Mukesh Ambani
Encyclopedia
Mukesh Dhirubhai Ambani (born on 19 April 1957) is an Indian business magnate
Business magnate
A business magnate, sometimes referred to as a capitalist, czar, mogul, tycoon, baron, oligarch, or industrialist, is an informal term used to refer to an entrepreneur who has reached prominence and derived a notable amount of wealth from a particular industry .-Etymology:The word magnate itself...
. He is the chairman and managing director of Indian conglomerate
Conglomerate (company)
A conglomerate is a combination of two or more corporations engaged in entirely different businesses that fall under one corporate structure , usually involving a parent company and several subsidiaries. Often, a conglomerate is a multi-industry company...
Reliance Industries
Reliance Industries
Reliance Industries Limited is an Indian conglomerate company headquartered at Mumbai, India. The company operates through three business segments: petrochemicals, refining, and oil and gas, other segment of the company includes textile, retail business, special economic zone development and...
, the largest private sector
Private sector
In economics, the private sector is that part of the economy, sometimes referred to as the citizen sector, which is run by private individuals or groups, usually as a means of enterprise for profit, and is not controlled by the state...
enterprise in India listed in Fortune 500
Fortune 500
The Fortune 500 is an annual list compiled and published by Fortune magazine that ranks the top 500 U.S. closely held and public corporations as ranked by their gross revenue after adjustments made by Fortune to exclude the impact of excise taxes companies collect. The list includes publicly and...
magazine. His personal stake in Reliance Industries is 48%. On the 29th of August' 2011, Reliance Industries regained its status as the most valued firm in India, after a heady contest with ONGC and Coal India Ltd., both public sector units as well as energy giants.
In 2010, he was named among the most powerful people in the world by Forbes
Forbes
Forbes is an American publishing and media company. Its flagship publication, the Forbes magazine, is published biweekly. Its primary competitors in the national business magazine category are Fortune, which is also published biweekly, and Business Week...
in its list of "68 people who matter most" As of 2011, he is the second richest man in Asia and the ninth richest man in the world
Forbes list of billionaires
Forbes list of billionaires is based on an annual assessment of wealth and assets compiled and published by Forbes magazine on March 10, 2011.-Forbes list of billionaires :...
with a personal wealth of US$27 billion. In 2007, a strong rally in the Indian stock market and the appreciation of the Indian rupee boosted the market capitalisation of Reliance group companies, briefly making him the world’s richest man.
He is a member of the board of directors of Bank of America Corporation and a present member of the international advisory board of the Council on Foreign Relations
Council on Foreign Relations
The Council on Foreign Relations is an American nonprofit nonpartisan membership organization, publisher, and think tank specializing in U.S. foreign policy and international affairs...
.
Early life and education
Mukesh Ambani is the eldest son of Dhirubhai AmbaniDhirubhai Ambani
Dhirajlal Hirachand Ambani also known as Dhirubhai, was an Indian-Gujarati business magnate and entrepreneur who founded Reliance Industries, a petrochemicals, communications, power, and textiles conglomerate and the only privately owned Indian company in the Fortune 500. Ambani took his company...
, the late founder of Reliance Industries. He has a brother, Anil
Anil Ambani
Anil Dhirubhai Ambani is an Indian-Gujarati business baron and chairman of Reliance Anil Dhirubhai Ambani Group, one of the largest private conglomerates. Anil's elder brother, Mukesh Ambani, is worth more than 29 billion dollars, and owns another company called Reliance Industries...
, and two sisters - Dipti Salgaoncar & Neena Kothari.
The Ambani family lived in a two bedroom apartment in Bhuleshwar
Bhuleshwar
Bhuleshwar is a neighbourhood in Mumbai. The area is known for being house to over 100 temples and the former residence of Dhirubhai Ambani and family....
, Mumbai
Mumbai
Mumbai , formerly known as Bombay in English, is the capital of the Indian state of Maharashtra. It is the most populous city in India, and the fourth most populous city in the world, with a total metropolitan area population of approximately 20.5 million...
until the 1970s. Dhirubhai Ambani then purchased a 14-floor apartment block called 'Sea Wind' in Colaba
Colaba
Colaba is a part of the city of Mumbai, India, and also a Lok Sabha constituency. During Portuguese rule in the 16th century, the island was known as Candil...
, where, until recently, Mukesh and Anil each lived with their families on different floors.
Mukesh Ambani was educated at Abaay Morischa School in Mumbai and completed his graduation with a bachelor`s degree in chemical engineering from the UDCT, now Institute of Chemical Technology
Institute of Chemical Technology
Institute of Chemical Technology , Mumbai, is India's premier chemical engineering and technology research institute. It is an institute dedicated to training and research in various branches of Chemical Engineering, Chemical Technology, and Pharmacy...
