Mukesh Dhirubhai Ambani
Mukesh Dhirubhai Ambani
19 April 1957
|Residence||Antilia, Cumbala Hill, Mumbai, Maharashtra, India|
|Alma mater||Institute of Chemical Technology (B.E.)|
|Occupation||Chairman and managing director, Reliance Industries|
|Net worth||US$52.9 billion (October 2019)|
Nita Ambani (m. 1985)
|Relatives||Anil Ambani (brother)|
Mukesh Dhirubhai Ambani (born 19 April 1957) is an Indian business magnate, the chairman, managing director, and largest shareholder of Reliance Industries Limited (RIL), a Fortune Global 500 company and India's most valuable company by its market value. According to Forbes magazine, he is the richest man in Asia and the 13th richest person in the world as of March 2019.
Mukesh Dhirubhai Ambani was born on 19 April 1957 to Dhirubhai Ambani and Kokilaben Ambani in Aden, Yemen. He has a younger brother Anil Ambani and two sisters, Nina Bhadrashyam Kothari and Dipti Dattaraj Salgaocar.
Ambani lived only briefly in Yemen because his father decided to move back to India in 1958, to start a trading business that focused on spices and textiles. The latter was originally named "Vimal" but later changed to "Only Vimal." His family lived in a modest two-bedroom apartment in Bhuleshwar, Mumbai until the 1970s. 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. 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.
Growing up Ambani played football and hockey, enjoyed annual trips to villages, and explored the different areas of Bombay. His father cared little about Ambani's grades, but more so about his all-around performance.
Ambani attended the Hill Grange High School at Peddar Road, Mumbai, along with his brother and Anand Jain, who later became his close associate. He received a BE degree in Chemical Engineering from the Institute of Chemical Technology (UDCT), Matunga. 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. Dhirubhai believed that real life skills were harnessed through experiences and not by sitting in a classroom, so he called Ambani back to India from Stanford to take command of a yarn manufacturing project in his company. He has been quoted as saying that he was influenced by his professors William F. Sharpe and Man Mohan Sharma because they are "the kinds of professors who made you think out of the box."
In 1981 he started to help his father Dhirubhai Ambani run their family business, Reliance Industries Limited. By this time, it has already expanded so that it also deals 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. 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 38 and has consistently held the title of India's richest person on Forbes magazine's list for the past ten years. He is the only Indian businessman on Forbes' list of the world's most powerful people. As of January 2018, Mukesh Ambani was ranked by Forbes as the 18th-wealthiest person in the world. 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. As of 2015, Ambani ranked fifth among India's philanthropists, according to China's Hurun Research Institute. He was appointed as a Director of Bank of America and became the first non-American to be on its board.
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. In 2012, Forbes named him one of the richest sports owners in the world. He resides at the Antilia Building, one of the world's most expensive private residences with its value reaching $1 billion.
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. In spite of stiff competition from Tatas, Birlas and 43 others, Dhirubhai was awarded the license, more commonly addressed as License Raj. 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. 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. 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. Mukesh Ambani set up Reliance Infocomm Limited (now Reliance Communications Limited), which was focused on information and communications technology initiatives. 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.
2000s – Present
On 6 July 2002, Mukesh's father died after suffering a second stroke, which elevated tensions between the brothers as Dhirubhai had not left a will for the distribution of the empire in 2004. 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.
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. 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. 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. In February 2016, Ambani-led Jio launched its own 4G smartphone brand named LYF. In June 2016, it was India's third-largest-selling mobile phone brand. The release of the service Reliance Jio Infocomm Limited, commonly known as Jio, in September 2016 was a success, and Reliance's shares increased. 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. 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.
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. 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. Kejriwal has asked both Rahul Gandhi and Narendra Modi to clear their stand on the gas pricing issue. 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.
- 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
- President, Pandit Deendayal Petroleum University, Gandhinagar, Gujarat
Awards and honors
|Year of Award or Honor||Name of Award or Honor||Awarding Organization|
|2000||Ernst & Young Entrepreneur of the Year||Ernst & Young India|
|2010||Global Vision Award at The Awards Dinner||Asia Society|
|2010||Business Leader of the Year||NDTV India|
|2010||Businessman of the Year||Financial Chronicle|
|2010||School of Engineering and Applied Science Dean's Medal||University of Pennsylvania|
|2010||ranked 5th-best performing global CEO||Harvard Business Review|
|2010||Global Leadership Award||Business Council for International Understanding|
|2010||Honorary Doctorate (Doctor of Science)||M. S. University of Baroda|
|2013||Millennium Business Leader of the Decade at Indian Affairs India Leadership Conclave Awards 2013)||India Leadership Conclave & Indian Affairs Business Leadership Awards|
|2016||Foreign associate, U.S. National Academy of Engineering||National Academy of Engineering|
|2016||Othmer Gold Medal||Chemical Heritage Foundation|
He married Nita Ambani in 1985 and they have two sons; Anant and Akash, and a daughter, Isha. 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.
