Mukesh Dhirubhai Ambani was born on 19 April 1957 in the British Crown colony of Aden (present-day Yemen) to Dhirubhai Ambani and Kokilaben Ambani. Read more about Mukesh Ambani gets ready to alchemise Reliance Industries into a tech giant on Business Standard.  Arvind Kejriwal, who had a short stint as Delhi's chief minister and had ordered the FIR, has accused various political parties of being silent on the gas price issue. , Through Reliance, he also owns the Indian Premier League franchise Mumbai Indians and is the founder of Indian Super League, a football league in India. Dhirubhai Ambani applied for a license to set up a PFY manufacturing plant. "As a result of this reorganisation and transaction, Future Group will achieve a holistic solution to the challenges that have been caused by Covid and the macro economic environment. , Indian Petrochemicals Corporation Limited, Business Council for International Understanding, "The Rediff Business Interview/ Mukesh Ambani", "Meet Nita Ambani, The First Lady of Indian Business", "Mukesh Ambani :: RIL :: Reliance Group of Industries", "How Dhirubhai Ambani changed the style of doing business in India", "Reliance didn't grow on permit raj: Anil Ambani", "Meet Mukesh Ambani: India's Richest Man", "Soaring Above India's Poverty, a 27-Story Home", Anand Jain: A bone of contention between the Ambani brothers, "Always invest in businesses of future and in talent", "Bill Gates richest man in world, Mukesh Ambani at 36th: Forbes", "Billionaire Mukesh Ambani topples Jack Ma as Asia's richest person", "India's biggest philanthropist is seven times more generous than the next", "Mukesh Ambani appointed Bank of America as director", "Ambani Backs New Soccer League For India", "Mumbai billionaire's home boasts 27 floors, ocean and slum views", "India Before 1991: Stories of Life Under the License Raj", "Reliance Infocomm Ushers a Digital Revolution in India", "An insight into Mukesh Ambani's empire and how he became Asia's richest man", "Mukesh Ambani Won the World's Most Expensive Sibling Rivalry", "The Full Story of the Massive Feud Between The Billionaire Ambani Brothers", "Mukesh Ambani :: Reliance Group :: Reliance Petroleum Limited :: Reliance Industries", "Mukesh Ambani hints at venture between Reliance Industries and Bharti Airtel", "Reliance 4G services to be launched in 2015: Mukesh Ambani", "Mukesh Ambani's Reliance Jio Infocomm's LYF mobile: A whopping $1 billion brand? While Ambani's firm has bought out all of the promoter stake in Future Retail and Future Lifestyle Fashions - the two firms that hold the Future Group business, it was not immediately clear what happens to Amazon's holding in the Future. | Free Press Journal", "India's richest man builds first $1-billion home, Antilia", "Antilia: Inside Mukesh Ambani's 27-Story Mumbai Residence, The World's First $1 Billion Home (PHOTOS)", "Mukesh Ambani gifts wife jet on birthday", "Mukesh Ambani gifts Rs 240 cr jet to wife", "Big business and Bollywood grab stakes in IPL", "The World's Richest Sports Team Owners 2018", "Mukesh Ambani is India's richest man for the second year in a row", "Mukesh Ambani Backed by India Power Holdings Proves Asia's Top Billionaire", "Mukesh Ambani forgoes Rs 23.82 crore from his pay package", Template:Reliance Anil Dhirubhai Ambani Group, https://en.wikipedia.org/w/index.php?title=Mukesh_Ambani&oldid=1000662162, Stanford Graduate School of Business alumni, Indian businesspeople in the oil industry, Foreign associates of the National Academy of Engineering, Short description is different from Wikidata, All Wikipedia articles written in Indian English, Wikipedia articles with WORLDCATID identifiers, Creative Commons Attribution-ShareAlike License, US$74.9 billion (as of January 15th, 2021), School of Engineering and Applied Science Dean's Medal, Millennium Business Leader of the Decade at Indian Affairs India Leadership Conclave Awards 2013), India Leadership Conclave & Indian Affairs Business Leadership Awards.  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. The Reliance group first entered the telecom business with Reliance Infocomm in 2002, soon after the death of its founder Dhirubhai Ambani. बिना Ads खबरों के लिए इनस्टॉल करें दैनिक भास्कर ऐप : QuickTake", "Macro cues, Q3 earnings, and oil prices to sway market this week", "What If the World's Richest Paid for Government Spending?  