Mukesh Ambani is an Indian Businessman and the richest man in Asia. He is currently the 6th richest man in the world, with different projects and businesses making him successful. Ambani is also a sports enthusiast and owns several franchises that add to his wealth and fame as an entrepreneur. In this article, we will look at the Mukesh Ambani biography, the key to his success, and what lies next for the billionaire.
Mukesh Ambani’s Current Net Worth
As per Forbes, Mukesh Ambani is currently worth $74.1 Billion. Moreover, this week he further surpassed the likes of Elon Musk and Warren Buffet to become the 6th richest man in the world. His wealth and fame are built around his company, Reliance Industries Limited. Furthermore, he is currently the largest shareholder and Managing Director at Reliance. Moreover, Forbes named Ambani one of the richest sports owners in the world, with franchises such as the Mumbai Indians and the Indian Super League Under his patronage.
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Mukesh Ambani Background and Biography
Mukesh Dhirubhai Ambani was born on 19 April 1957 in the British Crown colony of Aden (in present-day Yemen) to Dhirubhai Ambani and Kokilaben Ambani. He has a younger brother Anil Ambani and two sisters, Nina Bhadrashyam Kothari and Dipti Dattaraj Salgaocar. Ambani only stayed in Yemen briefly, moving back to India in 1958. In the same year, Dhirubhai and a cousin founded the Reliance Commercial Corporation. This business grew from a commodities-trading business that they initially operated out of a one-room rental space into RIL.
Ambani got his undergraduate degree in chemical engineering from the University of Bombay (now the University of Mumbai). Subsequently, he pursued a master’s degree in business administration from Stanford University. However, he left in the middle of his degree to join the family business in 1981. In his new role, Ambani diversified the company into different areas like communications, petrochemicals, and so on. Moreover, in 2004 he was named one of the world’s most respected business leaders by the professional-services firm PricewaterhouseCoopers.
Following Dhirubhai’s death in 2002, Ambani and his brother, Anil, assumed joint leadership of the Reliance companies. However, feuds between the brothers over control prompted their mother, Kokilaben Ambani, to split Reliance’s assets via a non-competition agreement (2006–10). Under this agreement, Mukesh assumed control of the gas, oil, and petrochemical units as RIL under the umbrella of the Reliance Group.
Reliance Industries Limited
When Ambani came to his father’s company in 1981, it had already expanded quite a bit. It dealt not only with petrochemicals and their refinement but also in telecommunications as well. But what exactly is Reliance Industries?
Reliance Industries Limited is an Indian multinational conglomerate company with headquarters in Mumbai, Maharashtra. It owns businesses across India engaged in energy, petrochemicals, textiles, natural resources, retail, and telecommunications. Reliance the largest publicly traded company in India by market capitalization, and the largest company in India as measured by revenue after recently surpassing the government-controlled Indian Oil Corporation. On 22 June 2020, it also became the first Indian company to exceed US$150 billion in market capitalization after its market capitalization hit ₹11,43,667 crore on the BSE.
The company is ranked 106th on the Fortune Global 500 list of the world’s biggest corporations as of 2019. Moreover, through Reliance, Ambani also owns the Indian Premier League franchise Mumbai Indians and is the founder of the Indian Super League, a football league in India.
JioMeet a copy of Zoom?
More recently, Ambani is taking on Zoom with his launch of JioMeet. Reliance’s Jio earned a top-five spot in the country’s telecommunication services since its public launch on 5 September 2016. However, with the pandemic in full swing and the meteoric rise of the video-conferencing app Zoom, Ambani launched something similar. Like Zoom and Google Meet, JioMeet offers an unlimited number of free calls in high definition (720p) to users and supports as many as 100 participants on a call. But interestingly, it appears to not impose a short time limit on a call’s duration.
This was a short Mukesh Ambani biography and the latest developments regarding his business and life. Do you think JioMeet is a copy of zoom? Will Ambani’s wealth continue to grow with India’s rise in the digital sector? Let us know in the comments below!