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Mukesh Ambani

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Mukesh Dhirubhai Ambani
Born
Mukesh Dhirubhai Ambani

(1957-04-19) 19 April 1957 (age 67)
Aden, Colony of Aden (now Yemen)[1][2]
NationalityIndian
Alma materInstitute of Chemical Technology (B.E)
Stanford University (discontinued)[3]
Occupation(s)Chairman and Managing Director of Reliance Industries
Spouse
​
(m. 1985)​
ChildrenAnant Ambani
Akash Ambani
Isha Ambani
Parent(s)Dhirubhai Ambani
Kokilaben Ambani
RelativesAnil Ambani (brother)
WebsiteMukesh Ambani

Mukesh Dhirubhai Ambani (born 19 April 1957) is an Indian business magnate who is the chairman, managing director and largest shareholder of Reliance Industries Limited (RIL), a Fortune Global 500 company and India's most valuable company by market value.[5][6] He holds a 44.7% stake in the company.[7] Reliance Industries Limited deals mainly in refining, petrochemicals, and in the oil and gas sectors. Reliance Retail Ltd., another subsidiary, is the largest retailer in India.[8]

He is the elder son of the late Dhirubhai Ambani and Kokilaben Ambani and the brother of Anil Ambani. As of January 2018, Mukesh Ambani was ranked by Forbes as 18th-wealthiest person in the world. He surpassed Jack Ma as Asia's richest person with a net worth of $44.3 billion in July 2018[9]. In 2016, he was ranked 38, and is the only Indian businessman, on Forbes' list of the world's most powerful people.[10][11][12] As of 2016, Ambani has consistently held the title of India's richest person on the magazine's list for ten years.[13][14] Through Reliance, he also owns the Indian Premier League franchise Mumbai Indians. In 2012, Forbes named him one of the richest sports owners in the world.[15][16] He resides at the Antilia Building, one of the world's most expensive private residences. Its value is close to $1 billion.[17][18] As of 2015, Ambani ranked fifth among India's philanthropists, according to China’s Hurun Research Institute.[19]

Early life

Mukesh Dhirubhai Ambani was born on 19 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 modest two-bedroom apartment in Bhuleshwar, Mumbai until the 1970s.[20] Dhirubhai later purchased a 14-floor apartment block called 'Sea Wind' in Colaba, where, until recently, Mukesh and Anil lived with their families on different floors.[21]

He attended the Hill Grange High School at Peddar Road, Mumbai, along with his brother and where Anand Jain, his close associate, was his classmate.[22] He received his BE degree in Chemical Engineering from the Institute of Chemical Technology(UDCT), Matunga.[23] Mukesh later enrolled for an MBA at Stanford University but withdrew to help his father build Reliance, which at the time was still a small but fast growing enterprise.[24]

Business career

In 1980, the Indian government under Indira Gandhi opened PFY (polyester filament yarn) manufacturing to the private sector. Dhirubhai Ambani applied for a licence to set up a PFY manufacturing plant. In spite of stiff competition from Tatas, Birlas and 43 others, Dhirubhai was awarded the licence.[25] To help him build the PFY plant, Dhirubhai pulled his eldest son Mukesh out of Stanford where he was studying for his MBA. Mukesh then continued to work for Reliance and did not return to his university program after that. He led Reliance's backward integration[clarification needed] from textiles into polyester fibres and further into petrochemicals, beginning in 1981.[5]

Mukesh Ambani set up Reliance Infocomm Limited (now Reliance Communications Limited), which was focused on information and communications technology initiatives.[26]

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.[27]

In December 2013 Ambani announced, at the Progressive Punjab Summit in Mohali, the possibility of a "collaborative venture" with Bharti Airtel in setting up digital infrastructure for the 4G network in India.[28]

In February 2014, a First Information Report (FIR) alleging criminal offences was filed against Mukesh Ambani for alleged irregularities in the pricing of natural gas from the KG basin.[29] Arvind Kejriwal, who had a short stint as Delhi's chief minister and had ordered the FIR, has accused various political parties of being silent on the gas price issue.[30] Kejriwal has asked both Rahul Gandhi and Narendra Modi to clear their stand on the gas pricing issue.[31][32] Kejriwal has alleged that the Centre allowed the price of gas to be inflated to eight dollars a unit though Mukesh Ambani's company spends only one dollar to produce a unit, which meant a loss of Rs. 540 billion to the country annually.[33][34]

