Mukesh Ambani

Mukesh Dhirubhai Ambani (born 19 April 1957) is an Indian business magnate, chairman,
managing director, and the largest shareholder of Reliance Industries Ltd. (RIL), a Fortune
Global 500 company and India's most valuable company by market value.[4] According to
Forbes and Bloomberg Billionaires Index, Ambani's net worth is estimated at US$86.3 billion as
of 4 July 2022, making him the second richest person in Asia after Gautam Adani and the 11th
richest in the world.[5][6][7][8]
 Mukesh Ambani

Ambani in 2007

Born Mukesh Dhirubhai Ambani

19 April 1957
Aden, Colony of Aden
(present-day Yemen)[1][2]

Nationality Indian

Alma mater St. Xavier's College, Mumbai

Institute of Chemical Technology (B.E.)

Stanford University (drop-out)

Occupation Chairman and MD, Reliance Industries

Spouse(s) Nita Ambani (m. 1985)[3]

Children 3

Parent(s) Dhirubhai Ambani (father)

Relatives Anil Ambani (brother)

Tina Ambani (sister-in-law)

Early life

Mukesh Dhirubhai Ambani was born on 19 April 1957 in the British Crown colony of Aden
(present- day Yemen) into a Gujarati Hindu family to Dhirubhai Ambani and Kokilaben Ambani.
He has a younger brother Anil Ambani and two sisters, Nina Bhadrashyam Kothari and Dipti
Dattaraj Salgaonkar.

Ambani lived only briefly in Yemen because his father decided to move back to India in 1958[9]
to start a trading business that focused on spices and textiles. The latter was originally named
"Vimal" but later changed to "Only Vimal".[10][11] His family lived in a modest two- bedroom
apartment in Bhuleshwar, Mumbai until the 1970s.[12] The family's financial status slightly
improved when they moved to India but Ambani still lived in a communal society, used public
transportation, and never received an allowance.[13] Dhirubhai later purchased a 14- floor
apartment block called 'Sea Wind' in Colaba, where, until recently, Ambani and his brother lived
with their families on different floors.[14]

Education

Ambani attended the Hill Grange High School at Peddar Road, Mumbai, along with his brother
and Anand Jain, who later became his close associate.[15] After his secondary schooling, he
studied at St. Xavier's College, Mumbai.[16] He then received a BE degree in chemical
engineering from the Institute of Chemical Technology.[17][18]

Ambani later enrolled for an MBA at Stanford University but withdrew in 1980 to help his father
build Reliance, which at the time was still a small but fast- growing enterprise.[17] His father felt
that real- life skills were harnessed through experiences and not by sitting in a classroom, so
he called his son back to India from Stanford to take command of a yarn manufacturing project
in his company.[13]

Ambani has been quoted as saying that he was influenced by his teachers William F. Sharpe
and Man Mohan Sharma because they are "the kind of professors who made you think out of
the box."[17]

Career

In 1981 he started to help his father Dhirubhai Ambani run their family business, Reliance
Industries Limited. By this time, it had already expanded so that it also dealt in refining and
petrochemicals. The business also included products and services in the retail and
telecommunications industries. Reliance Retail Ltd., another subsidiary, is also the largest
retailer in India.[19] Reliance's Jio has earned a top- five spot in the country's telecommunication
services since its public launch on 5 September 2016.
As of 2016, Ambani was ranked 36 and has consistently held the title of India's richest person
on Forbes magazine's list for the past ten years.[20] He is the only Indian businessman on
Forbes ' list of the world's most powerful people.[21] As of October 2020, Mukesh Ambani was
ranked by Forbes as the 6th- wealthiest person in the world.[22] He surpassed Jack Ma,
executive chairman of Alibaba Group, to become Asia's richest person with a net worth of
$44.3 billion in July 2018. He is also the wealthiest person in the world outside North America
and Europe.[23] As of 2015, Ambani ranked fifth among India's philanthropists, according to
China's Hurun Research Institute.[24] He was appointed as a Director of Bank of America and
became the first non- American to be on its board.[25]

Through Reliance, he also owns the Indian Premier League franchise Mumbai Indians and is
the founder of the Indian Super League, a football league in India.[26] In 2012, Forbes named
him one of the richest sports owners in the world.[27] He resides at the Antilia Building, one of
the world's most expensive private residences with its value reaching $1 billion.[28]

