million Reliance shares worth Rs 160 million on March 18, 1982.

This was all a part of their

shortselling strategy wherein they planned to buy the same shares at a later stage for
cheaper rates, making considerable profits.

Corporate Battles of Dhirubhai Ambani

Despite his unprecedented corporate valour, some corporate bigwigs considered Ambani to
be a manipulator. Critics accused him of using the "more than the usual" ways of obtaining
licenses, getting quick approvals for public issues and capital goods imports, and of getting
policies formulated in favour of Reliance. Dhirubhai and Reliance were accused of
manipulating tariffs to suit their needs and outsmart their rivals.

He was considered to be a symbol of all that was wrong with the Indian economy. It is said
that Ambani used his connections with key politicians and bureaucrats to obtain licenses and
approvals for projects. He is also said to have induced government intervention by offering
bribes and using other forms of lobbying prevalent in the US. Reliance was known to engage
politicians, journalists, and others to increase its sphere of influence. Some businessmen
described Reliance as "an out of control monster, a bubble that would burst any
moment."7 However, not all analysts would agree to that. They felt that Dhirubhai was quick
to recognize and exploit opportunities. Dhirubhai believed that "business is nothing but a
web of relationships and obligations."

Dhirubhai was of the opinion that business was not all about ethics and morality; it was
about expansion and success. His amazing ability to use the state and its policies to his
advantage was responsible for the expansion of Reliance.

Be it licenses, foreign exchanges or quotas, he always succeeded in making the best out of
most difficult situations. However, his immense success earned him a number of enemies.
The fight between Nusli Wadia, the Bombay Dyeing chief and Dhirubhai is well known in the
Indian business circles. Both of them were adept in using their business and political
connections to suit their ends. During the Janata Party rule (1977- 1979), Nusli Wadia
obtained the permission to build a 60000 tpa di-methyl terephtalate (DMT) plant. However,
before his letter of intent could be converted into a license, the government changed and
when the Congress government came to power, his license was being delayed (until 1981)
with one pretext or the other. This was the same time when Dhirubhai obtained license to
build a PTA plant. Dhirubhai was also contemplating on building a Paraxylene facility.

All this infuriated Nusli Wadia and marked the beginning of one of the major battles in the
history of Indian business which lasted for several years. In the 80s, Ramnath Goenka,
(Goenka) the proprietor of the Indian Express Group8 which was into news publication, had
often tried to act as a mediator and solve the conflict between the two corporate giants; but
in vain. Goenka backed Nusli Wadia. He considered the latter his son and at times, urged
Dhirubhai to bring the rivalry to an end.