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{{short description|Chairman of Reliance Industries}}
{{pp-semi-blp|small=yes}}
{{Use Indian English|date=January 2015}}
{{Use dmy dates|date=March 2021}}
{{Infobox person
{{Infobox person
| name              = Mukesh Ambani
| name              = Mukesh Ambani
| image              = Mukesh Ambani 1.jpg
| image              = [[File:Mukesh Ambani 1.jpg|200px]]
| caption            = Ambani in 2010
| caption            = Ambani in 2010
| birth_name        = Mukesh Dhirubhai Ambani
| birth_name        = Mukesh Dhirubhai Ambani
| birth_date        = {{birth date and age|1957|04|19|df=y}}
| birth_date        = {{birth date and age|1957|04|19|df=y}}
| birth_place        = [[Aden]], [[Colony of Aden]] <br>(present-day [[Yemen]])<ref>{{cite web|url=http://www.britannica.com/EBchecked/topic/1710517/Mukesh-Ambani|title=Mukesh Ambani|last=Nolan|first=Jeannette|encyclopedia=Encyclopædia Britannica|accessdate=6 October 2013}}</ref><ref name=rediff1998>{{cite web |url=http://www.rediff.com/business/1998/jun/17nandy.htm |title=The Rediff Business Interview/ Mukesh Ambani |publisher=Rediff.com |date=17 June 1998 |accessdate=22 August 2013}}</ref>
| birth_place        = [[Aden]], [[Colony of Aden]] <br/>(present-day [[Yemen]])<ref>{{cite encyclopedia|url=http://www.britannica.com/EBchecked/topic/1710517/Mukesh-Ambani|title=Mukesh Ambani|last=Nolan|first=Jeannette|encyclopedia=Encyclopædia Britannica|access-date=6 October 2013}}</ref><ref name=rediff1998>{{cite web |url=http://www.rediff.com/business/1998/jun/17nandy.htm |title=The Rediff Business Interview/ Mukesh Ambani |work=Rediff.com |date=17 June 1998 |access-date=22 August 2013}}</ref>
| nationality        = Indian
| nationality        = [[Indian people|Indian]]
| alma_mater        = [[Institute of Chemical Technology]] ([[Bachelor of Engineering|BE]])<!--If there is anything that questions status of a subject as an alumni of a university, it is not included in the alma mater/education section (i.e. reference Natalie Portman vs. Mark Zuckerberg)–both attended Harvard, one graduated, the other did not.-->
| alma_mater        = [[St. Xavier's College, Mumbai]]; <br/>
[[Institute of Chemical Technology]] (B.E.); <br/> [[Stanford University]] (drop-out)
| occupation        = Chairman and MD, [[Reliance Industries]]
| occupation        = Chairman and MD, [[Reliance Industries]]
| networth          = US$58.8 billion (June 2020)<ref>{{cite web|url=https://www.forbes.com/profile/mukesh-ambani/?list=billionaires|title=Mukesh Ambani|work=[[Forbes]]|accessdate=23 April 2020}}</ref>
| networth          = {{up}} US$87.4 billion ({{as of|2021|06|15}})<ref name="Forbes profile">{{cite web|url=https://www.forbes.com/profile/mukesh-ambani/ |title=Forbes: Mukesh Ambani |work=[[Forbes]] |access-date=12 June 2021}}</ref>
| spouse            = {{marriage|[[Nita Ambani]]|1985}}<ref name="marriage">{{cite web | url=https://www.forbes.com/sites/naazneenkarmali/2016/04/06/meet-nita-ambani-the-first-lady-of-indian-business/#304dbc46296d | title=Meet Nita Ambani, The First Lady Of Indian Business | work=[[Forbes]] | date=April 6, 2016 | author=Naazneen Karmali}}</ref>
| spouse            = {{marriage|[[Nita Ambani]]|1985}}<ref name="marriage">{{cite web | url=https://www.forbes.com/sites/naazneenkarmali/2016/04/06/meet-nita-ambani-the-first-lady-of-indian-business/ | title=Meet Nita Ambani, The First Lady of Indian Business | work=[[Forbes]] | date=6 April 2016 | author=Naazneen Karmali}}</ref>
| children          = 3 (Tina Ambani, Anant Ambani, Akash Ambani)
| children          = 3
| parents            = [[Dhirubhai Ambani]]
| father            = [[Dhirubhai Ambani]]
| relations          = [[Anil Ambani]] (brother)
| relations          = [[Anil Ambani]] (brother) <br/> [[Tina Ambani]] (sister-in-law)
}}
}}


'''Mukesh Dhirubhai Ambani''' (born 19 April 1957) is an Indian billionaire [[business]]man. He is the chairman, managing director, and largest shareholder of [[Reliance Industries Ltd.]] (RIL), a [[Fortune Global 500]] company and India's most valuable company by [[market value]].<ref name="aboutus2">{{cite web|url=http://www.ril.com/html/aboutus/Mukesh_Ambani.html|title=Mukesh Ambani :: RIL :: Reliance Group of Industries|publisher=RIL.com|archiveurl=https://web.archive.org/web/20150416033537/http://ril.com/html/aboutus/Mukesh_Ambani.html|archivedate=16 April 2015|url-status=dead|accessdate=22 August 2013}}8250964307</ref> He is currently the richest man in Asia.<ref>{{Cite web|last=Kurup|first=Rajesh|title=Mukesh Ambani back on top as Asia’s richest man|url=https://www.thehindubusinessline.com/news/mukesh-ambani-back-on-top-as-asias-richest-man/article31441830.ece|access-date=2020-06-10|website=@businessline|language=en}}</ref>
'''Mukesh Dhirubhai Ambani''' (born 19 April 1957) is an Indian billionaire businessman, and the chairman, managing director, and largest shareholder of [[Reliance Industries Ltd.]] (RIL), a [[Fortune Global 500]] company and India's most valuable company by [[market value]].<ref name="aboutus2">{{cite web|url=http://www.ril.com/html/aboutus/Mukesh_Ambani.html|title=Mukesh Ambani :: RIL :: Reliance Group of Industries|publisher=RIL.com|archive-url=https://web.archive.org/web/20150416033537/http://ril.com/html/aboutus/Mukesh_Ambani.html|archive-date=16 April 2015|url-status=dead|access-date=22 August 2013}}8250964307</ref> According to ''[[Forbes]]'', he is the richest person in [[Asia]] with a net worth of US$87.4 billion<ref>{{Cite web|title=Mukesh Ambani|url=https://www.forbes.com/profile/mukesh-ambani/|access-date=2021-05-22|website=Forbes|language=en}}</ref> and the 10th richest person in the world, as of 15 June 2021.<ref name="Bloomberg profile">{{cite web|url=https://www.bloomberg.com/billionaires/profiles/mukesh-d-ambani/ |title=Bloomberg Billionaires Index: Mukesh Ambani |work=[[Bloomberg News|Bloomberg]] |access-date=22 May 2021}}</ref>
 
