Mukesh 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 second most valuable company by market value.He resides at the Antilia Building, the world’s most expensive property its value being close to 2 billion dollars .He holds a 44.7% stake in the company. He is the elder son of the late Dhirubhai Ambani and Kokilaben Ambani and the brother of Anil Ambani. RIL deals mainly in refining, petrochemicals, and in the oil and gas sectors. Reliance Retail Ltd., another subsidiary, is the largest retailer in India.
In 2014, he was ranked 36 on Forbes list of the world’s most powerful people and 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 retains his title as India’s richest person for the ninth consecutive year. 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.
He has served on the board of directors of Bank of America Corporation and the international advisory board of the Council on Foreign Relations. He was the chairman of the board of Indian Institute of Management Bangalore, which is one of the leading business schools in India.
Mukesh 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. 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.
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. He received his BE degree in Chemical Engineering from the Institute of Chemical Technology, Matunga.Mukesh later enrolled for an MBA at Stanford University but discontinued the program to help his father build Reliance, which at the time was still a small but fast growing enterprise.
In 1980, the Indian government under Indira Gandhi opened PFY (polyester filament yarn) manufacturing to the private sector. Dhirubhai Ambani 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 discontinued the program to help his father and initiated Reliance’s backward integration from textiles into polyester fibres and further into petrochemicals, beginning in 1981.
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.
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.
In February 2014, an FIR has been filed against Mukesh Ambani for alleged irregularities in the pricing of natural gas from K G Basin.Arvind Kejriwal, who had a short stint as Delhi’s chief minister and had ordered the FIR against has accused various political parties of being silent on the gas price issue. Kejriwal has asked both Rahul Gandhi and Narendra Modi to clear their stand on the gas pricing issue.Kejriwal has alleged that the Centre inflated the price of gas 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.
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.
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