They live in Antilia, a private 27-storey building in Mumbai valued at US$1 billion that was the most expensive residence in the world at the time it was built. The building requires a staff of 600 for maintenance, and includes three helipads, houses a 160 car garage, private movie theater, swimming pool, and fitness center. In 2007 Ambani gifted his wife a $60 million Airbus A319 for her 44th birthday. 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.
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 Kings circle (Mumbai) where he used to eat as a student at UDCT. Mukesh Ambani is a strict vegetarian and teetotaler. He is a very big fan of Bollywood movies, watching three a week because he says "you need some amount of escapism in life."
His wife, Nita, describes him as very quiet, modest, and shy. As his father took time out of his busy schedule for his children, Ambani makes it a top priority to spend quality time with his children and family every Sunday.
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 44.7% stake in the company. This move kept his salary capped at ₹150 million for the fourth year in a row.
- Nolan, Jeannette. "Mukesh Ambani". Encyclopædia Britannica. Retrieved 6 October 2013.
- "The Rediff Business Interview/ Mukesh Ambani". Rediff.com. 17 June 1998. Retrieved 22 August 2013.
- "Mukesh Ambani". Forbes. Retrieved 8 September 2019.
- Naazneen Karmali (6 April 2016). "Meet Nita Ambani, The First Lady Of Indian Business". Forbes.
- "Mukesh Ambani :: RIL :: Reliance Group of Industries". RIL.com. Archived from the original on 16 April 2015. Retrieved 22 August 2013.8250964307
- "Mukesh Ambani among most trusted Indians, but these businessmen outrank RIL boss". The Financial Express. 21 May 2019. Retrieved 22 May 2019.
- "BILLIONAIRES, THE RICHEST PEOPLE IN THE WORLD".
- "How Dhirubhai Ambani changed the style of doing business in India". Rediff. Retrieved 30 July 2018.
- "Life story of Mukesh Ambani". www.truthofthoughts.com. Retrieved 30 July 2018.
- "Reliance didn't grow on permit raj: Anil Ambani". Rediff.com. 11 May 2002. Retrieved 28 October 2010.
- Giridharadas, Anand. "Meet Mukesh Ambani: India's Richest Man". Retrieved 31 July 2018.
- Yardley, Jim (28 October 2010). "Soaring Above India's Poverty, a 27-Story Home". The New York Times.
- "Mukesh Ambani on his childhood, youth". Rediff. Retrieved 30 July 2018.
- Anand Jain: A bone of contention between the Ambani brothers. India Today. 17 January 2005
- "Mukesh Ambani on his childhood, youth". Mukesh Ambani on his childhood, youth. Rediff.com. Retrieved 5 October 2011.
- "Always invest in businesses of the future and in talent". Rediff Business – Interview with Mukesh Ambani, 2007. Rediff.com. Retrieved 17 October 2011.
- "Ambani tops retailer list, too". Business Standard. Retrieved 19 August 2013.
- "Bill Gates richest man in world, Mukesh Ambani at 36th: Forbes". The Economic Times. 2 March 2016. Retrieved 17 May 2016.
- "The World's Most Powerful People".
- "Billionaire Mukesh Ambani topples Jack Ma as Asia's richest person – Times of India". The Times of India. Retrieved 13 July 2018.
- Balachandran, Manu (5 January 2015). "India's biggest philanthropist is seven times more generous than the next". Quartz India. Retrieved 18 May 2016.
- "Mukesh Ambani appointed Bank of America as director". 16 March 2011. The Economic Times. Retrieved 25 January 2019.
- Ambani, Mukesh. "Ambani Backs New Soccer League For India". heraldsun.com.au.
- Van Riper, Tom. "Mukesh Ambani in photos". Forbes. Retrieved 22 August 2013.
- Magnier, Mark (24 October 2010). "Mumbai billionaire's home boasts 27 floors, ocean and slum views". Los Angeles Times.
- "India Before 1991: Stories of Life Under the License Raj". Spontaneous Order. 30 March 2016. Retrieved 2 August 2018.
- "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.
- Giridharadas, Anand. "Meet Mukesh Ambani: India's Richest Man". Retrieved 4 August 2018.
- "Mukesh Ambani – In His Own Words". wealthymatters. 4 February 2011. Retrieved 2 August 2018.
- "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.
- Poza, Ernesto J. (29 January 2009). Family Business. Cengage Learning. ISBN 032459769X.
- "Dhirubhai Ambani passes away – Times of India". The Times of India. Retrieved 4 August 2018.
- "An insight into Mukesh Ambani's empire and how he became Asia's richest man". The National. Retrieved 4 August 2018.
- "The Full Story Of The Massive Feud Between The Billionaire Ambani Brothers". Business Insider. Retrieved 4 August 2018.
- "Mukesh Ambani :: Reliance Group :: Reliance Petroleum Limited :: Reliance Industries". RIL. Retrieved 18 February 2010.
- "Mukesh Ambani hints at venture between Reliance Industries and Bharti Airtel". The Indian Express. 9 December 2013.
