In the early 1960s, the entrepreneurial duo, upon returning to India, embarked on a new chapter by establishing the 'Reliance Commercial Corporation'
Reliance Industries was founded by Indian industrialist Dhirubhai Ambani, who is known as one of the most important and influential people in Indian economic history. He shaped the future of the company through a partnership. Dhirubhai Ambani, who was young and visionary joined hands with his second cousin Champaklal Damani, to set off on a journey that would redefine the face of Indian business.
The story begins in Yemen, where Ambani and Damani first met. While they were living together in Yemen they came up with the idea of a business that could take advantage of the trade potential between Yemen and India. In the late 1950s, they collaborated to start a company called 'Majin', which aimed to import polyester yarn and spices into Yemen. This partnership laid the foundation of the company that later became Reliance Industries.
In the early 1960s, the entrepreneurial duo returned to India and launched a new company called 'Reliance Commercial Corporation'. Reflecting their shared purpose and their close relationship. The company's initial focus was on selling polyester yarn and spices to Yemen, taking advantage of the knowledge and understanding they had acquired there.
With a meagre investment of Rs. 15,000, the first office of the Reliance Commercial Corporation was set up in the Masjid Bunder area of Mumbai. The room was 350 square feet and had three chairs, a table, and a telephone. Earlier they had two assistants to help them in the business. This small place served as the birthplace of an empire, where ideas became plans.
Ambani started putting together a team of individuals who would eventually become the backbone of Reliance's long-term success. In addition to his younger brother Ramnikbhai Nathubhai, his nephew Rasikbhai Meswani, and two old classmates, Ambani began to assemble a group of people who would eventually form the core of the business. They pursued growth together, resolutely navigating Pydhonie's busy streets.
The early going wasn't without difficulties. Ambani lived in the Bhuleshwar area of Mumbai with his family in a small two-bedroom flat. These were difficult times for Ambani's devotion to his mission and vision. He had previously worked in a number of small-scale businesses, such as selling fruits and snacks, but his path to Reliance was characterised by tenacity and flexibility.
The partnership between Ambani and Damani came to an end in 1965 due to different approaches in business. Damani's more cautious approach seemed to be clash with Ambani's penchant for risk taking. Reliance continued to grow under Ambani's leadership even after this split, focusing on the textile industry and changing its name to Reliance Textiles in 1966.
Dhirubhai Ambani and Champaklal Damani's cooperation is the origin of Reliance Industries. Their cooperative, resourceful, and persistent journey to India from Yemen established the foundation for an empire that would fundamentally transform India's trade landscape. The story of their small beginnings in a 350 square foot office serves as a reminder that many of the greatest successes started out small.
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