Mukesh Ambani is chair and managing director of oil at Reliance Industries Limited, one of India’s most valuable companies. Founded as a small textiles business in 1966 by Ambani’s father, Dhirubhai, the Reliance conglomerate is now a presence in various segments of India’s economy, including refining, oil, and gas, petrochemicals, telecom, retail, and media.
Forbes estimates his net worth to be worth $92.4 billion.
- Mukesh Ambani is the leader of the Indian conglomerate Reliance Industries Limited (RIL).
- He is the richest man in Asia.
- A Fortune Global 500 company, RIL is the largest private sector company in India.
- Ambani serves on the Indian Prime Minister’s Council on Trade and Industry, the Government of India, and the Board of Governors of the National Council of Applied Economic Research, India.
- His father was a businessman who started out running Reliance as a small textile firm.
Early Life and Education
Ambani was one of four children of Dhirubhai Ambani, who moved his family to Mumbai, where they lived in a small apartment, while he grew his business. The family was very poor and struggled before the company's success. Ambani's family and cousin founded Reliance Commercial Corporation, which began as a textile-trading business. It operated in the beginning out of one room, rented office space, but it succeeded and created wealth for Dhirubhai and his family, which was inherited by Ambani and his siblings.
Ambani is a trained chemical engineer who graduated from the Institute of Chemical Technology in Mumbai. Before coming home following his father’s passing in 2002 to run the family’s businesses with his brother, he pursued but did not complete an MBA from Stanford University.
Notable Accomplishments and Deeds
His successes with Reliance position him as a leading voice in both the Indian and world economies. He is a member of several prominent national and international boards that help inform India’s emerging economy and its role in the global economy, including the Prime Minister’s Council on Trade and Industry, the Government of India, and the Board of Governors of the National Council of Applied Economic Research, India.
He is also on the board of the Interpol Foundation and is a member of The Foundation Board of the World Economic Forum.
Reliance Retail is India's largest online grocery retail brand with 12 million square feet of warehousing space and sells over 500 metric tonnes of fruits and vegetables every day.
Growth of Reliance Under Ambani
Mukesh Ambani spearheaded Reliance’s ventures into new areas, moving the company from its textile roots into new segments. Most of Reliance’s success has not come from innovation but rather by utilizing the most advanced technologies and systems to implement a dynamic supply chain to achieve significant economies of scale.
Under Ambani's direction, Reliance has developed best-in-class manufacturing facilities that have raised the company’s profile, particularly in petrochemicals. The company’s facilities in Jamnagar in Gujarat combine to make it the world’s largest petroleum refinery. He also took the company into retail by developing and implementing a pan-India retail network that includes multiple formats and supply chain infrastructure. The company’s retail efforts have made it India’s largest and most sophisticated retail player. As of June 2022, Reliance Retail operated 12,711 stores in over 7,000 cities.
Jio is one of the world’s most comprehensive 4G broadband wireless networks. It offers end-solutions that cut across the digital value chain, touching on key areas throughout the Indian economy such as education, healthcare, security, financial services, and entertainment. In digital, the company’s 4G phone service, Jio, has allowed it to solidify and expand its customer base.
The company’s digital entry created something of a price war in India’s telecom market, one of the world’s most competitive. Free domestic phone calls, inexpensive data plans, and nearly free smartphones have made Reliance a significant player in the industry.
JioMart, the company's new e-commerce platform, soft-launched in 2019, and expanded greatly in 2020 and 2021.
Wealth and Philanthropy
Ambani's wealth is reportedly $92.4 billion and he and his family ranked third in the 2021 EdelGive Hurun India Philanthropy List. His wife, Nina Ambani, runs the Reliance Foundation, which works and funds programs in many sectors from education to urban renewal, health, disaster response, and rural transformation.
How Much Is Mukesh Ambani Worth?
Yes. Mukesh Ambani is worth $92.4 billion, according to Forbes.
What Is Reliance Industries Limited?
Reliance Industries Limited is a Fortune 500 company based in Mumbai, India. It is a multinational conglomerate whose holdings cover a wide swath of industries including petrochemicals, green energy, natural gas, textiles, retail, telecommunications, and mass media.
Is Mukesh Ambani the Richest Man in the World?
No. Mukesh Ambani is one of the richest men in the world. However, as of June 2022, Mukesh Ambani is the richest man in Asia, and the tenth wealthiest man in the world, according to Forbes. His net worth
The Bottom Line
Mukesh Ambani leads one of India's most profitable companies with a huge reach into many areas of commerce and technology. He continues to grow his company and in one of the world's most competitive markets, he has succeeded in becoming a major figure in the digital entry world, among other industries. His net worth makes him the richest man in Asia and one of the wealthiest men in the world.