The company was incorporated by Dhirubhai Ambani
and his cousin Champaklal Damani in 1960s as Reliance Commercial
Corporation. In 1965 they ended partnership and Dhirubhai continued
the polyester business of the firm. In 1966, Reliance Textiles Industries Pvt Ltd was incorporated in Maharashtra. It established a synthetic fabrics mill in the same year at Naroda in Gujarat.
In 1975, company expanded its business into textiles, with "Vimal"
becoming its major brand in later years and company held its Initial public offering (IPO) in 1977. Meanwhile issue was over-subscribed by seven times. In 1979, a textiles company Sidhpur Mills was amalgamated with the company.
In July 2012 Reliance Industries Ltd. informed that it was going to invest US$1 billion
over the next few years in its new aerospace division which will design,
develop, manufacture, equipment and components, including airframe, engine, radars, avionics and accessories for military and civilian aircraft, helicopters, unmanned airborne vehicles and aerostats.
Reliance Industries Ltd. is the world's largest polyester producer and as a
result one of the largest producers of polyester waste in the world. In
order to deal with its large quantities of waste, they operate the largest
polyester recycling center that uses the polyester waste for filling
and stuffing.
As on 31 March 2013, the Reliance Industries had 23,519 employees of which 1,159
were women and 83 were employees with disabilities and it also had 29,462
temporary employees on the same date. As per its Sustainability Report for 2011–12, the attrition rate was 7.57%.
In its 39th Annual General Meeting, compnies Chairman informed the shareholders of the investment plans of the company of about 
1500 billion
(Approx. US$25 billion) in next three years. This would be accompanied by
increasing the staff strength in Retail division from existing strength
of 35,000 to 120,000 in next three years and increasing employees in
Telecom division from existing 3,000 to 10,000 in 12 months.
In 2001, Reliance Industries Ltd. and Reliance Petroleum Ltd. became
India's two largest companies in terms of all major financial
parameters. In 2001–02, Reliance Petroleum was merged with Reliance Industries. In 2002, Reliance announced India's biggest gas discovery (at the Krishna Godavari basin)
in nearly three decades and one of the largest gas discoveries in the
world during 2002. The in-place volume of natural gas was in excess of 7
trillion cubic feet, equivalent to about 1.2 billion barrels of crude
oil.
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