On 18 June 2014, Mukesh Ambani, addressing the 40th AGM of Reliance Industries, said it will invest Rs 1.8 trillion (short scale) across businesses in the next three years and launch 4G broadband services in 2015.[35]

In February 2016, Mukesh Ambani-led Jio launched its own 4G smartphone brand named LYF.[36] In June 2016, it was India's third-largest-selling mobile phone brand.[37]. During the 40th annual general meeting of RIL, he announced bonus shares in the ratio of 1:1 which is the country’s largest bonus issue in India, and announced the Jio Phone at an effective price of ₹0.[38]

As of February, 2018, Bloomberg's "Robin Hood Index" estimated that Ambani's personal wealth was enough to fund the operations of the Indian federal government for 20 days.[39]

Board memberships

Awards and honors

Year of Award or Honor Name of Award or Honor Awarding Organization
2000 Ernst & Young Entrepreneur of the Year[41] Ernst & Young India
2010 Global Vision Award at The Awards Dinner[42] Asia Society
2010 Business Leader of the Year[43] NDTV India
2010 Businessman of the Year[44] Financial Chronicle
2010 School of Engineering and Applied Science Dean's Medal[45] University of Pennsylvania
2010 ranked 5th-best performing global CEO[46] Harvard Business Review
2010 Global Leadership Award[47] Business Council for International Understanding
2010 Honorary Doctorate (Doctor of Science)[48] M. S. University of Baroda
2013 Millennium Business Leader of the Decade at Indian Affairs India Leadership Conclave Awards 2013)[49] India Leadership Conclave & Indian Affairs Business Leadership Awards
2016 Foreign member, U. S. National Academy of Engineering[50][51] National Academy of Engineering
2016 Othmer Gold Medal[52][53] Chemical Heritage Foundation

Personal life

Mukesh is married to Nita Ambani and has two sons, Anant and Akash, and a daughter, Isha.[54] They live in a private 27-storey building in Mumbai named Antilia valued at US$1 billion and was the most expensive residence in the world at the time of being built.[17][18] In an interview with Rajdeep Sardesai in March 2017, Mukesh said that his favourite food continued to be idli sambar and his favourite restaurant remains Mysore Café, a restaurant in Kings circle (Mumbai) where he used to eat as a student at UDCT from 1974 to 1979.[55][56]

During the fiscal year ending 31 March 2012, Mukesh reportedly, decided to forgo nearly ₹240 million from his annual pay as chief of Reliance Industries Ltd (RIL). He elected to do this even as RIL's total remuneration packages to its top management personnel increased during that fiscal year. This move kept his salary capped at ₹150 million for the fourth year in a row.[57]

Mukesh Ambani is a strict vegetarian and teetotaler.[58]

