About Mukesh Ambani
In 2023, Ambani’s children joined Reliance’s board: Akash oversees Jio, Isha manages retail and financial services, and Anant focuses on the energy sector.
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Mukesh Ambani leads Reliance Industries, a conglomerate with $110 billion in revenue. Founded by his late father Dhirubhai Ambani in 1966 as a textile manufacturer, Reliance now spans petrochemicals, oil and gas, telecom, retail, and financial services. Since Dhirubhai’s passing in 2002, Mukesh and his brother Anil inherited the family empire.
Reliance’s telecom and broadband arm, Jio, boasts over 470 million subscribers. In August 2023, Reliance went public with Jio Financial Services. Ambani is steering Reliance towards green energy, earmarking $80 billion for renewable projects and a new complex near its refinery over the next decade.
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Personal Stats
Age67
Source of Wealth Diversified
Residence Mumbai, India
Citizenship India
Marital Status Married Children3
Education Drop Out, Stanford University; Bachelor of Science in Engineering, University of Mumbai
Reliance Industries
Reliance received a license from the Indian government to produce polyester filament yarn when Ambani returned to India from America in 1981. The company began in 1958 under Dhirubhai’s leadership as a provider of textiles. In the 1970s, diversified into petrochemicals and refining.6
When Ambani came on board and joined the family business, it became one of the largest petrochemical companies in the world. Working under his father and then later taking control alongside his younger brother Anil, Ambani was credited for helping to bring Reliance into new growth markets and turning it into the conglomerate it is today.6
The secret to its growth was not innovation but rather utilizing the most advanced technologies and systems to implement a dynamic supply chain to achieve significant economies of scale.
Father’s Death
In 2002, Ambani’s father died of a stroke without leaving a will. This caused a feud between Ambani and his brother Anil.5
Three years later, with the help of their mother, the two brothers agreed to split the business. Mukesh retained the flagship Reliance Industries, with interests in petrochemicals, oil and gas exploration, refining, and textiles, while Anil held on to telecoms, entertainment, power generation, and the asset management side of the business
Reliance Under Ambani
Since 2005, Reliance’s revenues and profits have soared. Under Mukesh’s direction, the company developed best-in-class manufacturing facilities, strengthened its petroleum operations, and branched out into new areas, such as retail, 4G wireless broadband, and media.
Reliance’s expansion caused its valuation to balloon. However, sentiment dipped and the share price fell flat. This has partly been blamed on corporate governance issues and Reliance’s opaque corporate structure.9
The company’s image has taken a hit, with accusations of crony capitalism and all the bad press associated with it. There have also been allegations that Reliance uses its political connections to rig the system and get favorable deals.
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Ambani has also been criticized personally for building a 400,000-square-foot swanky home in Mumbai, an area where poverty is rife.
Why Is Mukesh Ambani One of the Richest People in the World?
Ambani has been the richest man in India for several years. With an estimated net worth of over $95 billion, he’s also one of the wealthiest people in the world.45
The majority of his wealth is attributed to his 42% stake in Reliance Industries. The company’s market capitalization was $235.04 billion.
Mukesh also owns the Mumbai Indians cricket team and about a 45% stake in Jio Financials Services, which used to be a subsidiary of Reliance but was then spun off into a separate entity. Other notable assets include Antilia, his Mumbai mansion valued at more than $2.2 billion in 2020 and is now probably worth considerably more. The 48,000-square-foot, 27-storey skyscraper houses three helipads, a yoga studio, a temple, a movie theater, a ballroom, and parking for 168 vehicles,
What Makes Mukesh Ambani So Rich?
Most of Ambani’s net worth derives from the 42% stake he holds in Reliance Industries, a Fortune 500 company currently valued at over $200 billion.59
Was Mukesh Ambani Born Rich?
No, he wasn’t born rich. His father initially worked as a gas station attendant and when the family moved to Mumbai shortly after his birth, they reportedly lived in a small, cheap apartment in a large tenement building known locally as a chawl.2
How Does Reliance Industries Make Money?
The bulk of Reliance’s revenues come from oil and chemicals, followed by retail, and digital services.
The Bottom Line
Mukesh Ambani became the richest man in Asia and one of the richest people in the world by helping to turn his father’s company, Reliance Industries, into a huge conglomerate and market leader across several industries. The company is worth over $200 billion, and its chair and managing director, Mukesh Ambani, owns just under half of it.
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