Mukesh Dhirubhai Ambani (born April 19, 1957) is an Indian businessman and the chairman and managing director of Reliance Industries. As of July 2024, he has an estimated net worth of $123.3 billion, making him the richest person in Asia and the 11th richest in the world. Sometimes characterized as a plutocrat, Ambani has attracted both fame and notoriety for reports of market manipulation, political corruption, cronyism, and exploitation.
Early Life
Mukesh Dhirubhai Ambani was born on April 19, 1957, in the British Crown colony of Aden (present-day Yemen) into a Gujarati Hindu family to Dhirubhai Ambani and Kokilaben Ambani. He has a younger brother, Anil Ambani, and two sisters, Nina Bhadrashyam Kothari and Dipti Dattaraj Salgaonkar.
Ambani lived only briefly in Yemen because his father decided to move back to India in 1958 to start a trading business focused on spices and textiles. The latter was originally named “Vimal” but was later changed to “Only Vimal.”. His family lived in a modest, two-bedroom apartment in Bhuleshwar, Mumbai, until the 1970s. Although the family’s financial status slightly improved upon their move to India, Ambani still lived in a communal society, used public transportation, and never received an allowance. Later, Dhirubhai purchased a 14-floor apartment block called ‘Sea Wind’ in Colaba, where Ambani and his brother lived with their families on different floors.
Education
Mukesh Ambani attended Hill Grange High School on Peddar Road, Mumbai, alongside his brother and Anand Jain, who later became his close associate. After completing his secondary schooling, he studied at St. Xavier’s College, Mumbai. He then earned a BE degree in chemical engineering from the Institute of Chemical Technology.
Ambani later enrolled for an MBA at Stanford University but withdrew in 1980 to help his father build Reliance, which was then a small but fast-growing enterprise. His father believed 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 the company.
Ambani was influenced by his teachers, William F. Sharpe and Man Mohan Sharma, whom he described as the kind of professors who made you think outside the box.
Career
In 1981, Mukesh Ambani left Stanford University at the request of his father, Dhirubhai Ambani, to help run the family business, Reliance Industries Limited. He established Reliance Infocomm Limited (later renamed Reliance Communications Limited), focusing on information and communications technology initiatives. At the age of 24, Ambani was given charge of constructing the Patalganga petrochemical plant, as the company was making significant investments in oil refining and petrochemicals.
Ambani directed and led the creation of the world’s largest grassroots petroleum refinery in Jamnagar, India, which, by 2010, could produce 660,000 barrels per day (33 million metric tons per year). This refinery is integrated with petrochemicals, power generation, port facilities, and related infrastructure. In December 2013, Ambani announced a potential “collaborative venture” with Bharti Airtel to establish digital infrastructure for India’s 4G network. On June 18, 2014, he committed to investing Rs 1.8 trillion across various businesses over the next three years and launching 4G broadband services in 2015.
In February 2014, a First Information Report (FIR) was filed against Mukesh Ambani, alleging irregularities in the pricing of natural gas from the KG basin. Despite this, Ambani’s influence in the industry continued to grow. In 2016, he was elected a member of the National Academy of Engineering for his leadership in oil refineries, petrochemical products, and related industries.
Ambani has also made significant contributions to philanthropy. In 2015, he ranked fifth among India’s philanthropists, according to China’s Hurun Research Institute. He became the first non-American director on the board of the Bank of America. By 2016, he was ranked the 36th richest person in the world and has consistently held the title of India’s richest person on Forbes’ list for the past ten years. Ambani is the only Indian businessman on Forbes’ list of the world’s most powerful people. In October 2020, Forbes ranked him as the 6th wealthiest person in the world. In July 2018, he surpassed Jack Ma, the executive chairman of Alibaba Group, to become Asia’s richest person with a net worth of $44.3 billion. He is also the wealthiest person in the world outside North America and Europe.
According to Bloomberg’s “Robin Hood Index,” as of February 2018, Ambani’s personal wealth could fund the operations of the Indian federal government for 20 days. Through Reliance, he owns the Indian Premier League franchise Mumbai Indians and founded the Indian Super League, a football league in India. In 2012, Forbes named him one of the richest sports owners in the world. Ambani resides in Antilia, one of the world’s most expensive private residences, valued at $4.6 billion in 2023.
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
- President, Pandit Deendayal Petroleum University, Gandhinagar, Gujarat
- Member of the Board of Trustees, World Economic Forum
Awards and honors
The Union Minister for Finance and Corporate Affairs, Shri Arun Jaitley, the Union Minister for Railways and Coal, Shri Piyush Goyal, and the Chief Minister of Maharashtra, Shri Devendra Fadnavis, are also seen.
Stock Manipulation and Penalty
In 2007, Reliance Industries was fined Rs. 950 crores (9.5 billion) for manipulating shares of Reliance Petroleum Limited (RPL). This penalty was divided into Rs. 447 crores (4.47 billion) in retracted gains and Rs. 500 crores (5 billion) in interest .
In April 2006, RPL went public as a subsidiary of Reliance Industries at Rs. 60 per share. The market initially saw the stock float at around Rs. 100, but it soon crashed by 30%, bringing the share price back to Rs. 60. According to directives from the Securities and Exchange Board of India (SEBI), Reliance Industries executed an organized operation with the assistance of its agents to gain unauthorized profits from trading its formerly listed unit, RPL. This unit was later merged with Reliance Industries in 2009.
Personal Life of Mukesh Ambani
Mukesh Ambani married Nita Ambani in 1985. They have three children: twin siblings Akash and Isha, and their younger brother, Anant. Their introduction was orchestrated by Mukesh’s father, who was impressed by Nita’s performance at a dance event and decided to arrange their marriage.
The Ambani family resides in Antilia, a 27-story private residence in Mumbai. Valued at US$1 billion at the time of its construction, Antilia is known for being the most expensive private residence in the world. The building requires a 600-member staff for maintenance and boasts features such as three helipads, a 160-car garage, a private movie theatre, a swimming pool, and a fitness centre.
In 2007, Mukesh Ambani gifted Nita a $60 million Airbus A319 for her 44th birthday. This luxurious aircraft is custom-fitted with a living room, bedroom, satellite television, WiFi, a sky bar, showers, and an office.
Mukesh Ambani gained the title of “The World’s Richest Sports Team Owner” in 2008 after purchasing the IPL cricket team, Mumbai Indians, for $111.9 million. Known for his disciplined lifestyle, Ambani is a strict vegetarian and teetotaler.
During the fiscal year ending on March 31, 2012, Ambani chose to forgo nearly ₹240 million from his annual salary as the chief of Reliance Industries Ltd (RIL), despite an increase in total remuneration packages for RIL’s top management personnel. This decision kept his salary capped at ₹150 million for the fourth consecutive year. Mukesh Ambani holds a 50.4% stake in the company.
In early 2019, a court in Mumbai found his younger brother, Anil Ambani, in criminal contempt for non-payment of a debt owed to Ericsson by Reliance Communications, which Anil had personally guaranteed. Instead of serving jail time, Anil was given a month to settle the debt, which Mukesh paid off.
In 2021, Mukesh Ambani was the target of a bomb scare when an SUV loaded with explosives was found near his Mumbai residence. In 2023, he received a death threat via email.