This principle came into play after Rasikbhai's death in 1985 along with Dhirubhai suffering a stroke in 1986 when all the responsibility shifted to Ambani and his brother. In 1981 he started to help his father Dhirubhai Ambani run their family business, Reliance Industries Limited. A battle between Amazon.com Inc. and Reliance Industries NSE 1.18 % Ltd. to dominate India’s $1 trillion consumer market is stoking nationalist rhetoric in a courtroom and outside, as the two companies tussle over the future of a distressed local retailer. This investment allows it to buy into Future Retail after a period of between 3 and 10 years.  As of 2015, Ambani ranked fifth among India's philanthropists, according to China's Hurun Research Institute.  Their mother intervened to stop the feud, splitting the company into two, Ambani receiving control of Reliance Industries Limited and Indian Petrochemicals Corporation Limited, which was later approved by the Bombay High Court in December 2005. The business also included products and services in retail and telecommunications industries. The latter was originally named "Vimal" but later changed to "Only Vimal. , In 2007, Ambani gifted his wife a $60 million Airbus A319 for her 44th birthday. , Ambani has been quoted as saying that he was influenced by his teachers William F. Sharpe and Man Mohan Sharma because they are "the kind of professors who made you think out of the box.". That title now belongs to China's …  He was appointed as a Director of Bank of America and became the first non-American to be on its board.  He resides at the Antilia Building, one of the world's most expensive private residences with its value reaching $1 billion.  Mukesh Ambani set up Reliance Infocomm Limited (now Reliance Communications Limited), which was focused on information and communications technology initiatives.  After his secondary schooling, he studied at the St. Xavier's College, Mumbai. He is also the wealthiest person in the world outside North America and Europe. For reprint rights: Syndications Today, Ambani's Reliance buys Future Group for Rs 24,713 crore. , Ambani later enrolled for an MBA at Stanford University, but withdrew in 1980 to help his father build Reliance, which at the time was still a small but fast-growing enterprise. Ambani did not return to his university program, leading Reliance's backward integration, where companies own their suppliers to generate more revenue and improve efficiency, in 1981 from textiles into polyester fibers and further into petrochemicals, which the yarns were made from. Kishore Biyani's Future Group is in talks with Mukesh Ambani's Reliance Retail to sell its flagship Future Retail to pay mounting debts. The Securities and Exchange Board of India on Friday imposed penalties on Reliance Industries Ltd., its chairman and managing director, Mukesh Ambani, as well as two other entities for alleged manipulative and fraudulent trading in the shares of erstwhile Reliance Petroleum Ltd. back in November 2007. "We hope to continue the growth momentum of the retail industry with our unique model of active collaboration with small merchants and kiranas as well as large consumer brands. , He married Nita Ambani in 1985 and they have two sons; Anant and Akash, and a daughter, Isha. Reliance … Dassault – Reliance Aerospace Manufacturing Facility In Mihan, Nagpur Inaugurated. know more , Ambani was titled "The World's Richest Sports Team Owner" after his purchase of the IPL cricket team Mumbai Indians for $111.9 million in 2008. While RIL also announced changes for the deal and said as part of the same Scheme Retail & Wholesale Undertaking is being transferred to RRFLL. File photo of Reliance Industries Limited Chairman Mukesh Ambani. The Securities and Exchange Board of India (Sebi) on Friday imposed penalties on Mukesh D Ambani, Reliance Industries Ltd and two other entities for alleged manipulative trading in the shares of erstwhile Reliance Petroleum Ltd (RPL) back in November 2007. Media Statement of Sh Anil D Ambani, Chairman, Reliance Group on June 11, 2019. Mukesh Ambani has led his father's Reliance Group to sky rocketing success, becoming Asia's richest man. Let’s look at some of the businesses of the company- Reliance Retail- Reliance Retail Ventures Limited is the retail business section of Reliance Industries.  