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Mukesh Ambani, born on April 19, 1957, in Aden, Yemen, is a prominent figure known for his immense power, wealth, and influence both in India and worldwide. He holds the position of chairman and managing director at Reliance Industries Ltd., a massive conglomerate that has significantly impacted India’s business scene.
As of August 2023, his net worth stands at around $91.2 billion, making Mukesh Ambani not only the wealthiest person in Asia but also the 13th richest individual globally.
Mukesh Ambani Early Life and Education
Mukesh Ambani was born to Dhirubhai and Kokilaben Ambani, part of a humble Gujarati Hindu family. In his early years, he lived in a modest two-bedroom apartment in Bhuleshwar, Mumbai, where he learned the values of hard work and humility.
Ambani started his education at Hill Grange High School in Mumbai and continued his undergraduate studies at St. Xavier’s College. His path took a unique turn when he briefly attended Stanford University for an MBA, only to return to India in 1980 to help his father develop the family enterprise, Reliance.
Mukesh Ambani Career
Mukesh Ambani’s business journey started in 1981 when he teamed up with his father to expand Reliance Industries. They diversified the company into various sectors, including refining, petrochemicals, retail, and telecommunications.
Under Ambani’s leadership, Reliance Retail Ltd. has become India’s largest retailer, and Reliance Jio Infocomm Limited has made significant strides in the country’s telecom industry. Throughout his career, Mukesh Ambani has consistently ranked as one of the world’s wealthiest individuals.
He’s prominently featured on Forbes’ list of the most influential people globally and has held the title of India’s richest person for more than a decade. Beyond business, Ambani owns the Mumbai Indians, a popular team in the Indian Premier League cricket, and he’s the founder of the Indian Super League, a football competition in India.
Mukesh Ambani Personal Life
Mukesh Ambani’s personal life has always intrigued many. He tied the knot with Nita Ambani in 1985, and they are proud parents to three children: twin sons Akash and Anant, along with a daughter named Isha. Their love story, which began when they crossed paths at a dance performance, has been a source of inspiration for many.
The Ambani family calls Antilia their home, an impressive 27-story building located in Mumbai. Valued at an astonishing $1 billion, Antilia is not only one of the world’s most expensive private residences but also a symbol of extravagance and luxury. The building features three helipads, a garage that can house 160 cars, a private movie theater, a swimming pool, and a fitness center, among other amenities.
Mukesh Ambani is well-known for his commitment to a vegetarian and teetotaler lifestyle. His philanthropic efforts have also gained recognition, ranking him fifth among India’s philanthropists in 2015, as per China’s Hurun Research Institute.
Despite his immense wealth and success, Mukesh Ambani remains a highly respected and closely watched figure. His influence extends beyond India, shaping the business landscape in significant ways.
Mukesh Ambani Life Timeline
1980s
In the 1980s, the Indian government, led by Indira Gandhi, allowed private businesses to enter the polyester filament yarn (PFY) manufacturing industry. Dhirubhai Ambani applied for a license to start a PFY manufacturing plant.
Getting this license was a complex and lengthy process that required influential connections due to government restrictions on large-scale manufacturing. Despite tough competition from companies like Tatas and Birlas, Dhirubhai managed to secure the license, often referred to as the License Raj.
To set up the PFY plant, Dhirubhai brought his eldest son back from Stanford University in 1981, where he was pursuing an MBA. His son never returned to his studies as he was responsible for Reliance’s expansion into polyester fibers and petrochemicals. After joining the company, he reported to Rasikbhai Meswani, the executive director. The company was built from the ground up with the philosophy that everyone should contribute, not just a few select individuals.
This approach became crucial after Rasikbhai’s passing in 1985 and Dhirubhai’s stroke in 1986, which shifted all responsibilities to Ambani and his brother. Mukesh Ambani went on to establish Reliance Infocomm Limited, later known as Reliance Communications Limited, focusing on information and communication technology initiatives. At the young age of 24, he led the construction of the Patalganga petrochemical plant as the company heavily invested in oil refinery and petrochemicals.
2000s
In the 2000s, tensions arose between the Ambani brothers after their father’s death in 2002. With no will to distribute the family business, their mother intervened, splitting the company into two. Mukesh Ambani gained control of Reliance Industries Limited and Indian Petrochemicals Corporation Limited, a decision approved by the Bombay High Court in December 2005.
Under Mukesh Ambani’s leadership, the world’s largest grassroots petroleum refinery was built in Jamnagar, India, with an impressive capacity. In 2010, it could produce 660,000 barrels per day, integrated with petrochemicals, power generation, and port facilities. Ambani also explored collaborations and investments in digital infrastructure and 4G network services.
Recognized for his contributions to engineering and business leadership in the oil and petrochemical industry, Ambani became a member of the National Academy of Engineering in 2016. He further expanded his ventures, launching a 4G smartphone brand named LYF in 2016 and introducing Reliance Jio Infocomm Limited, commonly known as Jio, with great success.
In February 2014, Mukesh Ambani faced allegations of irregularities in the pricing of natural gas from the KG basin, resulting in a criminal FIR. The gas pricing issue led to political discussions, with Arvind Kejriwal accusing various parties of not addressing the matter effectively.
In August 2022, Mukesh Ambani announced an ambitious plan to launch 5G mobile internet services worth $25 billion, starting in major cities and expanding across India by the end of 2023.
Mukesh Ambani Stock Manipulation and Penalty
In 2007, Reliance Industries faced a hefty fine of Rs. 950 crore (9.5 billion) for manipulating shares of Reliance Petroleum Limited (RPL). This fine was divided into 447 crore (4.47 billion) as retracted gains and 500 crore (5 billion) as interest. In 2006, RPL went public as a subsidiary of Reliance at a share price of Rs. 60.
However, the market experienced a significant drop of 30% shortly after, bringing RPL’s share price back down to Rs. 60. Following a directive from the Securities and Exchange Board of India, Reliance Industries engaged in an organized effort, with the assistance of its agents, to make unauthorized profits from the trading of RPL, which was later merged with the parent company in 2009.
FAQs on Mukesh Ambani Biography
Who is Mukesh Ambani?
Mukesh Ambani is a highly influential business figure born on April 19, 1957, in Aden, Yemen. He is the Chairman and Managing Director of Reliance Industries Ltd., a massive Indian conglomerate that has a significant impact on India's business landscape.
What is Mukesh Ambani's net worth?
As of August 2023, Mukesh Ambani's net worth is approximately $91.2 billion, making him not only the richest person in Asia but also the 13th wealthiest individual globally.
What is Mukesh Ambani's educational background?
Mukesh Ambani started his education at Hill Grange High School in Mumbai and attended St. Xavier's College for his undergraduate studies. He briefly pursued an MBA at Stanford University but returned to India in 1980 to help develop Reliance, the family enterprise.
What are Mukesh Ambani's notable career achievements?
Mukesh Ambani, in collaboration with his father, expanded Reliance Industries into various sectors, including refining, petrochemicals, retail, and telecommunications. Under his leadership, Reliance Retail Ltd. became India's largest retailer, and Reliance Jio Infocomm Limited made significant strides in the country's telecom industry. He is consistently ranked as one of the world's wealthiest individuals and has played a pivotal role in shaping India's business landscape.
