a world-class digital services in India.