Reliance goes public for the first time by announcing its IPO and raises Rs 2.8 crore (USD 3.28 million), thus ushering in the Equity Cult in India.
• Initial share price is Rs 10
• Issue oversubscribed seven times with 58,000 investors by the year end
• Receives approval for BSE listing of Reliance as Reliance Textile Industries Ltd.
Image Courtesy: Reliance Industries Limited.
The World Bank certifies Reliance Textile Industries as India’s finest composite textile mill by developed country standards. The World Bank called the mill India’s 'most modern textile plant’, barely nine years after Shri Dhirubhai Ambani set up the mill at Naroda.
Image Courtesy: Reliance Industries Limited.
Although profitable, the spice business was not enough for Shri Dhirubhai Ambani. Ever restless to find more growth opportunities, he shifted to yarn trading. This was a risky business, but there were also margins to be made. Shri Dhirubhai Ambani started buying and selling different types of yarn, first in small quantities, then in ever-increasing volumes.
Image Courtesy: Reliance Industries Limited