Mukesh Ambani has achieved fourth place in the list of world’s richest personalities - Prime Insights - Business Magazine

Mukesh Ambani has achieved fourth place in the list of world’s richest personalities

Mukesh Dhirubhai Ambani

Mukesh Ambani has achieved fourth place in the list of world’s richest personalities

  • Great news for Indian aspiring entrepreneurs. Mukesh Ambani is now the fourth wealthiest man worldwide. The Indian business king has now surged past the richest man in Europe, France’s Bernard Arnault. He is the owner of the world renowned luxury brand LVMH Moet Henessey Louis Vutton. Ambani is worth a staggering 80.6 billion USD. His wealth is increased by a massive 22.6 billion USD this year.
  • On the other hand, Louis Vuitton’s business has declined due to consumers reducing luxury fashion purchases this year. The business tycoon has already surpassed some of the wealthiest people in the present weeks like Elon Musk, founders of Google-like Larry Page and Sergey Brin, and the no1 investor globally, Warren Buffet. 
  • Due to the ongoing COVID virus, the oil giant has suffered a slump in demand for petroleum, but its shares have doubled, from the lowest point in March. The reason being that the digital unit of the Reliance group has received massive investments from Facebook and Google, running into billions of dollars. Mukesh Ambani is reorienting his focus to e-commerce, with big tech firms like Google, pumping massive amounts of money into India, capturing a sizeable digital business. Google announced that it would push another 10 billion USD into the Indian economy, to further increase the adoption of digital technologies, in the fastest growing market after China.

Background

  • Mukesh Ambani is the current chairman, MD and the largest shareholder of the Reliance Industries Ltd. Reliance Industries Ltd is among the most respected business groups in India and also Fortune Global 500 company. He was born in 1957 in Aden to Dhirubhai Ambani, the founder of the business conglomerate. He has two sisters Nina Kothari and Dipti Salgaocar. His younger brother Anil Ambani is the chairman of Reliance Group. This group consists of various firms like Reliance Power, Reliance Capital, Reliance Infrastructure, and Reliance Communications. He went to Hill Grange High school, and then also studied at the prestigious St.Xaviers College in Mumbai. He afterward graduated in Chemical Engineering from the Institute of Chemical Technology.
  • In 1980, Mukesh took admission in Master of Business Administration at Stanford University but later withdrew. He then decided to lengthen the family business, in the way of Reliance, which was rapidly growing at that time. Dhirubhai had a firm conviction, that business could be best learned by doing, instead of attending classes. 

Career Journey

  • In 1981, he formally joined the family business Reliance Industries Limited, which commenced its operations in 1973. RIL already had made a name for itself in the field of petrochemicals and refining. The journey has been a very intriguing one. After the demise of the patriarch and founder, Dhirubhai Ambani, Mukesh Ambani acquired control of Reliance Industries Limited and Indian Petrochemicals Corporation Limited. Ambani created the largest petroleum refinery at Jamnagar in India. The magnitude of the plant is more than six lakh barrels daily. Besides petrol, the plant is also dealing with port, power generation, petrochemicals, etc. There are several laurels for this firm. RIL has a rank of 96 on the list of Fortune Global 500, list of biggest firms of 2020. It has a rank of 8th among the top 250 Global energy companies.
  • RIL is one of the biggest exporters in India, having 8 per cent share of the total exports from India. It has market access to almost 108 countries in the world. Reliance contributes around 5 percent of the total Indian government revenues from excise and customs duty. It has the distinction of paying the most massive no of taxes in the private sector in India. The company launched its 4G smartphone brand, LYF, in 2016. Currently, the total headcount of RIL is about two lakh employees. In 2020, the market capitalization of the firm has crossed 150 billion USD. 
  • Under his leadership, Reliance has diversified into many other businesses like retail and telecom. The retail arm, Reliance Retail is India’s largest retailer, and Reliance Jio has been a blazing success, since its launch in September 2016. Reliance Jio, operates a network nationwide and covers twenty-two telecon circles. Jio utilizes voice over LTE, to provide voice service on its entire network of 4G. Jio has become the biggest mobile network operator in India, with four hundred million subscribers and the third largest mobile network operator globally.
  • Besides these two, Mukesh Ambani has initiated new firms like Reliance Life Sciences, involved in plant, industrial biotechnology, and medicinal openings. RLS deals with creating, branding, and marketing RIL products in different sectors like pharmaceuticals, biofuels, molecular medicine, etc.
  • Then, Reliance Logistics is used to sell logistics, distribution, warehousing, transportation, and SCM products. The firm has its fleet of vehicles.
  • RIL has also forayed into the expanding area of renewable energy, with its flagship company known as Reliance Solar. It is used to sell retail solar energy systems for both urban and rural areas. Consumers get various products like street lighting systems, solar lanterns, solar AC’s, solar fridges, and water purification systems. Reliance Clinical Research Services is a very famous contract research organization dealing in the clinical research services industry. It has customers, which consist of medical device firms, pharmaceuticals, and biotechnology. Reliance Industrial Infrastructure Limited, which has a primary mission of making and operating cross country piplelines, for transporting petro products.

Conclusion

  • In this article, readers will know how Mukesh Ambani became the 4th richest man in the world. 

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