==Early life==
Mukesh Dhirubhai Ambani was born on 19 April 1957 in the British [[Crown colony]] of [[Colony of Aden|Aden]] (present-day [[Yemen]]) 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<ref>{{Cite news|url=http://www.rediff.com/money/special/pix-special-how-dhirubhai-ambani-changed-the-idiom-of-doing-business/20150114.htm|title=How Dhirubhai Ambani changed the style of doing business in India|work=Rediff|access-date=30 July 2018}}</ref> to start a trading business that focused on spices and textiles. The latter was originally named "Vimal" but later changed to "Only Vimal."<ref>{{Cite web|url=http://www.truthofthoughts.com/life-story-of-mukesh-ambani/|title=Life story of Mukesh Ambani|website=truthofthoughts.com|language=en-US|access-date=30 July 2018}}</ref> His family lived in a modest two-bedroom apartment in [[Bhuleshwar]], [[Mumbai]] until the 1970s.<ref>{{cite web|url=http://www.rediff.com/money/2002/may/11ambani.htm|title=Reliance didn't grow on permit raj: Anil Ambani|date=11 May 2002|work=Rediff.com|access-date=28 October 2010}}</ref> 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.<ref name=":1">{{Cite news|url=https://www.nytimes.com/2008/06/15/business/worldbusiness/15ambani.html|title=Meet Mukesh Ambani: India's Richest Man|last=Giridharadas|first=Anand|access-date=31 July 2018|language=en}}</ref> 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.<ref>{{cite news|url=https://www.nytimes.com/2010/10/29/world/asia/29mumbai.html?ref=global&pagewanted=all|title=Soaring Above India's Poverty, a 27-Story Home|last=Yardley|first=Jim|date=28 October 2010|work=The New York Times}}</ref>
 
== 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.<ref>[http://m.intoday.in/story/anand-jain-a-bone-of-contention-between-the-Ambani-brothers/1/194368.html Anand Jain: A bone of contention between the Ambani brothers]. ''India Today''. 17 January 2005</ref> After his secondary schooling, he studied at the [[St. Xavier's College, Mumbai]].<ref>{{cite news |author=Kasmin Fernandes|title=St. Xavier's is the Indian Hogwarts |url=https://www.mid-day.com/articles/st-xaviers-is-the-indian-hogwarts/68236 |work=mid-day |date=2 January 2010 |language=en}}</ref> He then received a BE degree in [[Chemical Engineering]] from the [[Institute of Chemical Technology]].<ref>{{cite web|url=http://www.rediff.com/money/2007/jan/17inter.htm|title=Mukesh Ambani on his childhood, youth|work=Rediff.com|access-date=5 October 2011}}</ref><ref>{{cite journal |last1=Ambani |first1=Mukesh |title=Re-Orienting Education at UDCT |journal=The Bombay Technologist |year=2001 |volume=50 |issue=1 |pages=33–35 |url=http://www.bombaytechnologist.org/index.php/bombaytechnologist/article/view/128789 |access-date=12 June 2020 |language=en |issn=0067-9925}}</ref>
 
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.<ref>{{cite web|url=http://www.rediff.com/money/2007/jan/17inter.htm|title=Always invest in businesses of future and in talent|work=Rediff Business – Interview with Mukesh Ambani, 2007|publisher=Rediff.com|access-date=17 October 2011}}</ref> 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.<ref name=":1" />
 
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."<ref name=":0">{{Cite news|url=http://www.rediff.com/money/interview/inter/20070117.htm|title=Mukesh Ambani on his childhood, youth|work=Rediff|access-date=30 July 2018}}</ref>
 
== 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 [[petrochemical]]s. The business also included products and services in retail and telecommunications industries. [[Reliance Retail]] Ltd., another subsidiary, is also the largest [[retailer]] in India.<ref>{{cite news|url=http://www.business-standard.com/article/companies/Ambani-becomes-india-s-top-retailer-as-biyani-slips-post-demerger-113081600179_1.html|title=Ambani tops retailer list, too|work=Business Standard|date=17 August 2013|access-date=19 August 2013|last1=Kumar|first1=Abhineet}}</ref> 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.<ref name="Forbes20162">{{cite news|url=http://economictimes.indiatimes.com/news/company/corporate-trends/bill-gates-richest-man-in-world-mukesh-ambani-at-36th-forbes/articleshow/51213191.cms|title=Bill Gates richest man in world, Mukesh Ambani at 36th: Forbes|date=2 March 2016|work=The Economic Times|access-date=17 May 2016}}</ref> He is the only Indian businessman on ''[[Forbes]]''<nowiki/>' list of the world's most powerful people.<ref>{{cite web|url=https://www.forbes.com/powerful-people/list/#tab:overall|title=The World's Most Powerful People}}</ref> As of October 2020, Mukesh Ambani was ranked by Forbes as the 6th-wealthiest person in the world.<ref name="Real Time Billionaires">{{Cite web|title=Real Time Billionaires|url=https://www.forbes.com/real-time-billionaires|access-date=23 December 2020|website=Forbes|language=en}}</ref> 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.<ref>{{Cite news|url=https://timesofindia.indiatimes.com/business/india-business/mukesh-ambani-set-to-topple-jack-ma-as-asias-richest-person/articleshow/64975502.cms|title=Billionaire Mukesh Ambani topples Jack Ma as Asia's richest person|work=The Times of India|access-date=13 July 2018}}</ref> As of 2015, Ambani ranked fifth among India's philanthropists, according to China's Hurun Research Institute.<ref name="Balachandran2">{{cite news|url=http://qz.com/321114/indias-biggest-philanthropist-is-seven-times-more-generous-than-the-next/|title=India's biggest philanthropist is seven times more generous than the next|last1=Balachandran|first1=Manu|date=5 January 2015|work=Quartz India|access-date=18 May 2016}}</ref> He was appointed as a Director of [[Bank of America]] and became the first non-American to be on its board.<ref>{{cite news | url=https://economictimes.indiatimes.com/markets/stocks/announcements/mukesh-ambani-appointed-bank-of-america-as-director/articleshow/7721461.cms | title=Mukesh Ambani appointed Bank of America as director | work=[[The Economic Times]] | date=16 March 2011 | access-date=25 January 2019}}</ref>
 
Through Reliance, he also owns the [[Indian Premier League]] franchise [[Mumbai Indians]] and is the founder of [[Indian Super League]], a football league in India.<ref>{{Cite web|url=https://www.heraldsun.com.au/sport/football/ambani-backs-new-soccer-league-for-india/news-story/65ab8b15438c8b63edb75afd669cffb4?sv=2e0a473ca0dd742e1dfd05b452f8f2e9|title=Ambani Backs New Soccer League For India|last=Ambani|first=Mukesh|date=14 December 2010|website=Herald Sun}}</ref> In 2012, ''Forbes'' named him one of the richest sports owners in the world.<ref>{{cite news|url=https://www.forbes.com/pictures/eddf45gffi/Mukesh-Ambani/#gallerycontent|title=Mukesh Ambani in photos|last=Van Riper|first=Tom|work=Forbes|access-date=22 August 2013}}</ref> He resides at the [[Antilia (building)|Antilia Building]], one of the world's most expensive private residences with its value reaching $1 billion.<ref name="auto2">{{cite news|url=http://articles.latimes.com/2010/oct/24/world/la-fg-india-rich-20101025|title=Mumbai billionaire's home boasts 27 floors, ocean and slum views|author=Magnier, Mark|date=24 October 2010|newspaper=[[Los Angeles Times]]}}</ref>
 
