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Mukesh Ambani – Biography, Companies, & Family

Mukesh Ambani Success Story :

Mukesh Ambani is a prominent Indian industrialist and entrepreneur who serves as the chairperson and CEO of Reliance Industries Limited (RIL), one of the largest corporations in India. He is also the company’s major shareholder. The Reliance Anil Dhirubhai Ambani Group led by Mukesh comprises businesses in telecommunications, entertainment, financial services, and power.

Mukesh Ambani Early Life:

Dhirubhai Ambani and Kokilaben Ambani gave birth to Mukesh Ambani on April 19th, 1957. Besides him there are two brothers – Anil and Vinod – as well as two sisters named Dipti Salgaoncar and Nina Kothari. Mukesh studied for a B.Tech degree in Chemical Engineering at the University Department of Chemical Technology, Mumbai (formerly UDCT). After that he went on to do an MBA at Stanford University but quit after only one year to assist his father’s company.

Reliance Industries was where he joined in 1981, initially assigned to build a polyester filament yarn division. He established a world-class petrochemical complex in Jamnagar, Gujarat that remains India’s largest oil refinery till date. Reliance under his guidance became the first Indian private sector firm to be listed on Fortune 500 list.

Under Mr. Mukesh leadership RIL has become a global leader across energy and materials value chain.The firm’s flagship refining and petrochemicals facility in Jamnagar handles over 1.24 million barrels daily making it the world’s biggest refinery.RIL also owns the world’s biggest integrated gasification combined cycle facility located at Hazira in Gujarat.

Reliance Industries CEO is Mukesh Ambani

Also heading Reliance’ efforts into digital space with Jio, which has created a transformative ecosystem by becoming India’s largest data market with affordable high quality connectivity to all. Jio has linked more than 340 million Indians to the digital economy and is catalyzing an inclusive growth tale in India.

Forbes magazine consistently ranked Mukesh Ambani among the most influential people in the world. He was ranked 36th in 2018 and 13th position in 2019, appearing on Fortune’s “50 Most Powerful People in Business” feature for a decade straight as India’s only businessman.Ambani received the award for his efforts by being honored with The Padma Vibhushan (India’s second highest civilian award) from the President of India in 2016. Mukesh lives with his wife Nita Ambani and three kids Akash, Isha, and Anant at Mumbai, Maharashtra

Awards:

Mukesh Dhirubhai Ambani – Indian billionaire industrialist, chairman, managing director (MD) of Reliance Industries Limited (RIL), owner of Reliance Jio Infocomm Limited that provides wireless 4G LTE service network (without VoLTE) throughout India – according to Forbes magazine richest person in India as of March 2020 worth US$88.7 billion.

The Richest Person In India , Asia And In The World – Mukesh Ambani

By June 2019, Mukesh Ambani was ranked ninth on Bloomberg Billionaires Index with a net worth of US$50 billion. Forbes placed him at number 13 on its list of The World’s Most Powerful People in January 2020.

Ambani is also a non-executive director at Bank of America Corporation and does charity through Reliance Foundation which focuses on rural transformation, healthcare, education as well as Sports for Excellence; and Dhirubhai Ambani International School. He has received honorary degrees from various Universities including the Wharton School University of Pennsylvania and Carnegie Mellon University.

In 2016, he became the first Asian to be included in The Academy of Arts & Sciences in Boston for “transforming the lives of millions of people in India” and his “visionary leadership in business.” On February 24th, 2017, the President awarded Ambani Padma Vibhushan–India’s second highest civilian honor—for his contribution to trade and industry.

Mukesh Ambani is richest Indian man valued at $51.4 billion dollars as per March 2019. He is Chairman and Managing Director for Reliance Industries Limited (RIL), a Fortune Five Hundred company. RIL is Indian largest private sector conglomerate with businesses in oil & gas , refining petrochemicals, telecommunications .

His stake in RIL stands at 44.7% making him the biggest shareholder .Forbes magazine has also ranked him seventeenth most influential person globally. Mukesh Ambani is not only an entrepreneur but also a philanthropist having given billions to charitable causes.

He first became Asia’s richest person before overtaking Warren Buffett and Bill Gates.

Nowadays, Mukesh Ambani ranks fourth among world’s billionaires.

According to Bloomberg Billionaires Index on Friday, this added enough money to the Indian tycoon’s fortune that it rose by $7.3 billion to $75.4 billion, putting him ahead of Buffett and Gates. This increase followed the announcement by Ambani’s telecoms firm Reliance Jio of a fresh set of mobile tariffs that could push up prices for India’s other operators.

Buffett is worth $10bn less, at $65.5bn, while Gates has lost nearly $1bn, leaving him with $85bn. Only Jeff Bezos, Bernard Arnault and Amancio Ortega have more money than Ambani.

He had the best year among all billionaires in 2017. The wealth he gained then was due to a sharp rise in share prices for Reliance Industries (RELI.India) where he is chairman.

Reliance’s stock has doubled since March when India went into lockdown amid an unprecedented surge in coronavirus cases and Prime Minister Narendra Modi put the nation’s 1.3 billion residents under strict stay-at-home orders.

Jio now has almost 400 million users who take advantage of its inexpensive data plans and free voice calls; this service helped make Ambani one of the world’s richest people.

But it also prompted accusations from lawmakers and competitors that Reliance wants to dominate India’s digital economy.

Some former government officials and business enemies of Ambani asked the country’s competition regulator earlier this week to probe whether Reliance is abusing its dominance position unlawfully.

In addition to his business interests, Mukesh Ambani also serves as a noted philanthropist and his foundations include efforts like those directed at rural transformation by Reliance Foundation; healthcare; education as well as Sports for Excellence ,Dhirubhai Ambani International School.He has been given honorary degrees from different universities such as Wharton School University of Pennsylvania plus Carnegie Mellon University .

This begs the question: How long will it be before we see an African billionaire?

Jio’s “predatory pricing” could affect other operators and eventually increase costs to consumers in the long run, they warned in a letter to the Competition Commission of India.

Reliance however rejected these allegations stating it competes on fair basis and provides ‘value for money’.

Earlier gainers, the stock dipped 2% on Friday.

Mukesh Ambani Family

Ambani is from an affluent industrialist family. The company was initially started as a textile manufacturing enterprise by his late father in 1966. Later on, it branched out into other sectors such as telecom, retail and oil.

He and his brother Anil received their father’s shares when he died back in 2002. Mukesh Ambani holds Reliance Industries through a family trust while Anil has a smaller stake.

The relationship between them has been stormy at times before being settled with the famous “peace accord” of 2005. Under this agreement Mukesh became the custodian of core businesses like telecom while Anil was bequeathed new ventures such as power generation and telecoms industry.

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