See also

References

  1. ^ Nolan, Jeannette. "Mukesh Ambani". Encyclopædia Britannica. Retrieved 6 October 2013.
  2. ^ "The Rediff Business Interview/ Mukesh Ambani". Rediff.com. 17 June 1998. Retrieved 22 August 2013.
  3. ^ 'Always invest in businesses of the future and in talent'. Rediff.com. 17 January 2007
  4. ^ "Billionaire Mukesh Ambani topples Jack Ma as Asia's richest person". Real Time Net Worth. Online. Retrieved 13 July 2018.{{cite news}}: CS1 maint: others (link)
  5. ^ a b "Mukesh Ambani :: RIL :: Reliance Group of Industries". RIL.com. Archived from the original on 16 April 2015. Retrieved 22 August 2013. {{cite web}}: Unknown parameter |deadurl= ignored (|url-status= suggested) (help)8250964307
  6. ^ "FORTUNE Global 500 2011: Countries". CNN. 24 July 2011. Retrieved 22 August 2013.
  7. ^ Chu, Patrick; Ismail, Netty (5 March 2012). "Mukesh Ambani Backed by India Power Holdings Proves Asia's Top Billionaire". Bloomberg. Retrieved 22 August 2013. Year 2012.
  8. ^ "Ambani tops retailer list, too". Business Standard. Retrieved 19 August 2013.
  9. ^ "Billionaire Mukesh Ambani topples Jack Ma as Asia's richest person - Times of India". The Times of India. Retrieved 13 July 2018.
  10. ^ "The World's Most Powerful People".
  11. ^ . 24 January 2018 https://www.forbes.com/profile/mukesh-ambani/?list=rtb. {{cite journal}}: Cite journal requires |journal= (help); Missing or empty |title= (help)
  12. ^ "फोर्ब्स की ताकतवर हस्तियों की सूची में मुकेश अंबानी एकमात्र भारतीय बिजनसमैन - Navbharat Times". 15 December 2016.
  13. ^ "Bill Gates richest man in world, Mukesh Ambani at 36th: Forbes". The Economic Times. 2 March 2016. Retrieved 17 May 2016.
  14. ^ "Mukesh Ambani is India's Richest on Forbes List". Forbes. 23 September 2015. Retrieved 17 May 2016.
  15. ^ Van Riper, Tom. "Mukesh Ambani in photos". Forbes. Retrieved 22 August 2013.
  16. ^ "Mumbai Indians owner Mukesh Ambani among richest sport owners". Cricic.com. 20 January 2010. Archived from the original on 11 January 2014. Retrieved 22 August 2013. {{cite web}}: Unknown parameter |deadurl= ignored (|url-status= suggested) (help)
  17. ^ a b Magnier, Mark (24 October 2010). "Mumbai billionaire's home boasts 27 floors, ocean and slum views". Los Angeles Times.
  18. ^ a b Kwek, Glenda (15 October 2010). "India's richest man builds first $1-billion home, Antilia,". The Age. Melbourne. Retrieved 28 October 2010.
  19. ^ Balachandran, Manu (5 January 2015). "India's biggest philanthropist is seven times more generous than the next". Quartz India. Retrieved 18 May 2016.
  20. ^ "Reliance didn't grow on permit raj: Anil Ambani". Rediff.com. 11 May 2002. Retrieved 28 October 2010.
  21. ^ Yardley, Jim (28 October 2010). "Soaring Above India's Poverty, a 27-Story Home". The New York Times.
  22. ^ Anand Jain: A bone of contention between the Ambani brothers. India Today. 17 January 2005
  23. ^ "Mukesh Ambani on his childhood, youth". Mukesh Ambani on his childhood, youth. Rediff.com. Retrieved 5 October 2011.
  24. ^ "Always invest in businesses of the future and in talent". Rediff Business – Interview with Mukesh Ambani, 2007. Rediff.com. Retrieved 17 October 2011.
  25. ^ "Reliance Industries – Company Profile". Reliance Industries Ltd. – Company Profile, Information, Business Description, History, Background Information on Reliance Industries Ltd. Read more: Reliance Industries Ltd. – Company Profile, Information, Business Description, History, Background Information on Reliance Industries Ltd. - Reference for Business. Advameg Inc. Retrieved 17 October 2011.
  26. ^ "Reliance Infocomm Ushers a Digital Revolution in India". Press Release by Reliance Infocomm. Reliance Communications. 27 December 2002. Retrieved 22 August 2013.
  27. ^ "Mukesh Ambani :: Reliance Group :: Reliance Petroleum Limited :: Reliance Industries". RIL. Retrieved 18 February 2010.
  28. ^ "Mukesh Ambani hints at venture between Reliance Industries and Bharti Airtel". The Indian Express. 9 December 2013.
  29. ^ "Arvind Kejriwal rakes up K G Basin gas pricing, orders FIRs against Moily, Deora, Mukesh Ambani". The Indian Express. 11 February 2014.
