Reliance Group Holdings history

Another subsidiary, Regent Insurance Company, also started in 1963 in Wisconsin, writes auto, fire, inland marine, workers’ compensation, and other insurance.

The company grew rapidly, expanded its capabilities, and in 1965 went public.

In the year 1966 the RIL was founded by Shri Dhirubhai H.Ambani it was started as a small textile manufacturer unit.

By 1968, Leasco sought to diversify its fields of business.

In 1971, the parent company formed Reliance Financial Services Corporation, an intermediate holding company for its insurance branches.

In 1972, the Reliance insurance group divided its pool so that Reliance Insurance Company and its subsidiaries handled most standard lines, while United Pacific Insurance Company handled the nonstandard and other operations.

In December 1973 Leasco Corporation changed its name to Reliance Group, Inc.

In 1977, the company moved into real estate, forming Continental Cities Corporation, which became Reliance Development Group, Inc.

In 1981, Steinberg, still chairman of the board and chief executive officer decided to make the company private.

In 1982, Reliance insurance group expanded its life insurance business, as United Pacific Life Insurance Company marketed annuities for savings and retirements.

The value of Reliance’s investments took a nose dive with the stock market crash of 1987.

Reliance Insurance Company remained the biggest part of the group, which also included specialized risk and surety companies such as Reliance National Insurance Company, bought by the company in 1988 to write specialty lines.

Expansion continued in 1989.

The title and mortgage-insurance branch grew with the purchase of Transamerica Title Insurance Company from Transamerica Corporation in 1990.

Reliance became the first corporate in Asia to issue bonds in the U.S at the year of 1996-97.

Reliance's PET chips has been accepted internationally due to their high quality during the year 1997-98 and in the same year Reliance Industries Planned to invest around Rs.

In 1998-99 RIL introduced packaged LPG in 15 kg cylinders under the brand name Reliance Gas.

In 2000 Reliance commissioned the world's largest grassroots refinery in Jamnagar in a record 36 months.

In 2004 Reliance Industries (RIL) became the first Indian private sector organisation to be listed in the Fortune Global 500 list.

In the year 2006 the company set up a new export-oriented refinery through its subsidiary Reliance Petroleum Limited (RPL). In 2006 RIL entered the organised retail segment through Reliance Retail with its first Reliance Fresh store in Hyderabad.

Reliance Retail operates over 3300 stores pan India with nearly 13 million square feet of retail space.In the year 2007 Indian Petrochemicals Corporation Limited (IPCL) merged with the company.

In March 2011 the company and D E Shaw Group agreed to establish a joint venture to build a leading financial services business in India.

Ltd.In February 2012 the company and SIBUR have agreed to form a joint venture named Reliance Sibur Elastomers Pvt Ltd to produce 100000 tons of butyl rubber per year in Jamnagar India.

On 9 December 2014 RIL announced the formation of a joint venture with Shandong Ruyi Science and Technology Group Co.

In September 2017 RIL won the bid to acquire the assets of Kemrock Industries & Exports Limited of Vadodara (Gujarat) as a part of its efforts to enter the composites business.

Additionally RJIL also tied-up term loan facilities aggregating to US$1.5 billion.In June 2018 RJIL tied up US$825 million and EUR 150 million Korea Trade Insurance Corporation (K-Sure) supported ECA financing with door to door tenor of over ten years.

The scheme of the demerger was effective from 31 March 2019 post all requisite internal shareholder debt holder and regulatory approvals.

The Commercial Papers (listed) of the Company outstanding as on 31 March 2020 are Rs 27709 crore.