The story tries to remain fairly close to Dhirubhai but I have no doubt about many detours, Dhirbhai attacked License Raj with a vengeance and defeated Goenka's Indian Express newspaper and journalist Arun Shourie's non stop hounding to take Vimal Textiles or the corporate fight with Wadia of Bombay dying are mostly correct. Many characters and stories are very real but with slight modifications as Mani Ratnam might have been scared of doing an all out film about Dhirubhai and being sued by the Ambani family. Suspension of the DMT licesne by VP singh is also a public story.
I have personally toured the Vimal factory ( Shakti in film) at Naroda ( near Ahmedbad) through Kaka in '74. It was indeed very impressive. Dhirubhi bought IPCL so Vipinbhai Jikar may be knowing more of the truth vs fiction.
Aishwarya - she is pretty but She does not look Gujrati from any angle though few sentences in Gujarti are free from the non-gujarti accent. No place in Gujarat has the waterfall where she is dancing. She has no real role or rather underperforms. Abhishek does a good job and at times looks just like Amitabh in his mannerisms and dialogue delivery. In real life Kokilabahen may not be pretty but she proved to be wiser by successfully mediating and settling the family fued between two brodhers.
Anyway, DVD is a better way to see the movie, fast forward the songs and then watch. I will drop the DVD.