Mukesh Ambani son of Dhirubhai Ambani,it is a worldwide
known name today. The richest man of India and Richest person out of North
America and Europe. Although world knows Mukesh Ambani as a
successful businessman today ,but very few know that he has struggled
along with his father in early days and to grow business of his father he has
to drop his MBA from Stanford university .
Childhood
Mukesh Ambani was on 19 April 1957 to Dhirubhai
Ambani and Kokilaben Ambani in Aden, Yemen when his
father used to work there. In 1958 Dhirubhai moved back to India to start
business of trade in spices but later turned to textile business and started
brand “Vimal”. Mukesh ambani in early days used public
transport for going to his schools and college.
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Education
Mukesh Ambani attended Hill Grange High School in Mumbai
and got his BE degree in Chemical Engineering from Institute of Chemical
Technology (UDCT),Matunga. Mukesh Ambani later enrolled for
his MBA at Stanford University. As Dhirubhai planned big for
Reliance in 1980 he called Mukesh back to support his
business . Mukesh ambani dropped his MBA degree at Stanford and returned India
to help his father to grow his business. Dirubhai Ambani always believed that
real business skills can be earned through experience not by classroom
lectures.
Business Career
In 1980 ,Indira Gandhi
was prime minister and Government opened Polyster Filament yarn manufacturing
for private sector. Although it was very difficult to get License , Dhirubhai
applied for the license and facing stiff competition from TATA and BIRLA ,
Dhirubhai got the license to help him build the PFY plant, Dhirubhai pulled his eldest
son Mukesh out of Stanford, to work with him in the
company. Mukesh dropped college and worked for backward
integration in Reliance to generate more revenue and improve
efficiency. As per instruction from Dhirubhai Ambani, Mukesh has
to report to Rasikbhai Meshwani who was executive director at that time.The
company was build from the srach and everybody contributed to company. At the
age of 24 Mukesh was given given charge of the construction of Patalganga
petrochemical plant when the company was heavily investing in oil refinery and
petrochemicals.
Reliance Infocomm and
Beginning of
Business empire of Mukesh
Ambani
Mukesh
Ambani started
Reliance infocomm limited now known as reliance communications Limited, in 2002
which was focused on Information and communication only. Reliance launched its
nationwide CDMA mobile services with the tag line of ,"Kar lo Duniya
Mutthi main" .Reliance started providing CDMA mobile devices with monthly
plans at low cost . After the death of Dhirubhai Ambani , both the brothers
Mukesh and Anil get into tussle for property as Dhirubhai Ambani left no will
behind .Finally family fued was solved with the intervention of their
mother Kokilaben Ambani. Mukesh Ambani got Reliance Industries
and Petrochemical business while Anil got Reliance infocomm and few other
industry.
Mukesh Ambani again touched the milestone by
establishing world largest grassroot petroleum refinery at Jamnagar with
capacity to produce 660000 barrels per day in 2010. This refinery is integrated
with petrochemicals products, power generation, Port and other related infrastructure.
Reliance provides excellent facility to its employees of reliance family,
working at the Jamnagar refinery.
In
2014 Mukesh Ambani addresses 40th annual general meeting(AGM)
of reliance industries and announced to spend Rs. 1.8 trillion in next three
years and to launch 4G services in 2015. Although 4G
services were launched with new brand name RJIO Infocomm in September 2016 ,
Reliance launched 4G mobile with brand name LYF in February 2016. Gradually
business of RJIO increased rapidly with aggressive pricing and quality of
service .India became biggest data user in the world .Within two years RJIO
captured 20 % market share in Indian telecom market.
RJIO
not only provided 4G services but also various other services like JIO money,
JIO TV, Jio music etc. to Indian customers. RJIo is the only telecom operator
possessing nationwide 4G spectrum in premium band of 850Mhz and 1800 Mhz.
RJIO
provided 4G services starting from Rs. 49 per month for customers
who purchased Jio phones.Since the entry of RJIO all other operators has to
bear severe loss in business .Due to heavy losses many telecom operators like
TATA docomo, Aircel, reliance communications closed their business
in telecom. Idea and Vodafone merged their business to survive . Indian Telecom
market left with only four national operators including BSNL, AIRTEL,
IDEA-VODAFONE .
Along with
telecom venture Mukesh launched its e-commerce fashion website AJIO.com with
the tag line “Doubt is out” .With the stringent e-commerce policy changes in
2018 AJIO is targeting indian customers aggressively to compete with Amazon and
Flipkart.
Reliance retail, Reliance trends are other ventures of Mukesh Ambani.
Wealth and controversies
Mukesh
Ambani is
currently wealthiest Asian ,leaving behind Chinese business baron,founder of
Alibaba.com Jack ma. As of February 2018, Bloomberg’s "Robin Hood Index" estimated that Mukesh Ambani's
personal wealth was enough to fund the operations of the
Indian government for 20 days.
Name
of Mukesh Ambani is linked with many controversies. In February 2014, a FIR alleging criminal offences was filed
against Mukesh Ambani for alleged irregularities in the pricing of natural gas
from the K.G basin. Kejriwal has alleged that the Center 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. 540 billion to the
country annually.
Other
controversy raised about predatory pricing by RJIO to provide free services for
almost a year. Although AIRTEL appealed against RJIO in TRAI and
TDSAT but could not get favorable judgement. .State government of Rajasthan and
Chhattisgadh distributed JIO Phones in the state priced at Rs .500 from the
fund of State government thus causing criticism for many corners for
favoritism.
One
more controversy was associated with RJIO during state election in Madhya
Pradesh in 2018 when election commission allotted tender to RJIO to provide
internet connectivity during vote counting which was cancelled when objections
were raised by Indian national congress.
Awards and Honors to Mukesh
Ambani
Mukesh
Ambani has been awarded number of awards few of them are listed below:
1.Ernst & Young Entrepreneur of the Year-in the year 2000
by Ernst & Young India.
2. Global Vision Award at The Awards
Dinner-in the
year 2010 by Asia Society
3. Businessman of the Year-in the year 2010
by Financial Chronicle
4.
School of Engineering and Applied Science Dean's Medal-by University of Pennsylvania
5. 5th-best
performing global CEO –in 2010 by Harward Business review.
6. Foreign
member, U. S. National
Academy of Engineering in 2016 by National Academy of Engineering.
7. Othmer
Gold Medal-in
2016 by Chemical Heritage Foundation.
Summary:
Mukesh Ambani, now the richest Asian man ,is the shy and modest person
according to her wife Nita Ambani , he also believes in collective efforts in
business and is a visionary businessman . Since he launched RJIO in telecom
market by launching 4G services, India has seen rapid growth in digital
transactions, as well as data speeds available to customers. Mukesh Ambani is
Investing heavily in future technologies like 5G and Artificial intelligence.
Source: Wikipedia