- "Reliance 4G services to be launched in 2015: Mukesh Ambani". ABP Live. 18 June 2014.
- 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.
- 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.
- "Analysis | Who Is Mukesh Ambani, Asia's Newest Richest Man?: QuickTake". Washington Post. Retrieved 4 August 2018.
- Verma, Swati (9 April 2018). "Macro cues, Q3 earnings, and oil prices to sway market this week". Retrieved 9 April 2018 – via The Economic Times.
- Strauss, Marine; Lu, Wei (11 February 2018). "What If the World's Richest Paid for Government Spending?". Bloomberg Politics. Retrieved 14 February 2018.
- "Arvind Kejriwal rakes up K G Basin gas pricing, orders FIRs against Moily, Deora, Mukesh Ambani". The Indian Express. 11 February 2014.
- Nair, Anisha (23 February 2014). "Arvind Kejriwal calls BJP, Congress puppets of Mukesh Ambani". news.oneindia.in.
- "Arvind Kejriwal's letter to Mukesh Ambani on gas pricing".
- Ghosh, Deepshikha (21 February 2014). "Clear your stand on Mukesh Ambani: Arvind Kejriwal tells Narendra Modi, Rahul Gandhi".
- "Arvind Kejriwal fires on all cylinders, now writes to Rahul Gandhi over gas prices involving Mukesh Ambani". India Today. 24 February 2014.
- "Arvind Kejriwal asks Narendra Modi to come clean on gas pricing". DNA India. 21 February 2014.
- "Mukesh Ambani – Executive Profile & Biography". Mukesh Ambani – Executive Profile & Biography – Bloomberg Businessweek. Bloomberg.
- "Ernst & Young Entrepreneur of the Year Award". Retrieved 10 June 2013.
- 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.
- Mulgund, Shreyas. "Winners of the NDTV Business Leadership Awards". Winners of the NDTV Business Leadership Awards. NDTV Convergence Limited. Archived from the original on 23 July 2013. Retrieved 21 September 2011.CS1 maint: unfit url (link)
- Mulgund, Shreyas (30 December 2010). "FC Businessman of the Year: Mukesh Ambani". Financial Chronicle. Archived from the original on 23 July 2013.CS1 maint: unfit url (link)
- "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.
- 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.CS1 maint: unfit url (link)
- "BCIU Presents Dwight D. Eisenhower Global Awards to Mukesh D". Bloomberg. Retrieved 1 August 2012.
- "M.S. University Confers Degree of Doctor of Science Honoris Causa To Mukesh Ambani". Retrieved 15 October 2010.
- "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".
- "Four Indian American Engineers Among Newly Elected NAE Members". India West. 9 February 2016. Retrieved 18 May 2016.
- "Mr. Mukesh Dhirubhai Ambani". National Academy of Engineering. Retrieved 18 May 2016.
- "Mukesh Ambani awarded Othmer Gold Medal for Entrepreneurial Leadership". NetIndian News Network. 17 May 2016. Retrieved 17 May 2016.
- "Othmer Gold Medal". Science History Institute. Retrieved 22 March 2018.
- "India's young billionaire heirs and heiresses". Retrieved 7 January 2014.
- "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.
- Kwek, Glenda (15 October 2010). "India's richest man builds first $1-billion home, Antilia,". The Age. Melbourne. Retrieved 28 October 2010.
- Hanrahan, Mark (18 May 2012). "Antilia: Inside Mukesh Ambani's 27-Story Mumbai Residence, The World's First $1 Billion Home (PHOTOS)". Huffington Post. Retrieved 1 August 2018.
- Editorial, Reuters. "Mukesh Ambani gifts wife jet on birthday". IN. Retrieved 1 August 2018.
- "Mukesh Ambani gifts Rs 240 cr jet to wife". www.rediff.com. Retrieved 1 August 2018.
- "Big business and Bollywood grab stakes in IPL". Cricinfo. Retrieved 1 August 2018.
- Badenhausen, Kurt. "The World's Richest Sports Team Owners 2018". Forbes. Retrieved 1 August 2018.
- DMello, Yollande (16 October 2011). "Number munching at Cafe Mysore". Mid-Day. Retrieved 6 July 2017.
- "Mukesh Ambani is India's richest man for the second year in a row". thomaswhite.com. Retrieved 9 April 2018.
- "The private life of Nita Ambani – Times of India". The Times of India. Retrieved 1 August 2018.
- "Unplugged: Mukesh Ambani – Times of India". The Times of India. Retrieved 1 August 2018.
- "Mukesh Ambani on his childhood, youth". Rediff. Retrieved 1 August 2018.
- Chu, Patrick; Ismail, Netty (5 March 2012). "Mukesh Ambani Backed by India Power Holdings Proves Asia's Top Billionaire". Bloomberg. Retrieved 22 August 2013.
- "Mukesh Ambani forgoes Rs 23.82 crore from his pay package". The Times of India. 9 May 2012.
|Wikiquote has quotations related to: Mukesh Ambani|
|Wikimedia Commons has media related to Mukesh Ambani.|