Timeline

1980s–1990s

In 1980, the Indian government under Indira Gandhi opened PFY (polyester filament yarn)
manufacturing to the private sector. Dhirubhai Ambani applied for a license to set up a PFY
manufacturing plant. Obtaining the license was a long- drawn- out process requiring a strong
connection within the bureaucracy system because the government, at the time, was restricting
large- scale manufacturing, making the importation of yarn for the textiles impossible.[29] In
spite of stiff competition from Tatas, Birlas and 43 others, Dhirubhai was awarded the license,
more commonly addressed as License Raj.[30] To help him build the PFY plant, Dhirubhai pulled
his eldest son out of Stanford, where he was studying for his MBA, to work with him in the
company. Ambani did not return to his university program, leading Reliance's backward
integration, where companies own their suppliers to generate more revenue and improve
efficiency, in 1981 from textiles into polyester fibers and further into petrochemicals, which the
yarns were made from.[4] After joining the company, he reported daily to Rasikbhai Meswani,
then executive director. The company was being built from scratch with the principle of
everybody contributing to the business and not heavily depend on selected individuals.
Dhirubhai treated him as a business partner allowing him the freedom to contribute even with
little experience.[13] This principle came into play after Rasikbhai's death in 1985 along with
Dhirubhai suffering a stroke in 1986 when all the responsibility shifted to Ambani and his
brother.[31] Mukesh Ambani set up Reliance Infocomm Limited (now Reliance Communications
Limited), which was focused on information and communications technology initiatives.[32] At
the age of 24, Ambani was given charge of the construction of Patalganga petrochemical plant
when the company was heavily investing in oil refinery and petrochemicals.[33]

2000s–present

On 6 July 2002, Mukesh's father died after suffering a second stroke,[34] which elevated
tensions between the brothers as Dhirubhai had not left a will for the distribution of the empire
in 2004.[35] Their mother intervened to stop the feud, splitting the company into two, Ambani
receiving control of Reliance Industries Limited and Indian Petrochemicals Corporation
Limited, which was later approved by the Bombay High Court in December 2005.[36][37]

Ambani directed and led the creation of the world's largest grassroots petroleum refinery at
Jamnagar, India, which had the capacity to produce 660,000 barrels per day (33 million tonnes
per year) in 2010, integrated with petrochemicals, power generation, port, and related
infrastructure.[38] In December 2013 Ambani announced, at the Progressive Punjab Summit in
Mohali, the possibility of a "collaborative venture" with Bharti Airtel in setting up digital
infrastructure for the 4G network in India.[39] On 18 June 2014, Mukesh Ambani, while
addressing the 40th AGM of Reliance Industries, said he will invest Rs 1.8 trillion (short scale)
across businesses in the next three years and launch 4G broadband services in 2015.[40]

Ambani was elected as a member into the National Academy of Engineering in 2016 for
engineering and business leadership in oil refineries, petrochemical products, and related
industries.[41] In February 2016, Ambani- led Jio launched its own 4G smartphone brand named
LYF.[42] In June 2016, it was India's third- largest- selling mobile phone brand.[43] The release of
the service Reliance Jio Infocomm Limited, commonly known as Jio, in September 2016 was
a success, and Reliance's shares increased.[44] During the 40th annual general meeting of RIL,
he announced bonus shares in the ratio of 1:1 which is the country's largest bonus issue in
India, and announced the Jio Phone at an effective price of ₹0.[45] As of February 2018,
Bloomberg's "Robin Hood Index" estimated that Ambani's personal wealth was enough to fund
the operations of the Indian federal government for 20 days.[46]

In February 2014, a First Information Report (FIR) alleging criminal offenses was filed against
Mukesh Ambani for alleged irregularities in the pricing of natural gas from the KG basin.[47]
Arvind Kejriwal, who had a short stint as Delhi's chief minister and had ordered the FIR, has
accused various political parties of being silent on the gas price issue.[48] Kejriwal has asked
both Rahul Gandhi and Narendra Modi to clear their stand on the gas pricing issue.[49][50]
Kejriwal has alleged that the Centre allowed the price of gas to be inflated to eight dollars a
unit though Mukesh Ambani's company spends only one dollar to produce a unit, which meant a
loss of Rs. 540 billion to the country annually.[51][52]
Board memberships

