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Narendra Kumar Agarwal
Born
Narendra Kumar Agarwal

(1966-02-13) 13 February 1966 (age 58)
jhansi
NationalityIndian
Alma materMaulana Azad National Institute of Technology (B.Tech)
Occupation(s)Maharatna Company, till 5 sept 2018
Spouse
Pushpa Agarwal
​
(date missing)​
Children2
Parent(s)Radhe Shyam Gupta
late Ramkali Gupta
RelativesBhuwan Bhaskar Agarwal, late Dr. Harendra Agarwal (brother)
Websitethedivincrate.com

Narendra Kumar Agarwal (born 13 February 1966) is an Indian,

Narendra was born in jhansi, and brought up in New Delhi, India. He received his degree in Electronic's and Telecommunication from the Maulana Azad National Institute of Technology in the early 1990s. Narendra started working in a Maharatna Company, since 1987 to 2018..

Early life[edit]

Narendra Kumar Agarwal was born on 13 February 1966 to Radhe Shyam Gupta and Ramkali Gupta in jhansi, Uttarpradesh. He has four siblings, a two brother's Bhuwan Bhaskar Agarwal | Dr. Harendra Agarwal, and one sisters Dr. Prabha Agarwal.

Mukesh lived briefly in Yemen after his father decided to move back to India in 1958.[1] His family moved from Yemen to India so that his father can start a business in trading spices which later shifted to a business in textiles originally named "Vimal" but later changed to "Only Vimal."[2] The Ambani family lived in a modest two-bedroom apartment in Bhuleshwar, Mumbai until the 1970s.[3] Life was initially hard for the Ambanis when they moved to India because Mukesh had to live in a communal society, use public transportation, and never received an allowance.[4] Dhirubhai later purchased a 14-floor apartment block called 'Sea Wind' in Colaba, where, until recently, Mukesh and Anil lived with their families on different floors.[5]

Mukesh and his siblings were loosely monitored by their father and more by Mahendrabhai, who was their caretaker, during their childhood years. Growing up Mukesh played all kinds of sports like football and hockey, enjoyed annual trips to villages, and explored the different areas of Bombay, which is now renamed to Mumbai, all under the supervision of Mahendrabhai. Dhirubhai cared very little about Mukesh's grades, but he cared more so about his all-around performance.[6]

He attended the Hill Grange High School at Peddar Road, Mumbai, along with his brother and where Anand Jain, his close associate, was his classmate.[7] He received his BE degree in Chemical Engineering from the Institute of Chemical Technology(UDCT), Matunga.[8] Mukesh 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 a fast growing enterprise.[9] Dhirubhai believed that real life skills were harnessed through experiences and not by sitting in a classroom, so he called Mukesh back to India from Stanford to take command of a yarn manufacturing project in his company.[4] Professors like William F. Sharpe and Man Mohan Sharma during Mukesh's college years, had an impact on him because they are "the kinds of professors who made you think out of the box."[6]

Business career[edit]

1980s - 1990s[edit]

In 1980, the Indian government under Indira Gandhi opened PFY (polyester filament yarn) manufacturing to the private sector. Dhirubhai Ambani applied for a licence to set up a PFY manufacturing plant. Obtaining the licence 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.[10] In spite of stiff competition from Tatas, Birlas and 43 others, Dhirubhai was awarded the licence, more commonly addressed as License Raj.[11] To help him build the PFY plant, Dhirubhai pulled his eldest son Mukesh out of Stanford, where he was studying for his MBA, to work with him in the company. Mukesh then continued to work for Reliance and did not return to his university program after that. He led 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.[12] After joining the company with his father, Rasikbhai Meswani, who was the executive director at the time, was held responsible for Mukesh. Mukesh had been given the opportunity to contribute to the company from his first day where he would daily report to Rasikbhai and take orders from him. The company was being built from scratch with the principle of everybody contributing to the business and not heavily depend on selected individuals. 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 Mukesh and Anil.[13] Mukesh Ambani set up Reliance Infocomm Limited (now Reliance Communications Limited), which was focused on information and communications technology initiatives.[14] At the age of 24, Mukesh was given charge of the construction of Patalganga petrochemical plant when the company was heavily investing in oil refinery and petrochemicals.[15] Mukesh's father treated him as a business partner allowing him the freedom to contribute even with little experience.[16]

2000s - Present[edit]