==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.<ref>{{Cite news|url=https://spontaneousorder.in/india-before-1991-stories-of-life-under-the-license-raj-bfd108e6055b|title=India Before 1991: Stories of Life Under the License Raj|date=30 March 2016|work=Spontaneous Order|access-date=2 August 2018}}{{Dead link|date=February 2021 |bot=InternetArchiveBot |fix-attempted=yes }}</ref> In spite of stiff competition from Tatas, Birlas and 43 others, Dhirubhai was awarded the license, more commonly addressed as [[Licence Raj|License Raj]].<ref>{{cite web|url=http://www.referenceforbusiness.com/history2/78/Reliance-Industries-Ltd.html|title=Reliance Industries Company Profile|work=Reliance Industries Ltd. – Company Profile, Information, Business Description, History, Background Information on Reliance Industries Ltd. Read more: Reliance Industries Ltd. – Company Profile, Information, Business Description, History, Background Information on Reliance Industries Ltd. – Reference for Business|publisher=Advameg Inc.|access-date=17 October 2011}}</ref> 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.<ref name="aboutus2"/> 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.<ref name=":2">{{Cite news|url=https://www.nytimes.com/2008/06/15/business/worldbusiness/15ambani.html|title=Meet Mukesh Ambani: India's Richest Man|last=Giridharadas|first=Anand|access-date=4 August 2018|language=en}}</ref> 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.<ref>{{Cite news|url=https://wealthymatters.com/2011/02/04/mukesh-ambani-in-his-own-words/|title=Mukesh Ambani – In His Own Words|date=4 February 2011|work=wealthymatters|access-date=2 August 2018|language=en-US}}</ref> Mukesh Ambani set up Reliance Infocomm Limited (now [[Reliance Communications Limited]]), which was focused on information and communications technology initiatives.<ref>{{cite web|url=http://www.rcom.co.in/rcom/StoreLocator/press_release_detail.jsp?id=72|title=Reliance Infocomm Ushers a Digital Revolution in India|date=27 December 2002|work=Press Release by Reliance Infocomm|publisher=Reliance Communications|archive-url=https://web.archive.org/web/20130723100615/http://www.rcom.co.in/rcom/StoreLocator/press_release_detail.jsp?id=72|archive-date=23 July 2013|url-status=dead|access-date=22 August 2013}}</ref> 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.<ref>{{Cite book|url=https://books.google.com/books?id=KRKa6WQD8dAC&q=%22patalganga%22+%22mukesh%22&pg=PA362|title=Family Business|last=Poza|first=Ernesto J.|date=29 January 2009|publisher=Cengage Learning|isbn=978-0324597691|language=en}}</ref>
 
=== 2000s – Present ===
On 6 July 2002, Mukesh's father died after suffering a second stroke,<ref>{{Cite news|url=https://timesofindia.indiatimes.com/business/india-business/Dhirubhai-Ambani-passes-away/articleshow/15204217.cms|title=Dhirubhai Ambani passes away|work=The Times of India|access-date=4 August 2018}}</ref> which elevated tensions between the brothers as Dhirubhai had not left a will for the distribution of the empire in 2004.<ref name=":3">{{Cite news|url=https://www.thenational.ae/business/economy/an-insight-into-mukesh-ambani-s-empire-and-how-he-became-asia-s-richest-man-1.750368|title=An insight into Mukesh Ambani's empire and how he became Asia's richest man|work=The National|access-date=4 August 2018|language=en}}</ref> 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.<ref name="sibling_rivalry"/><ref>{{Cite news|url=https://www.businessinsider.com/ambani-brothers-feud-reliance-2011-05#june-2005-their-mother-kokilaben-intervenes-and-splits-reliance-group-into-2-3|title=The Full Story of the Massive Feud Between The Billionaire Ambani Brothers|work=Business Insider|access-date=4 August 2018}}</ref>
 
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&nbsp; million tonnes per year) in 2010, integrated with petrochemicals, power generation, port, and related infrastructure.<ref>{{cite web|url=http://www.reliancepetroleum.com/html/mda.html |title=Mukesh Ambani :: Reliance Group :: Reliance Petroleum Limited :: Reliance Industries |publisher=RIL |access-date=18 February 2010}}</ref> 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.<ref>{{cite news | url= http://www.indianexpress.com/news/Mukesh-Ambani-hints-at-venture-between-reliance-industries-and-bharti-airtel/1205304/|work=The Indian Express |title=Mukesh Ambani hints at venture between Reliance Industries and Bharti Airtel|date=9 December 2013 }}</ref> On 18 June 2014, Mukesh Ambani, while addressing the 40th AGM of Reliance Industries, said he will invest Rs 1.8&nbsp; trillion ([[Long and short scales|short scale]]) across businesses in the next three years and launch 4G broadband services in 2015.<ref>{{cite news|url=http://www.abplive.in/business/2014/06/18/article345784.ece/Reliance-4G-services-to-be-launched-in-2015-Mukesh-Ambani|title=Reliance 4G services to be launched in 2015: Mukesh Ambani|date=18 June 2014|publisher=ABP Live}}</ref>
 
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.<ref>{{Cite news|date=8 February 2016|title=Mukesh Ambani elected to National Academy of Engineering, one of only 10 Indians|work=Firstpost|url=https://www.firstpost.com/business/mukesh-ambani-elected-to-national-academy-of-engineering-one-of-only-ten-indians-2617592.html|url-status=live|access-date=17 May 2021|archive-url=https://web.archive.org/web/20200920045155/https://www.firstpost.com/business/mukesh-ambani-elected-to-national-academy-of-engineering-one-of-only-ten-indians-2617592.html|archive-date=20 September 2020}}</ref> In February 2016, Ambani-led Jio launched its own 4G smartphone brand named [[LYF]].<ref>{{cite web|url=http://www.financialexpress.com/photos/technology-gallery/255581/mukesh-ambanis-reliance-jio-infocomms-lyf-mobile-a-whopping-1-billion-brand/|title=Mukesh Ambani's Reliance Jio Infocomm's LYF mobile: A whopping $1 billion brand?|author=Gloria Singh, Surbhi|date=14 May 2016|work=The Financial Express|access-date=14 July 2016}}</ref> In June 2016, it was India's third-largest-selling mobile phone brand.<ref>{{cite web|url=http://www.livemint.com/Industry/qiV33gHp9I4VOkeDbyhEPO/How-Reliance-Jios-LYF-became-Indias-third-largest-selling.html|title=How Reliance Jio's LYF became India's third-largest selling phone brand|author1=Agarwal, Sapna|author2=Pathak, Kalpana|date=29 June 2016|publisher=Livemint|access-date=14 July 2016}}</ref> The release of the service Reliance Jio Infocomm Limited, commonly known as Jio, in September 2016 was a success, and Reliance's shares increased.<ref>{{Cite web|url=https://www.bloomberg.com/news/articles/2018-07-13/who-is-mukesh-ambani-asia-s-newest-richest-man-quicktake|title=Analysis {{!}} Who Is Mukesh Ambani, Asia's Newest Richest Man?: QuickTake|website=The Washington Post|language=en|access-date=4 August 2018}}</ref> 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.<ref>{{cite news|url=https://economictimes.indiatimes.com/markets/stocks/news/macro-cues-q3-earnings-and-oil-prices-to-sway-market-next-week/articleshow/62400132.cms|title=Macro cues, Q3 earnings, and oil prices to sway market this week|last=Verma|first=Swati|date=9 April 2018|newspaper=The Economic Times|access-date=9 April 2018}}</ref> As of February 2018, [[Bloomberg News|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.<ref>{{cite news|url=https://www.bloomberg.com/news/articles/2018-02-12/what-if-the-world-s-richest-paid-for-government-spending|title=What If the World's Richest Paid for Government Spending?|last1=Strauss|first1=Marine|date=11 February 2018|work=Bloomberg Politics|access-date=14 February 2018|last2=Lu|first2=Wei}}</ref>
 
