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Mukesh Ambani

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Mukesh Dhirubhai Ambani
Mukesh Ambani.jpg
Born Mukesh Dhirubhai Ambani
(1957-04-19) 19 April 1957 (age 61)
Aden, Colony of Aden (now Yemen)[1][2]
Residence Antilia, Mumbai, Maharashtra, India
Nationality Indian
Alma mater Institute of Chemical Technology (B.E)
Stanford University (discontinued)[3]
Occupation Chairman and managing director, Reliance Industries
Net worth US$45 billion[4] (2018)
Spouse(s) Nita Ambani (m. 1985)
Children Anant Ambani
Akash Ambani
Isha Ambani
Parent(s) Dhirubhai Ambani
Kokilaben Ambani
Relatives Anil Ambani (brother)
Website Mukesh Ambani

Mukesh Dhirubhai Ambani (born 19 April 1957) is an Indian business magnate who is the chairman, managing director and largest shareholder of Reliance Industries Limited (RIL), a Fortune Global 500 company and India's most valuable company by market value.[5][6] He holds a 44.7% stake in the company.[7] Reliance Industries Limited deals mainly in refining, petrochemicals, and in the oil and gas sectors. Reliance Retail Ltd., another subsidiary, is the largest retailer in India.[8]

He is the elder son of the late Dhirubhai Ambani and Kokilaben Ambani and the brother of Anil Ambani. As of January 2018, Mukesh Ambani was ranked by Forbes as 18th-wealthiest person in the world. He surpassed Jack Ma as Asia's richest person with a net worth of $44.3 billion in July 2018[9][10]. In 2016, he was ranked 38, and is the only Indian businessman, on Forbes' list of the world's most powerful people.[11][12][13] As of 2016, Ambani has consistently held the title of India's richest person on the magazine's list for ten years.[14][15] Through Reliance, he also owns the Indian Premier League franchise Mumbai Indians. In 2012, Forbes named him one of the richest sports owners in the world.[16][17] He resides at the Antilia Building, one of the world's most expensive private residences. Its value is close to $1 billion.[18][19] As of 2015, Ambani ranked fifth among India's philanthropists, according to China’s Hurun Research Institute.[20]

Early life

Mukesh Dhirubhai Ambani was born on 19 April 1957 to Dhirubhai Ambani and Kokilaben Ambani. He has a younger brother, Anil Ambani, and two sisters, Dipti Salgaoncar and Nina Kothari. The Ambani family lived in a modest two-bedroom apartment in Bhuleshwar, Mumbai until the 1970s.[21] Dhirubhai later purchased a 14-floor apartment block called 'Sea Wind' in Colaba, where, until recently, Mukesh and Anil lived with their families on different floors.[22]

He attended the Hill Grange High School at Peddar Road, Mumbai, along with his brother and where Anand Jain, his close associate, was his classmate.[23] He received his BE degree in Chemical Engineering from the Institute of Chemical Technology(UDCT), Matunga.[24] Mukesh later enrolled for an MBA at Stanford University but withdrew to help his father build Reliance, which at the time was still a small but fast growing enterprise.[25]

Business career

In 1980, the Indian government under Indira Gandhi opened PFY (polyester filament yarn) manufacturing to the private sector. Dhirubhai Ambani applied for a licence to set up a PFY manufacturing plant. In spite of stiff competition from Tatas, Birlas and 43 others, Dhirubhai was awarded the licence.[26] To help him build the PFY plant, Dhirubhai pulled his eldest son Mukesh out of Stanford where he was studying for his MBA. Mukesh then continued to work for Reliance and did not return to his university program after that. He led Reliance's backward integration[clarification needed] from textiles into polyester fibres and further into petrochemicals, beginning in 1981.[5]

Mukesh Ambani set up Reliance Infocomm Limited (now Reliance Communications Limited), which was focused on information and communications technology initiatives.[27]

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.[28]

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.[29]

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.[30] 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.[31] Kejriwal has asked both Rahul Gandhi and Narendra Modi to clear their stand on the gas pricing issue.[32][33] 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.[34][35]

On 18 June 2014, Mukesh Ambani, addressing the 40th AGM of Reliance Industries, said it will invest Rs 1.8 trillion (short scale) across businesses in the next three years and launch 4G broadband services in 2015.[36]

In February 2016, Mukesh Ambani-led Jio launched its own 4G smartphone brand named LYF.[37] In June 2016, it was India's third-largest-selling mobile phone brand.[38]. 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.[39]

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.[40]

Board memberships

Awards and honors

Year of Award or Honor Name of Award or Honor Awarding Organization
2000 Ernst & Young Entrepreneur of the Year[42] Ernst & Young India
2010 Global Vision Award at The Awards Dinner[43] Asia Society
2010 Business Leader of the Year[44] NDTV India
2010 Businessman of the Year[45] Financial Chronicle
2010 School of Engineering and Applied Science Dean's Medal[46] University of Pennsylvania
2010 ranked 5th-best performing global CEO[47] Harvard Business Review
2010 Global Leadership Award[48] Business Council for International Understanding
2010 Honorary Doctorate (Doctor of Science)[49] M. S. University of Baroda
2013 Millennium Business Leader of the Decade at Indian Affairs India Leadership Conclave Awards 2013)[50] India Leadership Conclave & Indian Affairs Business Leadership Awards
2016 Foreign member, U. S. National Academy of Engineering[51][52] National Academy of Engineering
2016 Othmer Gold Medal[53][54] Chemical Heritage Foundation

Personal life

Mukesh is married to Nita Ambani and has two sons, Anant and Akash, and a daughter, Isha.[55] They live in a private 27-storey building in Mumbai named Antilia valued at US$1 billion and was the most expensive residence in the world at the time of being built.[18][19] In an interview with Rajdeep Sardesai in March 2017, Mukesh 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 from 1974 to 1979.[56][57]

During the fiscal year ending 31 March 2012, Mukesh 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. This move kept his salary capped at ₹150 million for the fourth year in a row.[58]

Mukesh Ambani is a strict vegetarian and teetotaler.[59]

See also

References

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  2. ^ "The Rediff Business Interview/ Mukesh Ambani". Rediff.com. 17 June 1998. Retrieved 22 August 2013. 
  3. ^ 'Always invest in businesses of the future and in talent'. Rediff.com. 17 January 2007
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External links