, Mumbai.He stood sixth in the University exams. Mukesh later enrolled for an MBA from Stanford University
Stanford University
The Leland Stanford Junior University, commonly referred to as Stanford University or Stanford, is a private research university on an campus located near Palo Alto, California. It is situated in the northwestern Santa Clara Valley on the San Francisco Peninsula, approximately northwest of San...
but completed only one year of the two year program and dropped out in the year 1980. 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 licence to setup 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.
Career
He joined Reliance Industries in 1981. 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.Ambani set up one of the largest and most complex information and communications technology initiatives in the world in the form of Reliance Infocomm Limited (now Reliance Communications Limited).
Ambani directed and led the creation of the world’s largest grassroots petroleum refinery at Jamnagar, India, with a current capacity of 660,000 barrels per day (33 million tonnes per year) integrated with petrochemicals, power generation, port and related infrastructure.
Board Memberships
- Chairman, Managing Director, Chairman of Finance Committee and Member of Employees Stock Compensation Committee, Reliance Industries Limited
- Former Chairman, Indian Petrochemicals Corporation LimitedIndian Petrochemicals Corporation LimitedIndian Petrochemicals Corporation Limited is a petrochemicals company in India. It was established on March 22, 1969, with a view to promote and encourage the use of plastics in India. Its business consists of polymers, synthetic fibre, fibre intermediaries, solvents, surfactants, industrial...
- Former Vice Chairman, Reliance PetroleumReliance PetroleumReliance Petroleum Limited was set up by Reliance Industries Limited , one of India's largest private sector companies based in Mumbai. Currently, RPL is subsidiary of RIL, and has interests in the downstream oil business...
- Chairman of the Board, Reliance PetroleumReliance PetroleumReliance Petroleum Limited was set up by Reliance Industries Limited , one of India's largest private sector companies based in Mumbai. Currently, RPL is subsidiary of RIL, and has interests in the downstream oil business...
- 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
Awards and honours
| Year of Award or Honor | Name of Award or Honor | Awarding Organization |
|---|---|---|
| 2010 | Global Vision Award at The Awards Dinner | Asia Society |
| 2010 | Business Leader of the Year | NDTV India |
| 2010 | Businessman of the Year | Financial Chronicle |
| 2010 | Juran Quality Medal for 2009 | Indian Merchant's Chamber (IMC) |
| 2010 | School of Engineering and Applied Science Dean's Medal | University of Pennsylvania University of Pennsylvania The University of Pennsylvania is a private, Ivy League university located in Philadelphia, Pennsylvania, United States. Penn is the fourth-oldest institution of higher education in the United States,Penn is the fourth-oldest using the founding dates claimed by each institution... . |
| 2007 | United States-India Business Council Leadership Award | United States-India Business Council. |
| 2007 | Chitralekha Person of the Year Award | Government of Gujarat Government of Gujarat The Government of Gujarat also known as the State Government of Gujarat, or locally as State Government, is the supreme governing authority of the Indian state of Gujarat and its 26 districts... . |
| 2004 | World Communication Award | Total Telecom. |
- Ranked 5th best performing CEO in the world by Harvard Business Review in its ranking of top 50 global CEOs.
- Only Indian to be a part of the United Nations MDG Advocacy Group
- Re-elected as Vice Chairman of the Business Council for Sustainable Development's (WBCSD) Executive Committee for a second consecutive term in 2010.
Personal life
He is married to Nita AmbaniNita Ambani
Nita Ambani is the Founder-Chairperson of the Dhirubhai Ambani International School.She is also the wife of industrialist Mukesh Ambani. She is actively involved in various philanthropic activities in the fields of education, human resources and disaster relief.Nita Ambani also is the Co-Owner of...
and has three children. They live in a private 27-story building in Mumbai named Antilia
Antilia (building)
Antilia is the name of a twenty-seven floor personal home in South Mumbai belonging to businessman Mukesh Ambani, the billionaire Chairman of Reliance Industries...
. The value of the home is approximately US$2 billion and it is claimed to be the most expensive home in history.
He owns the Indian Premier League team the Mumbai Indians
Mumbai Indians
Mumbai Indians , is a franchise cricket team representing Mumbai in the Indian Premier League. The team is one of the eight founding members of the IPL in 2008. Mumbai Indians are currently led by Sachin Tendulkar, who is the Icon Player for the team and is coached by Robin Singh...
.
External links
- Profile at Reliance IndustriesReliance IndustriesReliance Industries Limited is an Indian conglomerate company headquartered at Mumbai, India. The company operates through three business segments: petrochemicals, refining, and oil and gas, other segment of the company includes textile, retail business, special economic zone development and...
- Profile at ForbesForbesForbes is an American publishing and media company. Its flagship publication, the Forbes magazine, is published biweekly. Its primary competitors in the national business magazine category are Fortune, which is also published biweekly, and Business Week...
- Mukesh Ambani collected news and commentary at The Times of IndiaThe Times of IndiaThe Times of India is an Indian English-language daily newspaper. TOI has the largest circulation among all English-language newspaper in the world, across all formats . It is owned and managed by Bennett, Coleman & Co. Ltd...