Viscosa via a long resident Italian businessman in Bombay, a Dr Rossi, while Kotharyhandled only the Du Pont product from the United States and elsewhere. Dhirubhaiwas a sporting rival, Kothary said: ‘He would always say: “This is what I’m going todo, boy!” Whenever he fights an enemy he goes in the open.’ Not everyone in theBombay textile trade would agree.Kothary and many others in the Pydhonie market remember intervention in a marketcrisis in the mid-1960s when spiralling textile prices led government authorities tocrack down on speculation in the yarn market by banning forward trading, and thenarresting traders found to be continuing the practice. Consumers must havecomplained to the government about fluctuations in prices-some people, about adozen, were arrested in the market,’ Kothary said.<strong>The</strong> trading community was despondent as their colleagues languished all day in thecells of the Picket Road Police Station. Approaches to officials by the Bombay YarnMarkets and Exchange Association got nowhere. <strong>The</strong>n, late in the evening, Dhirubhaiarrived like a storm at the police station, shouting greetings to the senior officers,and handing out snacks to everyone. Within an hour, all the arrested traders hadbeen released, and the complaints against them shelved. Kothary can only guess atintervention. ‘<strong>The</strong> usual-India!’ he said.Dhirubhai also emerged as saviour of the market when an even greater supply crisisoccurred in 1967, Kothary recalled. On a report that actual user import licences hadbeen traded and misused, the Customs authorities in Bombay under the thenAssistant Collector, a Mr. Ramchandani, impounded all incoming cargoes of artificialfibres. <strong>The</strong> government insisted that whoever imported the yarn had to be themanufacturer who wove it into cloth.According to Kothary, about 40 million rupees (then about US$5.3 million) worth ofyarn was seized. Many traders then defaulted on loans taken out to cover theimports. <strong>The</strong> entire artificial textile market was paralysed. ‘It could have made us allinsolvent,’ Kothary said. ‘This is when I came very closely in touch with Dhirubhai. Itwas he who saved us all. We fought for about six months. I used to go with him tolawyers day in and day out. We went to Delhi to see Morarji Desai [then financeminister]. That was the time I could see he was a wizard. He used all the ways andmeans.’ <strong>The</strong> crisis ended as quickly as it started, ostensibly after a one-day hearingof the importers’ appeal in the Customs, Excise and Gold Appellate Tribunal underJustice Oberoi, who found for the appeal. Kothary indicates that an agreementengineered by Dhirubhai was behind the judicial settlement. <strong>The</strong> details are notrevealed, but presumably come under the category of ‘That India!’ also.On their move to Bombay, Dhirubhai and his young family had moved into anapartment on the 3rd floor of the Jai Hind Society building in Bhuleshwar, a verycrowded district of shops, markets and residential tenements in the central part ofthe city. <strong>The</strong> building is what is known as a chawl in Bombay: numerous smallapartments, often just single rooms, opening on to open galleries around a centralcourtyard which is set back from the street behind commercial premises. Quite oftenthe toilets and washing facilities are shared at ground level.Later accounts of Dhirubhai’s early career often paint this home as Dickensian in theextreme. <strong>The</strong> fat, since bought by a later tenant, had two small bedrooms, a livingroom, kitchen and internal bathroom in 1995. Vakharia, who used to visit theAmbanis for a holiday each Christmas from 1959 to the late 1960s, remembers it
eing ‘suite luxurious’ compared to the single rooms many Gujarati families had tooccupy in Bombay at that time.Even so, Dhirubhai and his young family, eventually two boys and two girls, livedausterely in surroundings that were crowded, noisy and dirty. <strong>The</strong> two sons, Mukeshand Anil, who took over day-to-day management of Reliance in the late 1980s, mayhave had engineering degrees and MBAs from American universities, but their leanearly years gave them a hungry ambition unusual in the second generation of asuccessful Indian business family.As his confidence grew in his Bombay success, Dhirubhai developed his taste for‘letting loose a scorpion’s through practical jokes and whimsy. Vakharia recalls thatwhen he visited Bombay with his new wife for the first time in 1959, he andDhirubhai were invited home by their senior mentor Mathura Das Mehta. Mehta’swife served the young men mango juice, and kept insisting on refilling their glasses.Dhirubhai whispered:“Let’s do some mischief,” Vakharia said. <strong>The</strong> two asked for a fourth glass, and keptthen accepting more. After more than a dozen glasses each, the Mehta kitchen ranout of mangoes and a servant had to be sent to the market to buy more, which wereall duly consumed. <strong>The</strong> Mehtas continued to be friends, ‘But they never invited usback for any lunch or dinner at their house’, Vakharia said.Each year, Dhirubhai would make it a point to play an April Fool’s joke upon anelderly employee named Ghulabchand, an old associate from Aden. For all hisexperience, Ghulabchand never failed to fall for it. On one occasion, Dhirubhaiannounced that everyone was invited to dinner across town at an address at MafatlalBath. Ghulabe hand was sent in a taxi with Vakharia and another member of theoffice, Ramanbhal. At Marine Drive they stopped outside a building, and Patel went into look for a fourth member of the group. After 15 minutes waiting, Vakharia alsowent in. Ghulabchand eventually gave them all up and took the taxi to Mafatlal Bath,where he found no one. On returning home, he found Dhirubhai and the otherseating a dinner they had notified Ghulabchand’s wife to prepare.Vakharia recalls another prank in 1965. <strong>The</strong> India-Pakistan War was on, and ablackout had been imposed on Bombay for fear of naval and air attacks by Pakistan.About 10 pm, Dhirubhai said: “Let’s go out and take a round of the city.” <strong>The</strong> twodrove around the dark Bombay, with Dhirubhai bluffing police at roadblocks that hewas on official business and handing out small tips of ten rupees or so. ‘He gotsaluted all the way,’ said Vakharia. ‘In the way back we saw some lights in theJapanese consulate, so Dhirubhai went in and told them to close the lights.’ On yetanother occasion, around 11 pm on a cold winter night, Dhirubhai announced animmediate picnic. <strong>The</strong> cook was told to assemble supplies, and Vakharia and thefamily piled into car. Another dozen friends were telephoned and told to rendezvousin their cars. ‘We were not told where we were going,’ Vakharia said. ‘We ended upat Rajeswari, about 50 or 60 kilometers from Bombay at about 3 am. <strong>The</strong> cold wasvery severe and we went to a dharamsala [pilgrim’s lodging] at a hot springs resort.It was meant only for sadhus [ascetic Hindu holy men]. Dhirubhai said we would allsleep there. After half an hour we were still shivering and Dhirubhai got up and lit acamp fire. When the sun came up we had tea, and a bath in the hot springs, andcooked kedgeree on the camp fire. We told jokes and sang songs, and didn’t getback home until late in the afternoon.’ Fast pace caused a rift with his partnerChambaklal Damani in 1965. According to Vakharia, Damani preferred to trade with
