Reliance Commercial Corporation was founded by
Dhirubhai Ambani in 1966 as a
polyester firm. It was renamed to
Reliance Industries on 8 May 1973. Reliance later entered into financial services, petroleum refining, and power sector. By 2002, Reliance had grown into a U$15 billion
conglomerate. After the death of Dhirubhai Ambani on 6 July 2002, Reliance was headed by his two sons. The Reliance ADA Group was formed in 2006 after the two brothers
Mukesh Ambani and
Anil Ambani, split
Reliance Industries in December 2005. Anil Ambani got the responsibility of
Reliance Infocomm,
Reliance Energy, and
Reliance Capital. Reliance Group entered the power sector through
Reliance Power, and the entertainment sector by acquiring Adlabs. In October 2010, Reliance power placed the world's largest order worth $8.29 billion to
Shanghai Electric Group to supply power equipment based on
Supercritical steam generator technology. On 28 October 2017, the group launched construction of a defense production unit in
Mihan-SEZ region. The unit will be part of a joint venture between Reliance Group, led by Anil Ambani, and its JV partner French major
Dassault Aviation. The production at Mihan-SEZ will begin with components for the
Rafale warplanes and
Falcon business jet produced by Dassault. It is expected to fully assemble both the aircraft in the
Nagpur unit in the coming years. In March 2022, Anil Ambani stepped down from the boards of Reliance Infrastructure and Reliance Power. In August 2024,
SEBI banned Anil Ambani from the securities market for five years on charges of diversion of funds. ==Major acquisitions==