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]].<ref>{{cite web|url=http://indianexpress.com/article/india/india-others/arvind-kejriwal-orders-fir-against-murli-deora-veerappa-moily-and-Mukesh-Ambani/ |title=Arvind Kejriwal rakes up K G Basin gas pricing, orders FIRs against Moily, Deora, Mukesh Ambani |work=The Indian Express|date=11 February 2014}}</ref> [[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.<ref>{{cite web|url=http://news.oneindia.in/india/kejriwal-addresses-first-rally-rohtak-kickstarts-Lok-sabha-campaign-1400745-lse.html |title=Arvind Kejriwal calls BJP, Congress puppets of Mukesh Ambani|author=Nair, Anisha |date=23 February 2014|work=news.oneindia.in}}</ref> Kejriwal has asked both [[Rahul Gandhi]] and [[Narendra Modi]] to clear their stand on the gas pricing issue.<ref>{{cite web|url=http://www.ndtv.com/article/india/arvind-kejriwal-s-letter-to-Mukesh-Ambani-on-gas-pricing-486256?home_1392963087 |title=Arvind Kejriwal's letter to Mukesh Ambani on gas pricing}}</ref><ref>{{cite web|url=http://www.ndtv.com/article/india/clear-your-stand-on-Mukesh-Ambani-arvind-kejriwal-tells-narendra-modi-rahul-gandhi-486236|title=Clear your stand on Mukesh Ambani: Arvind Kejriwal tells Narendra Modi, Rahul Gandhi|author=Ghosh, Deepshikha  |date= 21 February 2014}}</ref> 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 [[Indian rupee|Rs]]. 540&nbsp; billion to the country annually.<ref>{{cite web|url=http://indiatoday.intoday.in/story/arvind-kejriwal-fires-on-all-cylinders-now-writes-to-rahul-gandhi-over-gas-prices-involving-Mukesh-Ambani/1/345268.html|title=Arvind Kejriwal fires on all cylinders, now writes to Rahul Gandhi over gas prices involving Mukesh Ambani|work=India Today|date=24 February 2014 }}</ref><ref>{{cite web|url=http://www.dnaindia.com/india/report-arvind-kejriwal-asks-narendra-modi-to-come-clean-on-gas-pricing-1964063|title=Arvind Kejriwal asks Narendra Modi to come clean on gas pricing|work=DNA India|date=21 February 2014}}</ref>
 
==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]]<ref>{{cite web|title=Mukesh Ambani – Executive Profile & Biography|url=http://investing.businessweek.com/businessweek/research/stocks/people/person.asp?personId=7388031&ticker=RELI:IJ|work=Mukesh Ambani – Executive Profile & Biography – Bloomberg Businessweek|publisher=Bloomberg}}</ref>
* President, [[Pandit Deendayal Petroleum University]], Gandhinagar, Gujarat
 
==Awards and honors==
 
{| class="wikitable" style="font-size:90%;"
|-
! Year of Award or Honor !! Name of Award or Honor !! Awarding Organization
|-
| 2000
| Ernst & Young Entrepreneur of the Year<ref>{{cite web|title=Ernst & Young Entrepreneur of the Year Award|url=http://www.ey.com/IN/en/About-us/Entrepreneurship/Entrepreneur-Of-The-Year/Entrepreneur_Of_The_Year_Winner2000|access-date=10 June 2013}}</ref>
| Ernst & Young India
|-
| 2010
| Global Vision Award at The Awards Dinner<ref>{{cite web|last=Mulgund|first=Shreyas|title=Asia Society Awards Dinner Honors Mukesh Ambani, Jeffrey Immelt, and NY Philharmonic|url=http://asiasociety.org/media/press-releases/asia-society-awards-dinner-honors-Mukesh-Ambani-jeffrey-immelt-and-ny-philharmo|work=Press Release on Asia Society|publisher=Asia Society|access-date=21 September 2011}}</ref>
| Asia Society
|-
| 2010
| Business Leader of the Year<ref>{{cite web|last=Mulgund |first=Shreyas |title=Winners of the NDTV Business Leadership Awards |url=http://www.ndtv.com/convergence/ndtv/bla10/winners.aspx |publisher=NDTV Convergence Limited |access-date=21 September 2011 |url-status=unfit |archive-url=https://web.archive.org/web/20130723114843/http://www.ndtv.com/convergence/ndtv/bla10/winners.aspx |archive-date=23 July 2013 }}</ref>
| NDTV India
|-
| 2010
| Businessman of the Year<ref>{{cite news|last=Mulgund |first=Shreyas |title=FC Businessman of the Year: Mukesh Ambani |url=http://www.mydigitalfc.com/companies/fc-businessman-year-mukesh-ambani-459 |newspaper=Financial Chronicle |date=30 December 2010 |url-status=unfit |archive-url=https://web.archive.org/web/20130723125841/http://www.mydigitalfc.com/companies/fc-businessman-year-mukesh-ambani-459 |archive-date=23 July 2013 }}</ref>
| Financial Chronicle
|-
| 2010
| School of Engineering and Applied Science Dean's Medal<ref>{{cite web|title=IMukesh Ambani awarded the Dean's Medal by University of Pennsylvania
|url=http://forbesindia.com/article/web-special/mukesh-ambani-awarded-the-deans-medal-by-university-of-pennsylvania/8902/1|work=Mukesh Ambani awarded the Dean's Medal by University of Pennsylvania
|publisher=FORBES|access-date=9 January 2010}}</ref>
| [[University of Pennsylvania]]
 
|-
| 2010
| ranked 5th-best performing global CEO<ref>{{cite web|last=Mulgund |first=Shreyas |title=The 100 Best-Performing CEOs in the World |url=http://hbr.org/web/extras/100ceos/5-ambani |date=January 2010 |work=Harvard Business Review |publisher=Harvard Business Publishing |access-date=21 September 2011 |url-status=unfit |archive-url=https://web.archive.org/web/20120301040655/http://hbr.org/web/extras/100ceos/5-ambani |archive-date=1 March 2012 }}</ref>
| [[Harvard Business Review]]
 