On 6 July 2002, Mukesh's father Dhirubhai died after suffering a second stroke in the span of sixteen years.[17] The death of Dhirubhai elevated tensions between the brothers Mukesh and Anil due to Dhirubhai not leaving a will behind for the distribution of the empire in 2004.[18] Kokilaben, their mother, had to intervene to stop the feud, she conclude that the company will split into two where Mukesh will gain control of Reliance Industries Limited and Indian Petrochemicals Corporation Limited which was later approved by the Bombay High Court in December 2005.[19]

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.[20] 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.[21] On 18 June 2014, Mukesh Ambani, addressing the 40th AGM of Reliance Industries, said it will invest Rs 1.8 trillion (short scale) across businesses in the next three years and launch 4G broadband services in 2015.[22] In February 2016, Mukesh Ambani-led Jio launched its own 4G smartphone brand named LYF.[23] In June 2016, it was India's third-largest-selling mobile phone brand.[24] Mukesh's success gradually increased after the release of the service Reliance Jio Infocomm Limited, commonly known as Jio, in September 2016, because of the great quality service it provided to users for cheap which Reliance's shares increased.[25] 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.[26] As of February, 2018, Bloomberg's "Robin Hood Index" estimated that Ambani's personal wealth was enough to fund the operations of the Indian federal government for 20 days.[27]

In February 2014, a First Information Report (FIR) alleging criminal offences was filed against Mukesh Ambani for alleged irregularities in the pricing of natural gas from the KG basin.[28] 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.[29] Kejriwal has asked both Rahul Gandhi and Narendra Modi to clear their stand on the gas pricing issue.[30][31] 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. 540 billion to the country annually.[32][33]

Board memberships[edit]

Awards and honors[edit]

Year of Award or Honor Name of Award or Honor Awarding Organization
2000 Ernst & Young Entrepreneur of the Year[35] Ernst & Young India
2010 Global Vision Award at The Awards Dinner[36] Asia Society
2010 Business Leader of the Year[37] NDTV India
2010 Businessman of the Year[38] Financial Chronicle
2010 School of Engineering and Applied Science Dean's Medal[39] University of Pennsylvania
2010 ranked 5th-best performing global CEO[40] Harvard Business Review
2010 Global Leadership Award[41] Business Council for International Understanding
2010 Honorary Doctorate (Doctor of Science)[42] M. S. University of Baroda
2013 Millennium Business Leader of the Decade at Indian Affairs India Leadership Conclave Awards 2013)[43] India Leadership Conclave & Indian Affairs Business Leadership Awards
2016 Foreign member, U. S. National Academy of Engineering[44][45] National Academy of Engineering
2016 Othmer Gold Medal[46][47] Chemical Heritage Foundation

Personal life[edit]

Mukesh was married to Nita Ambani in 1984 and have two sons, Anant and Akash, and a daughter, Isha.[48] They both first met through Mukesh's father when he attended a dance performance which Nita took part in and carried the idea of arranging Nita and Mukesh's marriage ever since.[49]

They live in a private 27-storey building in Mumbai named Antilia valued at US $1 billion and was the most expensive residence in the world at the time of being built.[50][51] The building stands 570 feet tall, requires a staff of 600 for maintenance, includes three helipads, houses a 160 car garage, private movie theater, swimming pool, fitness center, and many more amenities.[52] In 2007 Mukesh had gifted his wife Nita a $60 million dollar private aircraft, Airbus A-319, for her 44th birthday.[53] The airbus, which has a capacity of 180 passengers, has been custom-fitted to include a fancy living room, bedroom, satellite television, WiFi, sky bar, Jacuzzi, and an office.[54] Mukesh was titled The World's Richest Sports Team Owners after his purchase of the IPL cricket team Mumbai Indians for $111.9 million in 2008.[55][56]

In an interview with Rajdeep Sardesai in March 2017, Mukesh said that his favourite food continued to be idli sambar and his favourite restaurant remains Mysore Café, a restaurant in Kings circle (Mumbai) where he used to eat as a student at UDCT from 1974 to 1979.[57] Mukesh Ambani is a strict vegetarian and teetotaler.[58] He is a very big fan of Bollywood movies where he watches three a week because he says "you need some amount of escapism in life."[18][16]

His wife, Nita, describes Mukesh's nature to be very quiet, modest, and shy.[59] Similar to when Dhirubhai took time out of his busy schedule for his children, Mukesh makes it a top priority to spend quality time with his children and family every Sundays.[60][61]