  30. ^ Nair, Anisha (23 February 2014). "Arvind Kejriwal calls BJP, Congress puppets of Mukesh Ambani". news.oneindia.in.
  31. ^ "Arvind Kejriwal's letter to Mukesh Ambani on gas pricing".
  32. ^ Ghosh, Deepshikha (21 February 2014). "Clear your stand on Mukesh Ambani: Arvind Kejriwal tells Narendra Modi, Rahul Gandhi".
  33. ^ "Arvind Kejriwal fires on all cylinders, now writes to Rahul Gandhi over gas prices involving Mukesh Ambani". India Today. 24 February 2014.
  34. ^ "Arvind Kejriwal asks Narendra Modi to come clean on gas pricing". DNA India. 21 February 2014.
  35. ^ "Reliance 4G services to be launched in 2015: Mukesh Ambani". ABP Live. 18 June 2014.
  36. ^ Gloria Singh, Surbhi (14 May 2016). "Mukesh Ambani's Reliance Jio Infocomm's LYF mobile: A whopping $1 billion brand?". The Financial Express. Retrieved 14 July 2016.
  37. ^ Agarwal, Sapna; Pathak, Kalpana (29 June 2016). "How Reliance Jio's LYF became India's third largest selling phone brand". Livemint. Retrieved 14 July 2016.
  38. ^ Verma, Swati (9 April 2018). "Macro cues, Q3 earnings and oil prices to sway market this week". Retrieved 9 April 2018 – via The Economic Times.
  39. ^ Strauss, Marine; Lu, Wei (11 February 2018). "What If the World's Richest Paid for Government Spending?". Bloomberg Politics. Retrieved 14 February 2018.
  40. ^ "Mukesh Ambani – Executive Profile & Biography". Mukesh Ambani – Executive Profile & Biography – Bloomberg Businessweek. Bloomberg.
  41. ^ "Ernst & Young Entrepreneur of the Year Award". Retrieved 10 June 2013.
  42. ^ Mulgund, Shreyas. "Asia Society Awards Dinner Honors Mukesh Ambani, Jeffrey Immelt, and NY Philharmonic". Press Release on Asia Society. Asia Society. Retrieved 21 September 2011.
  43. ^ Mulgund, Shreyas. "Winners of the NDTV Business Leadership Awards". Winners of the NDTV Business Leadership Awards. NDTV Convergence Limited. Archived from the original on 23 July 2013. Retrieved 21 September 2011. {{cite web}}: Unknown parameter |deadurl= ignored (|url-status= suggested) (help)
  44. ^ Mulgund, Shreyas (30 December 2010). "FC Businessman of the Year: Mukesh Ambani". Financial Chronicle. Archived from the original on 23 July 2013. {{cite news}}: Unknown parameter |deadurl= ignored (|url-status= suggested) (help)
  45. ^ "IMukesh Ambani awarded the Dean's Medal by University of Pennsylvania". Mukesh Ambani awarded the Dean's Medal by University of Pennsylvania. FORBES. Retrieved 9 January 2010.
  46. ^ Mulgund, Shreyas (January 2010). "The 100 Best-Performing CEOs in the World". Harvard Business Review. Harvard Business Publishing. Archived from the original on 1 March 2012. Retrieved 21 September 2011. {{cite web}}: Unknown parameter |deadurl= ignored (|url-status= suggested) (help)
  47. ^ "BCIU Presents Dwight D. Eisenhower Global Awards to Mukesh D". Bloomberg. Retrieved 1 August 2012.
  48. ^ "M.S. University Confers Degree of Doctor of Science Honoris Causa To Mukesh Ambani". Retrieved 15 October 2010.
  49. ^ "Priyanka Chopra, Manish Malhotra, Dr. Mukesh Batra, Ratan Tata, Mukesh Ambani, Dr. Laud, Dr. Mukesh Hariawala, Dilip Surana Among Others to Receive Prestigious India Leadership Conclave Awards 2013".
  50. ^ "Four Indian American Engineers Among Newly Elected NAE Members". India West. 9 February 2016. Retrieved 18 May 2016.
  51. ^ "Mr. Mukesh Dhirubhai Ambani". National Academy of Engineering. Retrieved 18 May 2016.
  52. ^ "Mukesh Ambani awarded Othmer Gold Medal for Entrepreneurial Leadership". NetIndian News Network. 17 May 2016. Retrieved 17 May 2016.
  53. ^ "Othmer Gold Medal". Science History Institute. Retrieved 22 March 2018.
  54. ^ "India's young billionaire heirs and heiresses". Retrieved 7 January 2014.
  55. ^ DMello, Yollande (16 October 2011). "Number munching at Cafe Mysore". Mid-Day. Retrieved 6 July 2017.
  56. ^ Sardesai, Rajdeep. "Interview - Mukesh Ambani". You Tube. Retrieved 6 July 2017.
  57. ^ "Mukesh Ambani forgoes Rs 23.82 crore from his pay package". The Times of India. 9 May 2012.
  58. ^ "Mukesh Ambani is India's richest man for the second year in a row". thomaswhite.com. Retrieved 9 April 2018.
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