|-
|2010
|Global Leadership Award<ref>{{cite news|title=BCIU Presents Dwight D. Eisenhower Global Awards to Mukesh D
|url=https://www.bloomberg.com/apps/news?pid=newsarchive&sid=aT_weC3ceIys
|publisher=Bloomberg|access-date=1 August 2012}}</ref>
|[[Business Council for International Understanding]]
|-
|2010
|Honorary Doctorate (Doctor of Science)<ref>{{cite web|title=M.S. University Confers Degree of Doctor of Science Honoris Causa To Mukesh Ambani|url=http://www.degreeuk.com/m-s-university-confers-degree-of-doctor-of-science-honoris-causa-to-mukesh-ambani-2.html|access-date=15 October 2010}}</ref>
|[[M. S. University of Baroda]]
|-
|2013
|Millennium Business Leader of the Decade at Indian Affairs India Leadership Conclave Awards 2013)<ref>{{cite web|title=Priyanka Chopra, Manish Malhotra, Dr. Mukesh Batra, Ratan Tata, Mukesh Ambani, Dr. Laud, Dr. Mukesh Hariawala, Dilip Surana Among Others to Receive Prestigious India Leadership Conclave Awards 2013|url=http://www.indiainfoline.com/article/news-business-wire-entertainment/priyanka-chopra-manish-malhotra-dr-mukesh-batra-ratan-tata-mukesh-ambani-dr-laud-dr-mukesh-hariawala-dilip-surana-among-others-to-receive-prestigious-india-leadership-conclave-awards-2013-114012901736_1.html}}</ref>
|India Leadership Conclave & Indian Affairs Business Leadership Awards
 
|-
| 2016
| Foreign associate, U.S. [[National Academy of Engineering]]<ref name="West">{{cite news|title=Four Indian American Engineers Among Newly Elected NAE Members|url=http://www.indiawest.com/news/global_indian/four-indian-american-engineers-among-newly-elected-nae-members/article_de1c0fc6-cf73-11e5-b931-bf7b3573219e.html|access-date=18 May 2016|work=India West|date=9 February 2016}}</ref><ref name="NAEMembership">{{cite web|title=Mr. Mukesh Dhirubhai Ambani|url=http://www.nae.edu/MembersSection/MemberDirectory/149904.aspx|website=National Academy of Engineering|access-date=18 May 2016}}</ref>
| National Academy of Engineering
 
|-
| 2016
| [[Othmer Gold Medal]]<ref name="NetIndian">{{cite news|title=Mukesh Ambani awarded Othmer Gold Medal for Entrepreneurial Leadership|url=http://netindian.in/news/2016/05/17/00038017/mukesh-ambani-awarded-othmer-gold-medal-entrepreneurial-leadership|access-date=17 May 2016|work=NetIndian News Network|date=17 May 2016}}</ref><ref name="OthmerMedal">{{cite web|title=Othmer Gold Medal|url=https://www.sciencehistory.org/othmer-gold-medal|access-date=22 March 2018|publisher=Science History Institute|date=31 May 2016}}</ref>
| [[Science History Institute|Chemical Heritage Foundation]]
 
|}
 
== Personal life ==
 
He married [[Nita Ambani]] in 1985 and they have two sons; Akash Ambani and Anand Ambani, and a daughter, Isha.<ref>{{cite web|url=http://www.indiatvnews.com/business/india/born-rich-india-s-young-billionaire-heirs-and-heiresses--3676.html|title=India's young billionaire heirs and heiresses|date=28 November 2012|access-date=7 January 2014}}</ref><ref name="marriage"/> 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.<ref>{{Cite news|url=http://www.freepressjournal.in/business/nita-ambanis-story-from-school-teacher-to-indias-wealthiest-woman-is-worth-a-read/1175962|title=Nita Ambani's story, from school teacher to India's wealthiest woman, is worth a read! {{!}} Free Press Journal|date=24 November 2017|work=Free Press Journal|access-date=31 July 2018|language=en-GB}}</ref>
 
They live in [[Antilia (building)|Antilia]], a private 27-storey building in Mumbai, which was valued at US$1&nbsp;billion and was the most expensive private residence in the world at the time it was built.<ref name="auto2"/><ref name="theage1">{{cite news|url=http://www.theage.com.au/executive-style/luxury/indias-richest-man-builds-worlds-first-billiondollar-home-20101015-16mrg.html|title=India's richest man builds first $1-billion home, Antilia|last=Kwek|first=Glenda|date=15 October 2010|work=The Age|access-date=28 October 2010|location=Melbourne}}</ref> 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.<ref>{{Cite news|url=https://www.huffingtonpost.com/2012/05/18/antilia-inside-mukesh-expensive-home-mumbai_n_1527703.html|title=Antilia: Inside Mukesh Ambani's 27-Story Mumbai Residence, The World's First $1 Billion Home (PHOTOS)|last=Hanrahan|first=Mark|date=18 May 2012|work=HuffPost|access-date=1 August 2018|language=en-US}}</ref>
 
In 2007, Ambani gifted his wife a $60 million [[Airbus A319]] for her 44th birthday.<ref>{{Cite news|url=https://in.reuters.com/article/idINIndia-30294620071102|title=Mukesh Ambani gifts wife jet on birthday|last=Editorial|first=Reuters|work=IN|access-date=1 August 2018|language=en-IN}}</ref> The [[Airbus A320 family|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.<ref>{{Cite web|url=http://www.rediff.com/money/2007/nov/03ril.htm?print=true|title=Mukesh Ambani gifts Rs 240 cr jet to wife|work=Rediff.com|access-date=1 August 2018}}</ref>
 
Ambani was titled "The World's Richest Sports Team Owner" after his purchase of the [[Indian Premier League|IPL]] cricket team [[Mumbai Indians]] for $111.9 million in 2008.<ref>{{Cite news|url=http://www.espncricinfo.com/ipl/content/story/333193.html|title=Big business and Bollywood grab stakes in IPL|publisher=ESPNcricinfo|access-date=1 August 2018|language=en}}</ref><ref>{{Cite news|url=https://www.forbes.com/sites/kurtbadenhausen/2018/03/07/the-worlds-richest-sports-team-owners-2018/|title=The World's Richest Sports Team Owners 2018|last=Badenhausen|first=Kurt|work=Forbes|access-date=1 August 2018|language=en}}</ref>
 
