Friday, January 27, 2023
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Mukesh Ambani – Biography, Companies, & Family

Success Story of Mukesh Ambani:

Mukesh Ambani is an Indian business magnate who is the chairman and managing director of Reliance Industries Limited (RIL), a Fortune 500 company and India’s second-most valuable company by market value. He is also the largest shareholder of RIL. Mukesh Ambani heads the Reliance Anil Dhirubhai Ambani Group, which is a conglomerate with interests in telecom, entertainment, financial services, and energy.

Mukesh Ambani Early Life:

Mukesh Ambani was born on 19 April 1957 to Dhirubhai Ambani and Kokilaben Ambani. He has two brothers – Anil Ambani and Vinod Ambani – and two sisters, Dipti Salgaoncar and Nina Kothari. Mukesh Ambani did his B.Tech in Chemical Engineering from the Institute of Chemical Technology, Mumbai (formerly UDCT). He then went on to pursue an MBA from Stanford University, but dropped out after one year to support his father’s business.

Mukesh Ambani joined Reliance Industries in 1981 and was tasked with setting up the polyester filament yarn division. He is credited with starting the backward integration journey of RIL by setting up a world-class petrochemical complex at Jamnagar in Gujarat, which transformed India from being a net importer of petrochemicals to a leading exporter. Mukesh Ambani also played a key role in making Reliance the first private sector company in India to be listed in the Fortune 500 list.

Under Mukesh Ambani’s leadership, RIL has become a global leader in the energy and materials value chain. The company’s flagship refining and petrochemicals complex at Jamnagar processes 1.24 million barrels of crude oil per day and is the world’s largest grassroots refinery. RIL also has the world’s largest integrated gas-based power plant at Hazira in Gujarat.

CEO of Reliance Industries – Mr. Mukesh Ambani

Mukesh AmbaniMukesh Ambani is also leading Reliance’s initiatives in the digital space with Jio, which has created a transformational ecosystem by making India the world’s largest data market with affordable and high-quality connectivity for everyone. Jio has connected over 340 million Indians to the digital economy and is catalyzing an inclusive growth story for India.

Mukesh Ambani has been consistently ranked among the world’s most powerful people by Forbes magazine. He was ranked 36th position in 2018 and at 13th position in 2019. Mukesh Ambani is also the only Indian businessman to feature in Fortune’s ’50 Most Powerful People in Business list for 10 consecutive years. In 2016, he was conferred with the Padma Vibhushan, India’s second-highest civilian honor, by the President of India. Mukesh Ambani resides in Mumbai with his wife, Nita Ambani, and their three children – Akash, Isha, and Anant.

Awards:

Mukesh Dhirubhai Ambani is an Indian billionaire industrialist and the chairman, managing director (MD), and largest shareholder of Reliance Industries Limited (RIL), a Fortune Global 500 company and India’s most valuable company by market value. He is also the chairman of Reliance Jio Infocomm Limited, a subsidiary of RIL that provides wireless 4G LTE service network (without VoLTE) throughout India. According to Forbes magazine, Ambani was the richest man in India as of March 2020, with a net worth of US$88.7 billion.

The Richest Person in India, Asia, and the World – Mukesh Ambani

As of June 2019, Mukesh Ambani has been ranked ninth among the world’s wealthiest people by Bloomberg Billionaires Index with a net worth of US$50 billion. In January 2020, Ambani was ranked 13th on Forbes’ list of The World’s Most Powerful People.

Ambani also serves as the non-executive director of Bank of America Corporation and is involved in philanthropy through his foundations: Reliance Foundation which works in rural transformation, healthcare, education and Sports for Excellence; and Dhirubhai Ambani International School. He has been conferred with honorary degrees from several Universities including University of Pennsylvania, Wharton School and Carnegie Mellon University.

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

Mukesh Ambani is the richest man in India and has a net worth of $51.4 billion dollars as of March 2019. He is the chairman and managing director of Reliance Industries Limited (RIL), a Fortune 500 company. RIL is India’s largest private sector conglomerate with businesses in oil and gas, refining, petrochemicals, and telecommunications.

Ambani owns a 44.7% stake in RIL, making him the company’s largest shareholder. He has also been ranked as the 17th most powerful person in the world by Forbes magazine. In addition to his business interests, Ambani is also a philanthropist and has donated billions of dollars to various charitable causes.

First, he became the richest person in Asia. Then his net worth surpassed those of Warren Buffett and Bill Gates.

Now, Mukesh Ambani is the world’s fourth-richest person.

The Indian tycoon’s fortune surged $7.3 billion to $75.4 billion on Friday, pushing him past Buffett and Gates, according to the Bloomberg Billionaires Index. That increase comes after Ambani’s telecom business — Reliance Jio — announced a new set of mobile plans that could force India’s other operators to raise prices.

Ambani, 61, is now worth more than $20 billion more than Buffett and about $10 billion ahead of Gates. He trails only Jeff Bezos, Bernard Arnault and Amancio Ortega in terms of net worth.

Ambani has been on a remarkable run over the past year. His net worth soared $50 billion during that time, fueled by a bullish rally in shares of Reliance Industries (RELI. India), the conglomerate he leads.

The company’s share price has more than doubled since March 2020 as investors bet on the success of Jio, which has upended India’s mobile market since its launch in 2016.

There are now nearly 400 million subscribers to Jio, which offers dirt-cheap data plans and free voice calls. The service has helped propel Ambani to the top ranks of the world’s richest people.

But it has also drawn scrutiny from lawmakers and rivals, who accuse Reliance of trying to monopolize India’s digital economy.

Earlier this week, a group of former government officials and Ambani’s business rivals urged the country’s antitrust watchdog to investigate whether Reliance is violating competition laws.

Also Read: 10 Best Business Tycoons in India

In a letter to the Competition Commission of India, they warned that Jio’s “predatory pricing” could hurt other operators and lead to higher prices for consumers in the long run.

Reliance has denied any wrongdoing, saying it competes fairly and offers customers “value for money.”

The company’s shares fell 2% on Friday after rising earlier in the day.

Mukesh Ambani Family

Ambani comes from a family of billionaire industrialists. His late father founded Reliance Industries in 1966 as a textile manufacturer. The company later diversified into other businesses, including telecom, retail, and oil.

Ambani and his brother Anil inherited their father’s stake in the business when he died in 2002. Ambani controls the bulk of Reliance Industries through a family trust, while Anil owns a smaller stake.

The brothers have had a sometimes fraught relationship, but they resolved their differences in 2005 with a famous “peace accord.” That agreement gave Mukesh control of the core businesses of Reliance Industries, while Anil got newer ventures like telecom and power.

According to the Bloomberg Billionaires Index, today September 2022, Mukesh Ambani is worth 95.8 billion USD.

 

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