Mukesh Dhirubhai Ambani (born 19 April 1957) is an Indian billionaire and businessman, serving as the chairman and managing director of Reliance Industries. He is recognized as the richest person in Asia and the 9th richest person in the world as of 2024.
Ambani has been a prominent figure in India's corporate landscape, but his career has also attracted criticism due to allegations of market manipulation, political corruption, cronyism, and exploitation.
As of October 2024, Ambani was ranked 1st on Forbes' list of India's 100 richest tycoons, with an estimated net worth of $119.5 billion.
Early Life
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| Born | Mukesh Dhirubhai Ambani 19 April 1957 |
| Education |
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| Occupations | Businessman |
| Title | Chairman and MD of Reliance Industries |
| Spouse | Nita Ambani (m. 1985)
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| Children | 3 |
| Parents |
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| Relatives | Anil Ambani (brother) Tina Ambani (sister-in-law) |
Mukesh Dhirubhai Ambani was born on 19 April 1957 in Aden (now part of Yemen), which was then a British Crown colony. He was born into a Gujarati Hindu family, the son of Dhirubhai Ambani and Kokilaben Ambani. He has a younger brother, Anil Ambani, and two sisters, Nina Bhadrashyam Kothari and Dipti Dattaraj Salgaonkar.
Ambani spent only a brief period in Yemen, as his father moved the family back to India in 1958 to start a trading business focused on spices and textiles. Initially, the business was named "Vimal," which was later rebranded as "Only Vimal."
The family lived in a modest two-bedroom apartment in Bhuleshwar, Mumbai, until the 1970s. While their financial situation improved after relocating to India, Ambani's early life was marked by a simple lifestyle. He grew up in a communal society, used public transportation, and did not receive an allowance. In the later years, his father purchased a 14-floor apartment block named 'Sea Wind' in Colaba, where Ambani and his brother Anil lived with their families on different floors.
Education
Mukesh Ambani attended Hill Grange High School on Peddar Road, Mumbai, where he was classmates with his brother Anil Ambani and Anand Jain, who would later become a close associate. After completing his secondary education, Ambani enrolled at St. Xavier's College, Mumbai. He later pursued a Bachelor of Engineering (BE) degree in chemical engineering from the Institute of Chemical Technology, Mumbai.
In 1980, Ambani enrolled for a Master of Business Administration (MBA) at Stanford University, where he was a classmate of Steve Ballmer. However, he withdrew from the program that same year to return to India and assist his father in building Reliance Industries, which was then a small but rapidly growing business. His father, Dhirubhai Ambani, believed that real-life skills could be gained through practical experience rather than formal education, prompting him to call his son back to India to oversee a yarn manufacturing project at Reliance.
Ambani was influenced by professors William F. Sharpe and Man Mohan Sharma at the Institute of Chemical Technology, noting that they encouraged him to think "out of the box."
Career
Mukesh Ambani began his career by establishing Reliance Infocomm Limited (later renamed Reliance Communications Limited), which focused on information and communications technology initiatives. At the age of 24, Ambani was given the responsibility of overseeing the construction of the Patalganga petrochemical plant, as Reliance Industries was making significant investments in the oil refinery and petrochemical sectors.
Ambani played a key role in the creation of the world's largest grassroots petroleum refinery at Jamnagar, India, which, by 2010, had the capacity to produce 660,000 barrels per day (33 million tonnes per year). The refinery was integrated with petrochemical production, power generation, port infrastructure, and other related facilities.
In December 2013, Ambani revealed plans for a potential collaborative venture with Bharti Airtel to establish digital infrastructure for India's 4G network. He later announced in June 2014 that he would invest ₹1.8 trillion (approximately $30 billion USD) across Reliance's businesses over the next three years, with plans to launch 4G broadband services in 2015.
In February 2014, a First Information Report (FIR) was filed against Ambani concerning alleged irregularities in the pricing of natural gas from the KG basin.
Ambani was elected as a member of the National Academy of Engineering in 2016, recognizing his leadership in the oil refinery, petrochemical, and related industries.
