Mukesh Ambani

Mukesh Dhirubhai Ambani (born 19 April 1957) is

an Indian billionaire businessman. He is currently
the chairman and managing director of Reliance
Industries, India's most valuable company by
market value.[4] With an estimated net worth of
$106.2 billion according to Forbes as of January
2024, he is the richest person in Asia and 15th
richest in the world.[5][6] Sometimes
characterized as a plutocrat;[7] he has
attracted both fame and notoriety for reports
of market manipulation, political corruption,
cronyism, and exploitation.[8][9][10][11][12] Time
magazine listed him as one of the 100 most
influential people of 2019, under the "Titans"
section.[13]
 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.)
Occupation(s) Chairman and MD,
Reliance Industries

Spouse Nita Ambani (m. 1985)[3]

Children 3

Parents Dhirubhai Ambani (father)

Kokilaben Ambani
(mother)

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[14]
to start a trading business that focused on
spices and textiles. The latter was originally
named "Vimal" but later changed to "Only
Vimal".[15][16] His family lived in a modest two-
bedroom apartment in Bhuleshwar, Mumbai until
the 1970s.[17] 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.[18] 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.[19]

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.[20] After his secondary schooling, he
studied at St. Xavier's College, Mumbai.[21] He
then received a BE degree in chemical
engineering from the Institute of Chemical
Technology.[22][23]
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.[22] 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.[18]

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."[22]
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.[24] 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 as the 36th
richest person in the world and has consistently
held the title of India's richest person on
Forbes magazine's list for the past ten
years.[25] He is the only Indian businessman on
Forbes' list of the world's most powerful
people.[26] As of October 2020, Mukesh Ambani
was ranked by Forbes as the 6th-wealthiest
person in the world.[27] 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.[28] As of 2015, Ambani ranked fifth
among India's philanthropists, according to
China's Hurun Research Institute.[29] He was
appointed as a Director of Bank of America and
became the first non-American to be on its
board.[30]

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.[31] In 2012, Forbes
named him one of the richest sports owners in
the world.[32] He resides at the Antilia, one of
the world's most expensive private residences
with its value reaching $1 billion.[33]
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 bureaucratic system
because the government, at the time, was
restricting large-scale manufacturing, making the
importation of yarn for the textiles
impossible.[34] In spite of stiff competition from
Tatas, Birlas and 43 others, Dhirubhai was
awarded the license, more commonly addressed
as License Raj.[35] To help him build the PFY
plant, Dhirubhai pulled his eldest son out of
Stanford in 1981, where he was studying for his
MBA, to work with him in the company. Ambani
did not return to his university program, as he
was in charge of Reliance's vertical integration,
from textiles into polyester fibres 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
depending on selected individuals. Dhirubhai
treated him as a business partner allowing him
the freedom to contribute even with little
experience.[18] This principle came into play
after Rasikbhai died in 1985 along with Dhirubhai
suffered a stroke in 1986 when all the
responsibility shifted to Ambani and his
brother.[36] Mukesh Ambani set up Reliance
Infocomm Limited (now Reliance Communications
Limited), which was focused on information and
communications technology initiatives.[37] 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.[38]
2000s–present

On 6 July 2002, Mukesh's father died after

suffering a second stroke,[39] which elevated
tensions between the brothers as Dhirubhai
had not left a will for the distribution of the
empire in 2004.[40] 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.[41][42]

Ambani directed and led the creation of the

world's largest grassroots petroleum refinery at
Jamnagar, India, which could produce 660,000
barrels per day (33 million tonnes per year) in
2010, integrated with petrochemicals, power
generation, port, and related infrastructure.[43]
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.[44] 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.[45]

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.[46] In February 2016, Ambani-led Jio
launched its own 4G smartphone brand named
LYF.[47] In June 2016, it was India's third-largest-
selling mobile phone brand.[48] The release of
the service Reliance Jio Infocomm Limited,
commonly known as Jio, in September 2016 was
a success, and Reliance's shares increased.[49]
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.[50] 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.[51]

In February 2014, a First Information Report

(FIR) alleging criminal offences was filed against
Mukesh Ambani for alleged irregularities in the
pricing of natural gas from the KG basin.[52]
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.[53] Kejriwal has asked
both Rahul Gandhi and Narendra Modi to clear
their stand on the gas pricing issue.[54][55]
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.[56][57]

In August 2022, Ambani announced a $25bn

plan for launching 5G mobile internet services in
the next two months. High-speed internet will
be launched in major cities such as New Delhi
and Mumbai and then in the rest of the country
by the end of 2023.[58]

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[59]
 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 Shri Mukesh
Ambani
Year of
Award Name of Award or Awarding
or Honor Organization
Honor

Ernst & Young

Ernst & Young
2000 Entrepreneur of the
India
Year[60]

Global Vision Award at

2010 Asia Society
The Awards Dinner[61]

School of Engineering
University of
2010 and Applied Science
Pennsylvania
Dean's Medal[62]

ranked 5th-best
Harvard Business
2010 performing global
Review
CEO[63]
 Business Council
Global Leadership
2010 for International
Award[64]
Understanding

Foreign associate, U.S.

National Academy
2016 National Academy of
of Engineering
Engineering[65][66]

Othmer Gold Chemical Heritage

2016
Medal[67][68] Foundation

Stock manipulation and

penalty

For manipulating shares of Reliance Petroleum

Limited (RPL), Reliance Industries was fined Rs.
950 crores (9.5 billion), split into 447 crores
(4.47 billion) in retracted gains and 500 crores
(5 billion) in interest in 2007.[69] In April 2006,
RPL went public as a Reliance subsidiary for Rs.
60 per share. The market crashed by 30% after
it floated at roughly Rs. 100, and RPL was back
at 60. By Securities and Exchange Board of
India directive, RIL carried out an organised
operation with the help of its agents to obtain
unauthorised profits from the trading of its
formerly listed unit, RPL, which was combined
with the former in 2009.[70][71][72][73][74]

Personal life

The Ambani Family at the reception of Deepika

Padukone and Ranveer Singh in 2018.[75]
He married Nita Ambani in 1985 and they have
two sons, Akash and Anant, and a daughter,
Isha, who is Akash's twin.[3][76] 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.[77]

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.[33][78] The
building requires a staff of 600 for maintenance,
and it includes three helipads, a 160-car garage,
private movie theatre, swimming pool, and
fitness centre.[79]
In 2007, Ambani gifted his wife a $60 million
Airbus A319 for her 44th birthday.[80] 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.[81]

Ambani was titled "The World's Richest Sports

Team Owner" after he purchased the IPL cricket
team Mumbai Indians for $111.9 million in
2008.[82][83]

Mukesh Ambani is a strict vegetarian and

teetotaler.[84]

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.[85] This move kept his salary
capped at ₹150 million for the fourth year in a
row.[86]

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.[41] 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.[87] In 2023, he received a
death threat via email.[88]

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