[Congressional Record Volume 148, Number 95 (Monday, July 15, 2002)]
[Extensions of Remarks]
[Page E1256]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                       DEATH OF DHIRUBHAI AMBANI

                                 ______
                                 

                           HON. JIM McDERMOTT

                             of washington

                    in the house of representatives

                         Monday, July 15, 2002

  Mr. McDERMOTT. Mr. Speaker, as the current Co-Chairman of the 
Congressional Caucus on India and Indian American, I note with great 
sadness the recent death of Dhirubhai Ambani, the founder of The 
Reliance Group, India's largest and most profitable company.
  Dhirubhai Ambani began his illustrious business career as a small 
trader of fabrics in rural Gujurat. Over the next half decade, he 
transformed his small business into a diverse economic powerhouse which 
included vibrant businesses in petrochemicals, petroleum, polyesters, 
telecommunications, securities and cutting edge technologies. Unlike 
many older Indian businesses, however, Reliance chose a new path on its 
ascendancy to becoming a Fortune World 500 Company, and Dhirubhai 
Ambani was the architect of Reliance's success. Dhirubhai Ambani chose 
not to keep his businesses as a family concern. Instead, he floated 
equity shares and thereby allowed millions of middle-class Indians to 
join with him in enjoying Reliance's decades of economic success. 
Indeed, there are now more than three million investors in India's 
largest and most widely held company, which is also the largest 
exporter from India, as well as the largest private sector source of 
revenue to the Indian government.
  Mr. Speaker, Dhirubhai Ambani was a legend in India. He was also a 
role model for entrepreneurs around the world, as well as having served 
as a shining example of India's economic potential. I am confident that 
all of the Members of the India Caucus join with me in expressing our 
sympathy to the entire Ambani family. In particular, we send our 
heartfelt condolences to his widow, Kokilaben Ambani, and her two sons, 
Mukesh and Anil, who have assumed the helm of India's largest economic 
vessel. Dhirubhai Ambani's legacy is large, but his sons will continue 
to build on their father's many achievements.

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