Mukesh Ambani net worth
Number of divisions: 15
What is the net worth of Mukesh Ambani?
Mukesh Ambani is an Indian businessman with a net worth of US$91 billion. He earned his net worth through his career at Fortune 500 company Reliance Industries, where he is the chairman, managing director and largest shareholder of the company.
early life
Mukesh Dhirubhai Ambani was born on April 19, 1957 in the British royal colony of Aden, which is now Yemen. He has a younger brother and two older sisters. The family moved back to India in 1958, where his father started a spice and textile trading business in Mumbai.
He studied at Hill Grange High School in Mumbai and received a bachelor’s degree in chemical engineering from the Faculty of Chemical Technology (formerly the Department of Chemical Technology of the University).
Career at Reliance Industries
In 1980, the Indian government opened up polyester filament (PFY) manufacturing to the private sector. Ambani’s father applied for a license to set up a PFY manufacturing plant, defeating competition from more than 40 other companies to obtain a license. The family’s eldest son, Ambani, was withdrawn from the Stanford MBA program by his father. His father valued real-life experience rather than classroom learning to help build a PFY factory. After the death of executive director Rasikbhai Meswani and his father suffered a stroke in 1986, the responsibility of the company was transferred to Ambani and his brother Anil.
He established Reliance Infocomm Limited, now Reliance Communications Limited, to focus on information and communication technology (ICT) initiatives. At the age of 24, Ambani was also responsible for the construction of the Patar Ganga petrochemical plant because the company began to invest heavily in oil refining and petrochemicals.
After their father died after a second stroke in 2002, the lack of a will detailing the distribution of the family’s business empire led to a dispute between Ambani and his brother Anil. Their mother intervened and split the company into two. In December 2005, in a move approved by the Mumbai High Court, Ambani gained control of Reliance Industries Limited and India Petrochemical Co., Ltd. After the business split, Ambani directed and created the world’s largest grassroots oil refinery in Jamnagar, India in 2010, capable of producing 660,000 barrels per day, or 33 million tons per year.
He continues to expand his empire through multiple companies and partnerships. He is actively involved in the development of 4G in India, and in 2013 announced the possibility of cooperating with Bharti Airtel to establish the digital infrastructure of India’s 4G network. Then he stated in 2014 that he would invest 1.8 trillion rupees in various businesses in the next three years and plan to launch 4G broadband services in 2015. Reliance’s Jio, also led by Ambani, launched its own 4G smartphone brand “LYF” in February 2016 and became the third largest mobile phone brand in India in June 2016. Reliance Retail Limited, another subsidiary of Reliance, is India’s largest retailer.
Ambani was named the fifth best performing CEO in the world by Harvard Business Review in 2010. Through the various Reliance companies he has led, he has established a huge personal net worth. Bloomberg’s “Robin Hood Index” estimated in February 2018 that Ambani’s personal wealth at the time was sufficient to fund the full operation of the Indian federal government for 20 days. As of 2016, he has been ranked as the richest man in India on the Forbes list for ten consecutive years, and is the only Indian businessman to be on the Forbes list of the world’s most powerful people. In July 2018, he surpassed Jack Ma, executive chairman of Alibaba Group, to become the richest man in Asia.
CHANDAN KHANNA/AFP via Getty Images
Criminal charges
In February 2014, Ambani re-submitted the first information report on allegations of criminal offences. The report alleges violations of natural gas pricing in the KG Basin.
Other venture capital and activities
In 2008, Ambani acquired the Indian Super League cricket team Mumbai Indians for US$111.9 million and won the title of “the world’s richest sports team owner”. He is also the founder of the Indian Premier League of the Indian Football League. In addition, Ambani is the first non-American to serve on the Bank of America’s board of directors and a former director of the bank. He is also the President of Pandit Deendayal University of Petroleum in Gandhinagar, Gujarat.
personal life
Ambani married Nita in 1985. Ambani’s father participated in the dance performance Nita participated in and decided to arrange their marriage. The couple have two sons and a daughter.
In 2007, Ambani gave her an Airbus A319 worth US$60 million on his wife’s 44th birthday. Airbus provides custom accessories for the living room, bedroom, satellite TV, WiFi, sky bar, jacuzzi and office, which can carry 180 passengers.
He has won many awards, including Ernst & Young Entrepreneur of the Year Award (2000), Financial Chronicle Merchant of the Year Award (2010), Global Leadership Award (2010) from the International Council for Business Understanding and Othmer Gold Medal from the Chemical Heritage Foundation (2016). In addition, he received an honorary doctorate of science from MS University in Vadodara.
Mumbai Building
Mukesh and his family live in Mumbai, a 27-story private building in Antilia, valued at more than $1 billion. According to reports, he spent $1 billion in personal funds to build this building. The complex is very large and requires 600 employees to supervise and maintain its various facilities, including three helipads, a 160-car garage, private cinema, swimming pool and fitness center:
INDRANIL MUKHERJEE/AFP via Getty Images
Generalize
Mukesh Ambani’s net worth is US$80 billion. He is the richest man in India and one of the 20 richest people in the world.