In an interview with [[Rajdeep Sardesai]] in March 2017, he said that his favourite food continued to be [[idli]] [[Sambar (dish)|sambar]] and his favourite restaurant remains [[Mysore cafe|Mysore Café]], a restaurant in [[Kings Circle|King's Circle]] (Mumbai) where he used to eat as a student at [[Institute of Chemical Technology|UDCT.]]<ref name="mid">{{cite news|last1=DMello|first1=Yollande|title=Number munching at Cafe Mysore|url=http://www.mid-day.com/articles/number-munching-at-cafe-mysore/138926|access-date=6 July 2017|publisher=Mid-Day|date=16 October 2011}}</ref> Mukesh Ambani is a strict vegetarian and [[Teetotalism|teetotaler]].<ref>{{cite web|url=https://www.thomaswhite.com/global-perspectives/mukesh-ambani-reliance-industries-chairman/|title=Mukesh Ambani is India's richest man for the second year in a row|website=thomaswhite.com|access-date=9 April 2018}}</ref> He is a very big fan of [[Bollywood]] movies, watching three a week because he says "you need some amount of escapism in life."<ref name=":3" /><ref name=":2" />
 
During the fiscal year ending 31 March 2012, he reportedly decided to forgo nearly ₹240&nbsp; 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.<ref>{{cite news|url=https://www.bloomberg.com/news/2012-03-05/Ambani-backed-by-india-power-is-asia-s-no-1-billionaire.html|title=Mukesh Ambani Backed by India Power Holdings Proves Asia's Top Billionaire|last1=Chu|first1=Patrick|date=5 March 2012|work=Bloomberg|access-date=22 August 2013|last2=Ismail|first2=Netty|quote=Year 2012.}}</ref> This move kept his salary capped at ₹150&nbsp; million for the fourth year in a row.<ref>{{cite news| url=http://timesofindia.indiatimes.com/business/india-business/Mukesh-Ambani-forgoes-Rs-23-82-crore-from-his-pay-package/articleshow/13064719.cms | work=The Times of India | title=Mukesh Ambani forgoes Rs 23.82 crore from his pay package|date=9 May 2012}}</ref>
 
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.<ref name="sibling_rivalry">{{cite news |last1=Altstedter |first1=Ari |last2= Sanjai|first2= P.R. |title=Mukesh Ambani Won the World's Most Expensive Sibling Rivalry |url=https://www.bloomberg.com/news/features/2020-06-03/mukesh-ambani-won-the-world-s-most-expensive-sibling-rivalry |access-date=7 June 2020 |work=Bloomberg News |date=3 June 2020}}</ref>
 
==See also==
* [[Make in India]]
* [[Energy in India]]
* [[Reliance Industries]]
* [[Jio|Reliance Jio]]


==References==
==References==
{{reflist}}
{{Reflist|30em}}
 
==External links==
{{Wikiquote}}
{{Commons category}}
*[http://www.ril.com/OurCompany/Leadership/Chairman-And-Managing-Director.aspx Profile] at [[Reliance Industries]]
* [https://www.forbes.com/profile/mukesh-ambani/ Profile] at [[Forbes]]
* {{worldcat id|lccn-n2005-207680}}
 
{{Reliance Group}}
 
{{Authority control}}


{{DEFAULTSORT:Ambani, Mukesh}}
{{DEFAULTSORT:Ambani, Mukesh}}
[[Category:1957 births]]
[[Category:1957 births]]
[[Category:Living people]]
[[Category:Living people]]
[[Category:Indian business people]]
[[Category:Ambani family|Mukesh]]
 
[[Category:Indian billionaires]]
 
[[Category:Businesspeople from Mumbai]]
{{bio-stub}}
[[Category:Indian Hindus]]
[[Category:Indian Premier League franchise owners]]
[[Category:Stanford Graduate School of Business alumni]]
[[Category:University of Mumbai alumni]]
[[Category:Institute of Chemical Technology alumni]]
[[Category:Reliance Industries people]]
[[Category:Gujarati people]]
[[Category:Indian industrialists]]
[[Category:Indian businesspeople in the oil industry]]
[[Category:Foreign associates of the National Academy of Engineering]]
[[Category:Hill Grange High School alumni]]

Revision as of 09:04, 19 June 2021

Mukesh Ambani
File:Mukesh Ambani 1.jpg
Ambani in 2010
Born
Mukesh Dhirubhai Ambani

(1957-04-19) 19 April 1957 (age 68)
Aden, Colony of Aden
(present-day Yemen)[1][2]
NationalityIndian
Alma materSt. Xavier's College, Mumbai;
Institute of Chemical Technology (B.E.);
Stanford University (drop-out)
OccupationChairman and MD, Reliance Industries
Net worthIncrease US$87.4 billion (As of 15 June 2021)[3]
Spouse(s)
(
m. 1985)
[4]
Children3
Parent(s)
RelativesAnil Ambani (brother)
Tina Ambani (sister-in-law)

Mukesh Dhirubhai Ambani (born 19 April 1957) is an Indian billionaire businessman, and the chairman, managing director, and largest shareholder of Reliance Industries Ltd. (RIL), a Fortune Global 500 company and India's most valuable company by market value.[5] According to Forbes, he is the richest person in Asia with a net worth of US$87.4 billion[6] and the 10th richest person in the world, as of 15 June 2021.[7]

Early life

Mukesh Dhirubhai Ambani was born on 19 April 1957 in the British Crown colony of Aden (present-day Yemen) 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[8] to start a trading business that focused on spices and textiles. The latter was originally named "Vimal" but later changed to "Only Vimal."[9] His family lived in a modest two-bedroom apartment in Bhuleshwar, Mumbai until the 1970s.[10] 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.[11] 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.[12]

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.[13] After his secondary schooling, he studied at the St. Xavier's College, Mumbai.[14] He then received a BE degree in Chemical Engineering from the Institute of Chemical Technology.[15][16]

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.[11]

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."[18]

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 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 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.[5] 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.[31] 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.[32] Mukesh Ambani set up Reliance Infocomm Limited (now Reliance Communications Limited), which was focused on information and communications technology initiatives.[33] 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.[34]

2000s – Present

On 6 July 2002, Mukesh's father died after suffering a second stroke,[35] which elevated tensions between the brothers as Dhirubhai had not left a will for the distribution of the empire in 2004.[36] 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.[37][38]

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.[39] 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.[40] 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.[41]

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.[42] In February 2016, Ambani-led Jio launched its own 4G smartphone brand named LYF.[43] In June 2016, it was India's third-largest-selling mobile phone brand.[44] The release of the service Reliance Jio Infocomm Limited, commonly known as Jio, in September 2016 was a success, and Reliance's shares increased.[45] 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.[46] 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.[47]

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.[48] 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.[49] Kejriwal has asked both Rahul Gandhi and Narendra Modi to clear their stand on the gas pricing issue.[50][51] 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.[52][53]

Board memberships

Awards and honors

Year of Award or Honor Name of Award or Honor Awarding Organization
2000 Ernst & Young Entrepreneur of the Year[55] Ernst & Young India
2010 Global Vision Award at The Awards Dinner[56] Asia Society
2010 Business Leader of the Year[57] NDTV India
2010 Businessman of the Year[58] Financial Chronicle
2010 School of Engineering and Applied Science Dean's Medal[59] University of Pennsylvania
2010 ranked 5th-best performing global CEO[60] Harvard Business Review
2010 Global Leadership Award[61] Business Council for International Understanding
2010 Honorary Doctorate (Doctor of Science)[62] M. S. University of Baroda
2013 Millennium Business Leader of the Decade at Indian Affairs India Leadership Conclave Awards 2013)[63] India Leadership Conclave & Indian Affairs Business Leadership Awards
2016 Foreign associate, U.S. National Academy of Engineering[64][65] National Academy of Engineering
2016 Othmer Gold Medal[66][67] Chemical Heritage Foundation

