India’s most valued company in terms of market capitalisation, Reliance Industries started with a meagre Rs 1,000 and just one employee way back in 1966, Mukesh Ambani revealed yesterday. Speaking at the Financial Times ArcelorMittal Boldness in Business Awards, Mukesh Ambani said that his father, Dhirubhai Ambani founded Reliance in 1966 with a dream to build Reliance as a world-class and world-scale Indian business conglomerate. Just about five decades later, Reliance Industries commands a whopping market capitalisation of over Rs 5.7 lakh crore as of Friday.
Sharing the success story of Reliance Industries, Mukesh Ambani said that the company has doubled shareholders’ wealth every two and a half years, for the last 40 years. Further, the company has also contributed more to India’s national wealth than any other business group, Ambani said. In October-17, Mukesh Ambani-led Reliance Industries hit a new milestone, as the company’s market capitalisation topped a staggering Rs 6 lakh crore, as the shares touched life-high levels. Now, at a market cap of 5.7 lakh crore, Reliance Industries is at the numero uno spot, ahead of TCS which has a market capitalisation of Rs 5.4 lakh crore.
Last year 2017 had been a stupendous year for RIL as it added more than Rs 2 lakh crore to its market capitalisation. On February 27, 2017, RIL crossed the 4 lakh crore market capitalisation, and very soon rose to Rs 5 lakh crore, to trump TCS to become India’s most valued company in July-17.
In his address, Mukesh Ambani also revealed that the idea of starting the new telecom venture Reliance Jio was seeded by his daughter Isha Ambani. Mukesh Ambani said that the idea of Jio was given by Isha Ambani when she come home for holidays and wanted to submit some coursework of her college Yale University, but couldn’t do so due to the poor internet. She said “’Dad, the internet in our house sucks’,” Mukesh Ambani recalled. Notably, Reliance Jio has risen to be the single biggest disruptor in the telecom space.