As of October 2020, Mukesh Ambani was ranked by Forbes as the 6th-wealthiest person in the world. Reliance Jio is a subsidiary of Reliance Industries. The Anil Dhirubhai Ambani Group includes Reliance Communications, Reliance Infrastructure, Reliance Capital, Reliance Natural Resources and Reliance … Analysts say Ambani offered an opportunity to many global tech companies who were hesitant about negotiating the myriad regulatory challenges in India , In an interview with Rajdeep Sardesai in March 2017, he said that his favourite food continued to be idli sambar and his favourite restaurant remains Mysore Café, a restaurant in King's Circle (Mumbai) where he used to eat as a student at UDCT. Reliance Commercial Corporation was founded by Dhirubhai Ambani in 1966 as a polyester firm. While Reliance will takeover Future Consumer Ltd, which sells food, home and personal care products, Future Group's financial and insurance business is not part of the deal. Reliance Retail Ltd., another subsidiary, is also the largest retailer in India. Obtaining the license was a long-drawn-out process requiring a strong connection within the bureaucracy system because the government, at the time, was restricting large-scale manufacturing, making the importation of yarn for the textiles impossible. This time SEBI has imposed a penalty of Rs 25 crore on Reliance Industries Ltd. and Rs 15 crore on promoter Mukesh Ambani. , In 1980, the Indian government under Indira Gandhi opened PFY (polyester filament yarn) manufacturing to the private sector. In 1981 he started to help his father Dhirubhai Ambani run their family business, Reliance Industries Limited.  At the age of 24, Ambani was given charge of the construction of Patalganga petrochemical plant when the company was heavily investing in oil refinery and petrochemicals.  In June 2016, it was India's third-largest-selling mobile phone brand. Reliance Group raises Rs 1,400 crore via listing of UK-based gaming unit Codemasters on AIM market. Mukesh Ambani’s Reliance buys stake in Future Group for Rs 24,713 crore Billionaire Mukesh Ambani's Reliance Industries Ltd on Saturday announced the acquisition of Future Group businesses for Rs 24,713 crore to add to its fast expanding retail business and bolster e-commerce to take on the competition from Amazon.com. Its flagship brands are BigBazaar, FBB and Foodhall, Easyday, Heritage Fresh and WHSmith. Fresh round of Centre-farmers' talks fail to yield any result, what's next? "Reliance Retail Ventures Ltd (RRVL), subsidiary of Reliance Industries, will acquire the retail and wholesale business and the logistics and warehousing business from the Future Group as going concerns on a slump sale basis for lumpsum aggregate consideration of Rs 24,713 crore," the company said in a statement. Anil Dhirubhai Ambani, Chairman – Reliance Group.  He then received a BE degree in Chemical Engineering from the Institute of Chemical Technology. "RRFLL and RRVL will take over certain borrowings and current liabilities related to the business and discharge the balance consideration by way of cash," the statement said.  He is a very big fan of Bollywood movies, watching three a week because he says "you need some amount of escapism in life.  He is the only Indian businessman on Forbes' list of the world's most powerful people. , On 6 July 2002, Mukesh's father died after suffering a second stroke, which elevated tensions between the brothers as Dhirubhai had not left a will for the distribution of the empire in 2004. Incorporated as a … ", During the fiscal year ending 31 March 2012, he reportedly decided to forgo nearly ₹240 million from his annual pay as chief of Reliance Industries Ltd (RIL). Jeff Bezos-led Amazon Inc is trying to block Mukesh Ambani-led Reliance Industries’ $3.4 billion acquisition of India’s debt-laden local retailer Future Group. The company was being built from scratch with the principle of everybody contributing to the business and not heavily depend on selected individuals. Mukesh Ambani got Reliance Industries and IPCL. University Confers