Few observers, when the reforms began in 1991, could have predicted the sea change that Indian business has undergone since. It is a fair bet that the next decade and a half will see a transformation just as sweeping. Ranked by their stockmarket value, only three of India's top ten companies at the end of the 1991-92 financial year were still on the list at the end of March 2006 (see table 5). Two are big consumer-goods firms, itc and Hindustan Lever. The third is Reliance Industries (ril), from which a big chunk, now known as the Reliance-ada group, was hived off after a bitter public battle last year between Mukesh Ambani and his younger brother, Anil.
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