CEO Today Top 50 – Mukesh D. Ambani

Name: Mukesh Ambani

Net worth: Approx. $120 billion Executive pay: $193 million

Company: Reliance Industries

Bio: Mukesh Dhirubhai Ambani, born on April 19, 1957, is an Indian entrepreneur who serves as the chairman and managing director of Reliance Industries. As of July 2024, his net worth is estimated to be $123.3 billion, making him the wealthiest individual in Asia and the 11th richest globally. While some view him as a plutocrat, Ambani has garnered attention for allegations of market manipulation, political corruption, cronyism, and exploitation, which have contributed to both his fame and notoriety.

Mukesh Dhirubhai Ambani was born on 19 April 1957 in Aden, which is now part of Yemen. He was born into a Gujarati Hindu family to Dhirubhai Ambani and Kokilaben Ambani. He has a younger brother Anil Ambani and two sisters, Nina Bhadrashyam Kothari and Dipti Dattaraj Salgaonkar. Ambani’s family moved back to India in 1958, where his father started a trading business focusing on spices and textiles. The business was originally named “Vimal” but was later changed to “Only Vimal”. The family lived in a modest two-bedroom apartment in Bhuleshwar, Mumbai until the 1970s. Although their financial situation improved after moving to India, Ambani still lived in a communal society, used public transportation, and did not receive an allowance. Later, Dhirubhai purchased a 14-floor apartment block called ‘Sea Wind’ in Colaba, where Ambani and his brother lived with their families on different floors.

In 1981, Ambani was withdrawn from Stanford University by his father Dhirubhai Ambani to assist in managing their family business, Reliance Industries Limited. Mukesh Ambani established Reliance Infocomm Limited (later Reliance Communications Limited), focusing on information and communications technology projects. At the age of 24, Ambani was entrusted with overseeing the construction of the Patalganga petrochemical plant during a period when the company was making significant investments in oil refinery and petrochemicals. Ambani spearheaded the development of the world’s largest grassroots petroleum refinery in Jamnagar, India, capable of producing 660,000 barrels per day (33 million tonnes per year) by 2010, along with petrochemicals, power generation, port facilities, and other related infrastructure. In December 2013, Ambani hinted at a potential “collaborative venture” with Bharti Airtel to establish digital infrastructure for the 4G network in India. On 18 June 2014, Mukesh Ambani announced plans to invest Rs 1.8 trillion (short scale) across various businesses over the next three years and introduce 4G broadband services in 2015.

Quote: “I think that the biggest challenge is mindset. We have to bring positivity, optimism, a belief in ourselves.” – Mukesh D. Ambani