- Page 2: AcknowledgementsIntroduction: an in
- Page 7 and 8: several years. I sent off some clip
- Page 9 and 10: esearch led me into all corners of
- Page 11 and 12: A PERSUASIVE YOUNG BANIAAmong all t
- Page 13 and 14: proportion of these from Kathiawar.
- Page 15 and 16: looked far beyond their immediate p
- Page 17 and 18: which involved boycotting imported
- Page 19 and 20: One of the students was a fellow Mo
- Page 21 and 22: The outpost had been a punishment s
- Page 23 and 24: As he developed more familiarity wi
- Page 25 and 26: water and haven for international t
- Page 27: Junagadh named Rathibhai Muchhala a
- Page 31 and 32: Dhirubhai was again lucky in that,
- Page 33 and 34: A FIRST-CLASS FOUNTAINDhirubhai Amb
- Page 35 and 36: minority government in 1996, and se
- Page 37 and 38: Corporation of India. Soon afterwar
- Page 39 and 40: Over two years in the early 1970s,
- Page 41 and 42: captive market. The ‘Eleven Day W
- Page 43 and 44: GURU OF THE EQUITY CULTIndira Gandh
- Page 45 and 46: politicisation of the machinery Fro
- Page 47 and 48: By the end of 1986, Dhirubhai was t
- Page 49 and 50: Reliance made sure that a comment b
- Page 51 and 52: half-hour of panic just before the
- Page 53 and 54: politicians and bureaucrats. ‘It
- Page 55 and 56: Friends in the right PlacesThis was
- Page 57 and 58: act of parliament as far back as 19
- Page 59 and 60: control, and a very long and favour
- Page 61 and 62: in the Telegraph’s leader. Facing
- Page 63 and 64: In December 1983, Dhirubhai had hos
- Page 65 and 66: Pydhonic to sell his polyester and
- Page 67 and 68: give money to political parties. We
- Page 69 and 70: estimated demand of 80 000 tonnes o
- Page 71 and 72: support the big investment in domes
- Page 73 and 74: others. Orkay was accused of pledgi
- Page 75 and 76: corruption. On the backs of ordinar
- Page 77 and 78: Financial Express, had carried both
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constant ridicule and demonisation.
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inquiries overseas, the little-trav
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conversion was allowed, the holding
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The company’s shares had already
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In a four-part article published ov
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The case against Reliance had been
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companies, possibly to help strengt
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Nusli Wadia’s children). Pandit b
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carrying a relentless, campaign of
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The committee asked Reliance at lea
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To clinch a prosecution under the F
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operators of the Indian havala trad
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While the law enforcers were closin
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the obligatory disclosures in the p
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On 5 December, the Central Excise a
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LETTING LOOSE A SCORPIONDhirubhai A
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identified himself as an inquiry ag
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But the CBI’s two investigating o
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had been booked into the hotel unde
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dismissing Rajiv and appointing ano
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extended and gruelling interrogatio
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BUSINESS AS USUALDhirubhai Ambani w
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udget for the year starting April 1
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asket from UTI (by value) were Lars
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on the Financial Times of London. A
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1988, two allied activists, journal
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But just as the opposing forces see
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had continued social meetings with
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they recorded Babaria calling Kirti
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arrests on 1 August. When a reporte
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After the initial appearance of Kir
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Though he could not avert the storm
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Dhirubhai’s new newspaper, launch
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and indifferent to the bloodshed in
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temple at Ayodhya, he put off the f
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arriving at Rajiv’s heavily guard
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Securities and Exchange Board of In
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The shouting continued for half an
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The 1991-92 boom helped Dhirubhai q
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Because of this burden, any other n
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the proceeds of the previous Euro-i
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The telephone licences covered near
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HOUSEKEEPING SECRETSOn 29 November
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compliant bank to give in return fo
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According to sources close to the M
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Merrill Lynch. Jain had meanwhile c
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put on its screens. On 29 November,
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1992 into the tax evasion aspects o
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At least one former fund manager, a
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and avoids a prosecution in court.
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Reliance could no longer look eithe
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other hand, the ANZ Grindlays bank