Member of Board of Governors Institute of Chemical Technology, Mumbai

Chairman, managing director, Chairman of Finance Committee and Member of Employees

Stock Compensation Committee, Reliance Industries Limited

Former chairman, Indian Petrochemicals Corporation Limited

Former vice- chairman, Reliance Petroleum

Chairman of the board, Reliance Petroleum

Chairman and Chairman of Audit Committee, Reliance Retail Limited

Chairman, Reliance Exploration and Production DMCC

Former Director, Member of Credit Committee and Member of Compensation & Benefits
Committee, Bank of America Corporation[53]

President, Pandit Deendayal Petroleum University, Gandhinagar, Gujarat

Awards and honors

Vice President Venkaiah Naidu at an event gives The Economic Times Award for Corporate Excellence to S hri
Mukesh Ambani
 Year of
Award or Name of Award or Honor Awarding Organization
Honor

2000 Ernst & Young Entrepreneur of the Year[54] Ernst & Young India

2010 Global Vision Award at The Awards Dinner[55] Asia Society

2010 Business Leader of the Year[56] NDTV India

2010 Businessman of the Year[57] Financial Chronicle

School of Engineering and Applied Science Dean's

2010 University of Pennsylvania
Medal[58]

2010 ranked 5th-best performing global CEO[59] Harvard Business Review

Business Council for International

2010 Global Leadership Award[60]
Understanding

2010 Honorary Doctorate (Doctor of Science) M. S. University of Baroda

Millennium Business Leader of the Decade at India Leadership Conclave & Indian
2013 Indian Affairs India Leadership Conclave Awards Affairs Business Leadership
[61]
2013) Awards

Foreign associate, U.S. National Academy of

2016 National Academy of Engineering
Engineering[62][63]

2016 Othmer Gold Medal[64][65] Chemical Heritage Foundation

Personal life

He married Nita Ambani in 1985 and they have two sons, Akash and Anant, and a daughter, Isha,
who is Akash's twin.[3][66] They met after his father attended a dance performance which Nita
took part in and thought of the idea of arranging a marriage between the two.[67]

They live in Antilia, a private 27- storey building in Mumbai, which was valued at US$1 billion
and was the most expensive private residence in the world at the time it was built.[28][68] The
building requires a staff of 600 for maintenance, and it includes three helipads, a 160- car
garage, private movie theater, swimming pool, and fitness center.[69]

In 2007, Ambani gifted his wife a $60 million Airbus A319 for her 44th birthday.[70] The Airbus,
which has a capacity of 180 passengers, has been custom- fitted to include a living room,
bedroom, satellite television, WiFi, sky bar, Jacuzzi, and an office.[71]

Ambani was titled "The World's Richest Sports Team Owner" after his purchase of the IPL
cricket team Mumbai Indians for $111.9 million in 2008.[72][73]

Mukesh Ambani is a strict vegetarian and teetotaler.[74]

During the fiscal year ending 31 March 2012, he reportedly decided to forgo nearly ₹240
million from his annual pay as chief of Reliance Industries Ltd (RIL). He elected to do this even
as RIL's total remuneration packages to its top management personnel increased during that
fiscal year. Mukesh Ambani holds a 50.4% stake in the company.[75] This move kept his salary
capped at ₹150 million for the fourth year in a row.[76]

In early 2019, a court in Mumbai held his younger brother, Anil Ambani, in criminal contempt for
non- payment of personally guaranteed debt Reliance Communications owed to Swedish
gearmaker Ericsson. Instead of jail time, the court gave Anil a month to come up with the funds.
At the end of the month, Mukesh bailed out his younger brother, paying the debt.[36]
In 2021, he
was the subject of a bomb scare when a green Mahindra Scorpio SUV packed with explosives
was found near a Mumbai skyscraper housing Ambani.[77]

See also

Energy in India

Make in India

Reliance Industries

Reliance Jio

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External links
 Wikiquote has quotations related to Mukesh Ambani.

Wikimedia Commons has media related to Mukesh Ambani.

Profile (http://www.ril.com/OurCompany/Leadership/Chairman- And- Managing- Director.asp

x) at Reliance Industries

Profile (https://www.forbes.com/profile/mukesh- ambani/) at Forbes

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"https://en.wikipedia.org/w/index.php?
title=Mukesh_Ambani&oldid=1098981256"

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