Mukesh Ambani Biography

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Mukesh Ambani Biography

Mukesh Dhirubhai Ambani born on 19 April 1957 is an Indian business magnate who is the Chairman and Managing Director of Reliance Industries Limited ( RIL ), a Fortune Global 500 company and India’s second most valuable company by market value. Mukesh Ambani, the elder son of the founder of Reliance Industries late Dhirubhai Ambani, is the largest shareholder in Reliance Industries Limited ( RIL ). He holds a 44.7 % stake in the company. The Headquarters of RIL is situated in Mumbai, India. The company deals mainly in refining, petrochemical and in oil & gas sectors. Reliance Retail Ltd., a subsidiary of Reliance Industries, is the largest retailer in India.

In 2010, he was included in Forbes’s list of “68 people who matter most”. As of 2013, he is India’s richest man and second richest man in Asia. Ambani is listed as the 22nd richest person in the world with a personal wealth of $21.5 billion. He has retained his position as the India’s richest person for the sixth year in a row. He co-owns the Indian Premier League franchise Mumbai Indians. In 2012, Forbes named him as the one of the richest sports owner in the world.

He is a member of the board of directors of Bank of America Corporation and the international advisory board of the Council on Foreign Relations. He is also the Chairman of the board of Indian Institute of Management Bangalore, one of the premier business schools in the country.
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Early life

Mukesh Ambani was born on 19th 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 two bedroom apartment in Bhuleshwar, Mumbai until the 1970s. Dhirubhai then purchased a 14-floor apartment block called ‘Sea Wind’ in Colaba, where, until recently, Mukesh and Anil lived with their families on different floors.

He attended the Hill Grange High School on Peddar Road, Mumbai, along with his brother and where Anand Jain, his close associate, was his classmate. He received BE degree in Chemical Engineering from the University of Mumbai. Mukesh later enrolled for an MBA from Stanford University but dropped out. The Indira Gandhi administration threw open the doors of PFY ( polyester filament yarn ) manufacturing to the private sector in early 1980. Dhirubhai Ambani had applied for a license to set up a PFY manufacturing plant. In spite of stiff competition from Tatas, Birlas and 43 others, Dhirubhai was awarded the licence. To help him build the PFY plant, Dhirubhai pulled his eldest son Mukesh out of Stanford where he was studying for his MBA. Mukesh Ambani, then dropped out to help his father and initiated Reliance`s backward integration from textiles into polyester fibres and further into petrochemicals, beginning in 1981. In 2010, he was given an Hon.DSc( Doctor of Science )( Hon.Causa )degree by M.S.University, Baroda.

Business career

Mukesh Ambani joined Reliance Industries in 1987. He initiated Reliance’s backward integration journey from textiles into polyester fibres and further into petrochemicals, petroleum refining and going up-stream into oil and gas exploration and production.

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

Board memberships

  • Chairman, Indian Institute of Management Bangalore
  • Member of Board of Governors UDCT, 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
  • Director, Member of Credit Committee and Member of Compensation & Benefits Committee, Bank of America Corporation
  • President, Pandit Deendayal Petroleum University, Gandhinagar, Gujarat

Personal life

Mukesh is married to Nita Ambani and has three children. They live in a private 27-storey building in Mumbai named Antilia valued at US$1 billion and it is said to be the most expensive home in history. Even as RIL’s total outgo towards remuneration to its all top management personnel, as also the sitting fees and commissions for its non-executive directors, increased during the fiscal year ended March 31, 2012, Mukesh decided to forgo nearly ₹ 24 crore from his annual pay last fiscal as chief of Reliance Industries Ltd ( RIL ), keeping his salary capped at ₹ 15 crore for the fourth year in a row.

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