By 2015, Ambani ranked as the fifth-largest philanthropist in India, according to Hurun Research Institute. That same year, he was appointed to the Board of Directors of Bank of America, becoming the first non-American to serve on the bank’s board. As of 2016, Ambani was the 36th richest person in the world and had consistently topped the Forbes list of India’s richest individuals for over a decade. Ambani became the richest person in Asia in 2018, surpassing Jack Ma, with a net worth of $44.3 billion.
Ambani’s wealth was so vast that, as of February 2018, Bloomberg’s Robin Hood Index estimated that his personal fortune could fund the operations of the Indian government for 20 days.
Through Reliance, Ambani also owns the Mumbai Indians, an Indian Premier League (IPL) franchise, and is the founder of the Indian Super League, a professional football league in India.
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
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. RPL went public in April 2006 as a Reliance subsidiary at Rs. 60 per share. After its initial public offering, the market crashed by 30%, and the share price dropped back to Rs. 60. The Securities and Exchange Board of India (SEBI) found that RIL had engaged in an organized operation with the help of agents to generate unauthorized profits from trading in RPL. The company later merged RPL with Reliance Industries in 2009.
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 | 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 |
| 2016 | Foreign associate, U.S. National Academy of Engineering | National Academy of Engineering |
| 2016 | Othmer Gold Medal | Chemical Heritage Foundation |
Personal Life
Mukesh Ambani married Nita Ambani in 1985. They have two sons, Akash (born 23 October 1991) and Anant (born 10 April 1995), and a daughter, Isha, who is Akash's twin. Their marriage was arranged after his father attended a dance performance by Nita and saw potential in the match.
The family resides in Antilia, a private 27-story building in Mumbai valued at US$1 billion. At the time of its completion, it was considered the most expensive private residence in the world. The building requires a staff of 600 people for maintenance and features three helipads, a 160-car garage, a private movie theater, a swimming pool, and a fitness center.
Ambani is the owner of the Mumbai Indians cricket team in the Indian Premier League (IPL), having purchased the team for $111.9 million in 2008. He has also been titled the world's richest sports team owner.
A strict vegetarian and teetotaler, Ambani reportedly waived nearly ₹240 million from his salary as chief of Reliance Industries Ltd during the fiscal year ending 31 March 2012. Despite this, he still holds a 50.4% stake in the company, and his salary was capped at ₹150 million for the fourth consecutive year.
In 2019, Mukesh Ambani bailed out his younger brother, Anil Ambani, by paying off a debt owed to Swedish company Ericsson after the Mumbai court held Anil in contempt for non-payment.
In 2021, Ambani's security was threatened when a car loaded with explosives was discovered near his Mumbai residence. Additionally, in 2023, he received a death threat via email.
In July 2024, Ambani’s son, Anant Ambani, married Radhika Merchant in what was described as "India's wedding of the year." The multi-day event, held at the Antilia building and Jio Convention Center, reportedly cost between $300 million and $600 million, drawing attention to issues of wealth inequality in India.
Ambani has also become India's first private owner of a Boeing 737 Max 9 aircraft, purchased for around Rs. 1000 crore, which will be used for long-distance family travel.
References
- (No date) Bloomberg.com. Available at: https://www.bloomberg.com/news/features/2021-11-22/asia-s-richest-man-mukesh-ambani-eyes-walton-family-for-succession-plan (Accessed: 04 January 2025).
- ‘Ambani Family: Champions of industrial and economic growth’ in 2024: Celebrities, celebrity weddings, kids choice award (2024) Pinterest. Available at: https://in.pinterest.com/pin/1031183645925442134/ (Accessed: 04 January 2025).
- Ril to expand vinyl, polyester chain to meet growing demand: CMD in 2024: Polyester, vinyl, Textile News (2024) Pinterest. Available at: https://in.pinterest.com/pin/1022176446677381948/ (Accessed: 04 January 2025).
- Glamsham.com on Instagram: "swipe to see 👉🏻 the happy faces of Ambani family while they post with the international guests ❤️ #Glamsham #anantambani #radhikam... in 2024: Indian fashion, Indian dresses, pop culture (2024) Pinterest. Available at: https://in.pinterest.com/pin/918382549005649330/ (Accessed: 04 January 2025).