Personal life

He married Nita Ambani in 1985 and they have two sons; Akash Ambani and Anand Ambani, and a daughter, Isha.[68][4] 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.[69]

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][70] 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.[71]

In 2007, Ambani gifted his wife a $60 million Airbus A319 for her 44th birthday.[72] 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.[73]

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.[74][75]

In an interview with Rajdeep Sardesai in March 2017, he said that his favourite food continued to be idli sambar and his favourite restaurant remains Mysore Café, a restaurant in King's Circle (Mumbai) where he used to eat as a student at UDCT.[76] Mukesh Ambani is a strict vegetarian and teetotaler.[77] He is a very big fan of Bollywood movies, watching three a week because he says "you need some amount of escapism in life."[36][31]

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.[78] This move kept his salary capped at ₹150  million for the fourth year in a row.[79]

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.[37]

See also

References

  1. ↑ Nolan, Jeannette. "Mukesh Ambani". Encyclopædia Britannica. Retrieved 6 October 2013.
  2. ↑ "The Rediff Business Interview/ Mukesh Ambani". Rediff.com. 17 June 1998. Retrieved 22 August 2013.
  3. ↑ "Forbes: Mukesh Ambani". Forbes. Retrieved 12 June 2021.
  4. ↑ 4.0 4.1 Naazneen Karmali (6 April 2016). "Meet Nita Ambani, The First Lady of Indian Business". Forbes.
  5. ↑ 5.0 5.1 "Mukesh Ambani :: RIL :: Reliance Group of Industries". RIL.com. Archived from the original on 16 April 2015. Retrieved 22 August 2013.8250964307
  6. ↑ "Mukesh Ambani". Forbes. Retrieved 22 May 2021.
  7. ↑ "Bloomberg Billionaires Index: Mukesh Ambani". Bloomberg. Retrieved 22 May 2021.
  8. ↑ "How Dhirubhai Ambani changed the style of doing business in India". Rediff. Retrieved 30 July 2018.
  9. ↑ "Life story of Mukesh Ambani". truthofthoughts.com. Retrieved 30 July 2018.
  10. ↑ "Reliance didn't grow on permit raj: Anil Ambani". Rediff.com. 11 May 2002. Retrieved 28 October 2010.
  11. ↑ 11.0 11.1 Giridharadas, Anand. "Meet Mukesh Ambani: India's Richest Man". Retrieved 31 July 2018.
  12. ↑ Yardley, Jim (28 October 2010). "Soaring Above India's Poverty, a 27-Story Home". The New York Times.
  13. ↑ Anand Jain: A bone of contention between the Ambani brothers. India Today. 17 January 2005
  14. ↑ Kasmin Fernandes (2 January 2010). "St. Xavier's is the Indian Hogwarts". mid-day.
  15. ↑ "Mukesh Ambani on his childhood, youth". Rediff.com. Retrieved 5 October 2011.
  16. ↑ Ambani, Mukesh (2001). "Re-Orienting Education at UDCT". The Bombay Technologist. 50 (1): 33–35. ISSN 0067-9925. Retrieved 12 June 2020.
  17. ↑ "Always invest in businesses of future and in talent". Rediff Business – Interview with Mukesh Ambani, 2007. Rediff.com. Retrieved 17 October 2011.
  18. ↑ "Mukesh Ambani on his childhood, youth". Rediff. Retrieved 30 July 2018.
  19. ↑ Kumar, Abhineet (17 August 2013). "Ambani tops retailer list, too". Business Standard. Retrieved 19 August 2013.
  20. ↑ "Bill Gates richest man in world, Mukesh Ambani at 36th: Forbes". The Economic Times. 2 March 2016. Retrieved 17 May 2016.
  21. ↑ "The World's Most Powerful People".
  22. ↑ "Real Time Billionaires". Forbes. Retrieved 23 December 2020.
  23. ↑ "Billionaire Mukesh Ambani topples Jack Ma as Asia's richest person". The Times of India. Retrieved 13 July 2018.
  24. ↑ Balachandran, Manu (5 January 2015). "India's biggest philanthropist is seven times more generous than the next". Quartz India. Retrieved 18 May 2016.
  25. ↑ "Mukesh Ambani appointed Bank of America as director". The Economic Times. 16 March 2011. Retrieved 25 January 2019.
  26. ↑ Ambani, Mukesh (14 December 2010). "Ambani Backs New Soccer League For India". Herald Sun.
  27. ↑ Van Riper, Tom. "Mukesh Ambani in photos". Forbes. Retrieved 22 August 2013.
  28. ↑ 28.0 28.1 Magnier, Mark (24 October 2010). "Mumbai billionaire's home boasts 27 floors, ocean and slum views". Los Angeles Times.
  29. ↑ "India Before 1991: Stories of Life Under the License Raj". Spontaneous Order. 30 March 2016. Retrieved 2 August 2018.[permanent dead link]
  30. ↑ "Reliance Industries Company Profile". Reliance Industries Ltd. – Company Profile, Information, Business Description, History, Background Information on Reliance Industries Ltd. Read more: Reliance Industries Ltd. – Company Profile, Information, Business Description, History, Background Information on Reliance Industries Ltd. – Reference for Business. Advameg Inc. Retrieved 17 October 2011.
  31. ↑ 31.0 31.1 Giridharadas, Anand. "Meet Mukesh Ambani: India's Richest Man". Retrieved 4 August 2018.
  32. ↑ "Mukesh Ambani – In His Own Words". wealthymatters. 4 February 2011. Retrieved 2 August 2018.
  33. ↑ "Reliance Infocomm Ushers a Digital Revolution in India". Press Release by Reliance Infocomm. Reliance Communications. 27 December 2002. Archived from the original on 23 July 2013. Retrieved 22 August 2013.
  34. ↑ Poza, Ernesto J. (29 January 2009). Family Business. Cengage Learning. ISBN 978-0324597691.
  35. ↑ "Dhirubhai Ambani passes away". The Times of India. Retrieved 4 August 2018.
  36. ↑ 36.0 36.1 "An insight into Mukesh Ambani's empire and how he became Asia's richest man". The National. Retrieved 4 August 2018.
  37. ↑ 37.0 37.1 Altstedter, Ari; Sanjai, P.R. (3 June 2020). "Mukesh Ambani Won the World's Most Expensive Sibling Rivalry". Bloomberg News. Retrieved 7 June 2020.
  38. ↑ "The Full Story of the Massive Feud Between The Billionaire Ambani Brothers". Business Insider. Retrieved 4 August 2018.