Degree of Doctor of Science Honoris Causa To Mukesh Ambani", "Priyanka Chopra, Manish Malhotra, Dr. Mukesh Batra, Ratan Tata, Mukesh Ambani, Dr. Laud, Dr. Mukesh Hariawala, Dilip Surana Among Others to Receive Prestigious India Leadership Conclave Awards 2013", "Four Indian American Engineers Among Newly Elected NAE Members", "Mukesh Ambani awarded Othmer Gold Medal for Entrepreneurial Leadership", "India's young billionaire heirs and heiresses", "Nita Ambani's story, from school teacher to India's wealthiest woman, is worth a read! Through the deal, Reliance will acquire Future Retail that owns the BigBazaar that sells everything from groceries to cosmetics and apparel, and Future Lifestyle Fashions Ltd that operates fashion discount chain Brand Factory.  Kejriwal has alleged that the Centre allowed the price of gas to be inflated to eight dollars a unit though Mukesh Ambani's company spends only one dollar to produce a unit, which meant a loss of Rs. It will also sell the logistics and warehouse business to RRVL by way of a slump sale. Ambani lived only briefly in Yemen, because his father decided to move back to India in 1958 to start a trading business that focused on spices and textiles. Billionaire Mukesh Ambani's Reliance Industries on Saturday announced acquisition of Future Group for Rs 24,713 crore to bolster its fast growing retail business.  They met after his father attended a dance performance which Nita took part in and thought of the idea of arranging a marriage between the two. Reliance as well as a separate statement by Future was silent if the deal triggers an open offer to acquire 26 per cent shareholding from minority shareholders of Future Enterprises Ltd. Future Group said it "sell by way of a slump sale the retail and wholesale business that includes key formats such as Big Bazaar, fbb, Foodhall, Easyday, Nilgiris, Central and Brand Factory to Reliance Retail and Fashion Lifestyle Ltd (RRFLL), a wholly-owned subsidiary of Reliance Retail Ventures Ltd.". RIL had indulged … Get stock recommendations, stock market research, latest news on stock market, stock analysis, technical analysis here. , 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. The deal may however risk Future's tie-up with the US online shopping giant Amazon. The US e-commerce giant and Future Group, whose assets billionaire Mukesh Ambani's Reliance Industries Ltd. recently agreed to buy for $3.4 billion, are locked in a dispute over that deal.  In 2012, Forbes named him one of the richest sports owners in the world. The acquisition has been done as part of the Scheme in which Future Group is merging certain companies carrying on the aforesaid businesses into Future Enterprises Limited (FEL), said RIL in a statement. Mukesh Ambani chairs and runs $88 billion (revenue) Reliance Industries, which has interests in petrochemicals, oil and gas, telecom and retail.  The release of the service Reliance Jio Infocomm Limited, commonly known as Jio, in September 2016 was a success, and Reliance's shares increased. Younger brother Anil Ambani received telecom, power, entertainment, and financial services business of the group. After the death of Dhirubhai Ambani on 6 July 2002, Reliance was headed by his two sons. He elected to do this even as RIL's total remuneration packages to its top management personnel increased during that fiscal year. Chairman, managing director, Chairman of Finance Committee and Member of Employees Stock Compensation Committee, Chairman of the board, Reliance Petroleum. Future Retail operates 1,550 stores. Reliance's Jio has earned a top-five spot in the country's telecommunication services since its public launch on 5 September 2016. “When Dhirubhai Ambani started, Reliance was a capital-intensive and labour-intensive company when it was into textiles and later into petrochemicals. Mukesh Ambani, Chairman of India's biggest conglomerate Reliance Industries Ltd, aims to make Reliance Retail an unbeatable force in organised retail space in India.  During the 40th annual general meeting of RIL, he announced bonus shares in the ratio of 1:1 which is the country's largest bonus issue in India, and announced the Jio Phone at an effective price of ₹0.  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