Reliance Commercial Corporation was set up in 1958 by Dushyant Corporation (DC Group of Company) as a small venture firm trading commodities, especially spices and polyester yarn.[1] In 1965, the partnership ended and Dhirubhai continued the polyester business of the firm.[16] In 1966, Reliance Textiles Industries Pvt. Ltd. was incorporated in Maharashtra. It established a synthetic fabrics mill in the same year at Naroda in Gujarat.[17] On 8 May 1973, it became Reliance Textiles Industries Limited. In 1975, the company expanded its business into textiles, with "Vimal" becoming its major brand in later years. The company held its initial public offering (IPO) in 1977.[18] The issue was over-subscribed by seven times.[19] In 1979, a textiles company Sidhpur Mills was amalgamated with the company.[20] In 1980, the company expanded its polyester yarn business by setting up a Polyester Filament Yarn Plant in Patalganga, Raigad, Maharashtra with financial and technical collaboration with E. I. du Pont de Nemours & Co., U.S.[17]
1981–2000
In 1985, the name of the company was changed from Reliance Textiles Industries Ltd. to Reliance Industries Ltd.[17] During 1985 to 1992, the company expanded its installed capacity for producing polyester yarn by over 145, 000 tonnes per annum.[17]
The Hazira petrochemical plant was commissioned in 1991–92.[21]
In 1993, Reliance turned to the overseas capital markets for funds through a global depository issue of Reliance Petroleum. In 1996, it became the first private sector company in India to be rated by international credit rating agencies. S& P rated Reliance "BB+, stable outlook, constrained by the sovereign ceiling". Moody's rated "Baa3, Investment grade, constrained by the sovereign ceiling".[22]
In 1995/96, the company entered the telecom industry through a joint venture with NYNEX, USA, and promoted Reliance Telecom Private Limited in India.[21]
In 1998, Reliance took over Indian Petrochemicals Corporation Limited during privatization of public sector enterprises.
In 1998/99, RIL introduced packaged LPG in 15 kg cylinders under the brand name Reliance Gas.[21]
The years 1998–2000 saw the construction of the integrated petrochemical complex at Jamnagar in Gujarat, [21] the largest refinery in the world
Keywords
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145 000 tonnes
us17 19812000
1998 reliance
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1993 reliance turned
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reliance industries ltd17
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producing polyester yarn
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hazira petrochemical plant
synthetic fabrics mill