  39. ↑ "Mukesh Ambani :: Reliance Group :: Reliance Petroleum Limited :: Reliance Industries". RIL. Retrieved 18 February 2010.
  40. ↑ "Mukesh Ambani hints at venture between Reliance Industries and Bharti Airtel". The Indian Express. 9 December 2013.
  41. ↑ "Reliance 4G services to be launched in 2015: Mukesh Ambani". ABP Live. 18 June 2014.
  42. ↑ "Mukesh Ambani elected to National Academy of Engineering, one of only 10 Indians". Firstpost. 8 February 2016. Archived from the original on 20 September 2020. Retrieved 17 May 2021.
  43. ↑ Gloria Singh, Surbhi (14 May 2016). "Mukesh Ambani's Reliance Jio Infocomm's LYF mobile: A whopping $1 billion brand?". The Financial Express. Retrieved 14 July 2016.
  44. ↑ Agarwal, Sapna; Pathak, Kalpana (29 June 2016). "How Reliance Jio's LYF became India's third-largest selling phone brand". Livemint. Retrieved 14 July 2016.
  45. ↑ "Analysis | Who Is Mukesh Ambani, Asia's Newest Richest Man?: QuickTake". The Washington Post. Retrieved 4 August 2018.
  46. ↑ Verma, Swati (9 April 2018). "Macro cues, Q3 earnings, and oil prices to sway market this week". The Economic Times. Retrieved 9 April 2018.
  47. ↑ Strauss, Marine; Lu, Wei (11 February 2018). "What If the World's Richest Paid for Government Spending?". Bloomberg Politics. Retrieved 14 February 2018.
  48. ↑ "Arvind Kejriwal rakes up K G Basin gas pricing, orders FIRs against Moily, Deora, Mukesh Ambani". The Indian Express. 11 February 2014.
  49. ↑ Nair, Anisha (23 February 2014). "Arvind Kejriwal calls BJP, Congress puppets of Mukesh Ambani". news.oneindia.in.
  50. ↑ "Arvind Kejriwal's letter to Mukesh Ambani on gas pricing".
  51. ↑ Ghosh, Deepshikha (21 February 2014). "Clear your stand on Mukesh Ambani: Arvind Kejriwal tells Narendra Modi, Rahul Gandhi".
  52. ↑ "Arvind Kejriwal fires on all cylinders, now writes to Rahul Gandhi over gas prices involving Mukesh Ambani". India Today. 24 February 2014.
  53. ↑ "Arvind Kejriwal asks Narendra Modi to come clean on gas pricing". DNA India. 21 February 2014.
  54. ↑ "Mukesh Ambani – Executive Profile & Biography". Mukesh Ambani – Executive Profile & Biography – Bloomberg Businessweek. Bloomberg.
  55. ↑ "Ernst & Young Entrepreneur of the Year Award". Retrieved 10 June 2013.
  56. ↑ Mulgund, Shreyas. "Asia Society Awards Dinner Honors Mukesh Ambani, Jeffrey Immelt, and NY Philharmonic". Press Release on Asia Society. Asia Society. Retrieved 21 September 2011.
  57. ↑ Mulgund, Shreyas. "Winners of the NDTV Business Leadership Awards". NDTV Convergence Limited. Archived from the original on 23 July 2013. Retrieved 21 September 2011.{{cite web}}: CS1 maint: unfit URL (link)
  58. ↑ Mulgund, Shreyas (30 December 2010). "FC Businessman of the Year: Mukesh Ambani". Financial Chronicle. Archived from the original on 23 July 2013.{{cite news}}: CS1 maint: unfit URL (link)
  59. ↑ "IMukesh Ambani awarded the Dean's Medal by University of Pennsylvania". Mukesh Ambani awarded the Dean's Medal by University of Pennsylvania. FORBES. Retrieved 9 January 2010.
  60. ↑ Mulgund, Shreyas (January 2010). "The 100 Best-Performing CEOs in the World". Harvard Business Review. Harvard Business Publishing. Archived from the original on 1 March 2012. Retrieved 21 September 2011.{{cite web}}: CS1 maint: unfit URL (link)
  61. ↑ "BCIU Presents Dwight D. Eisenhower Global Awards to Mukesh D". Bloomberg. Retrieved 1 August 2012.
  62. ↑ "M.S. University Confers Degree of Doctor of Science Honoris Causa To Mukesh Ambani". Retrieved 15 October 2010.
  63. ↑ "Priyanka Chopra, Manish Malhotra, Dr. Mukesh Batra, Ratan Tata, Mukesh Ambani, Dr. Laud, Dr. Mukesh Hariawala, Dilip Surana Among Others to Receive Prestigious India Leadership Conclave Awards 2013".
  64. ↑ "Four Indian American Engineers Among Newly Elected NAE Members". India West. 9 February 2016. Retrieved 18 May 2016.
  65. ↑ "Mr. Mukesh Dhirubhai Ambani". National Academy of Engineering. Retrieved 18 May 2016.
  66. ↑ "Mukesh Ambani awarded Othmer Gold Medal for Entrepreneurial Leadership". NetIndian News Network. 17 May 2016. Retrieved 17 May 2016.
  67. ↑ "Othmer Gold Medal". Science History Institute. 31 May 2016. Retrieved 22 March 2018.
  68. ↑ "India's young billionaire heirs and heiresses". 28 November 2012. Retrieved 7 January 2014.
  69. ↑ "Nita Ambani's story, from school teacher to India's wealthiest woman, is worth a read! | Free Press Journal". Free Press Journal. 24 November 2017. Retrieved 31 July 2018.
  70. ↑ Kwek, Glenda (15 October 2010). "India's richest man builds first $1-billion home, Antilia". The Age. Melbourne. Retrieved 28 October 2010.
  71. ↑ Hanrahan, Mark (18 May 2012). "Antilia: Inside Mukesh Ambani's 27-Story Mumbai Residence, The World's First $1 Billion Home (PHOTOS)". HuffPost. Retrieved 1 August 2018.
  72. ↑ Editorial, Reuters. "Mukesh Ambani gifts wife jet on birthday". IN. Retrieved 1 August 2018. {{cite news}}: |first= has generic name (help)
  73. ↑ "Mukesh Ambani gifts Rs 240 cr jet to wife". Rediff.com. Retrieved 1 August 2018.
  74. ↑ "Big business and Bollywood grab stakes in IPL". ESPNcricinfo. Retrieved 1 August 2018.
  75. ↑ Badenhausen, Kurt. "The World's Richest Sports Team Owners 2018". Forbes. Retrieved 1 August 2018.
  76. ↑ DMello, Yollande (16 October 2011). "Number munching at Cafe Mysore". Mid-Day. Retrieved 6 July 2017.
  77. ↑ "Mukesh Ambani is India's richest man for the second year in a row". thomaswhite.com. Retrieved 9 April 2018.
  78. ↑ Chu, Patrick; Ismail, Netty (5 March 2012). "Mukesh Ambani Backed by India Power Holdings Proves Asia's Top Billionaire". Bloomberg. Retrieved 22 August 2013. Year 2012.
  79. ↑ "Mukesh Ambani forgoes Rs 23.82 crore from his pay package". The Times of India. 9 May 2012.

External links

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