During the fiscal year ending 31 March 2012, Mukesh reportedly, decided to forgo nearly ₹240 million from his annual pay as chief of Reliance Industries Ltd (RIL). He elected to do this even as RIL's total remuneration packages to its top management personnel increased during that fiscal year. Mukesh Ambani holds a 44.7% stake in the company.[62] This move kept his salary capped at ₹150 million for the fourth year in a row.[63]

See also[edit]

References[edit]

  1. ^ "How Dhirubhai Ambani changed the style of doing business in India". Rediff. Retrieved 30 July 2018.
  2. ^ "Life story of Mukesh Ambani". www.truthofthoughts.com. Retrieved 30 July 2018.
  3. ^ "Reliance didn't grow on permit raj: Anil Ambani". Rediff.com. 11 May 2002. Retrieved 28 October 2010.
  4. ^ a b Giridharadas, Anand. "Meet Mukesh Ambani: India's Richest Man". Retrieved 31 July 2018.
  5. ^ Yardley, Jim (28 October 2010). "Soaring Above India's Poverty, a 27-Story Home". The New York Times.
  6. ^ a b "Mukesh Ambani on his childhood, youth". Rediff. Retrieved 30 July 2018.
  7. ^ Anand Jain: A bone of contention between the Ambani brothers. India Today. 17 January 2005
  8. ^ "Mukesh Ambani on his childhood, youth". Rediff.com. Retrieved 5 October 2011.
  9. ^ "Always invest in businesses of the future and in talent". Rediff Business – Interview with Mukesh Ambani, 2007. Rediff.com. Retrieved 17 October 2011.
  10. ^ "India Before 1991: Stories of Life Under the License Raj". Spontaneous Order. 30 March 2016. Retrieved 2 August 2018.
  11. ^ "Reliance Industries – Company Profile". Reliance Industries Ltd. – Company Profile, Information, Business Description, History, Background Information on Reliance Industries Ltd. Read more: Reliance Industries Ltd. – Company Profile, Information, Business Description, History, Background Information on Reliance Industries Ltd. - Reference for Business. Advameg Inc. Retrieved 17 October 2011.
  12. ^ Cite error: The named reference aboutus2 was invoked but never defined (see the help page).
  13. ^ "Mukesh Ambani – In His Own Words". wealthymatters. 4 February 2011. Retrieved 2 August 2018.
  14. ^ "Reliance Infocomm Ushers a Digital Revolution in India". Press Release by Reliance Infocomm. Reliance Communications. 27 December 2002. Archived from the original on 23 July 2013. Retrieved 22 August 2013.
  15. ^ Poza, Ernesto J. (29 January 2009). Family Business. Cengage Learning. ISBN 978-0324597691.
  16. ^ a b Giridharadas, Anand. "Meet Mukesh Ambani: India's Richest Man". Retrieved 4 August 2018.
  17. ^ "Dhirubhai Ambani passes away - Times of India". The Times of India. Retrieved 4 August 2018.
  18. ^ a b "An insight into Mukesh Ambani's empire and how he became Asia's richest man". The National. Retrieved 4 August 2018.
  19. ^ "The Full Story Of The Massive Feud Between The Billionaire Ambani Brothers". Business Insider. Retrieved 4 August 2018.
  20. ^ "Mukesh Ambani :: Reliance Group :: Reliance Petroleum Limited :: Reliance Industries". RIL. Retrieved 18 February 2010.
  21. ^ "Mukesh Ambani hints at venture between Reliance Industries and Bharti Airtel". The Indian Express. 9 December 2013.
  22. ^ "Reliance 4G services to be launched in 2015: Mukesh Ambani". ABP Live. 18 June 2014.
  23. ^ Gloria Singh, Surbhi (14 May 2016). "Mukesh Ambani's Reliance Jio Infocomm's LYF mobile: A whopping $1 billion brand?". The Financial Express. Retrieved 14 July 2016.
  24. ^ Agarwal, Sapna; Pathak, Kalpana (29 June 2016). "How Reliance Jio's LYF became India's third largest selling phone brand". Livemint. Retrieved 14 July 2016.
  25. ^ "Analysis | Who Is Mukesh Ambani, Asia's Newest Richest Man?: QuickTake". Washington Post. Retrieved 4 August 2018.
  26. ^ Verma, Swati (9 April 2018). "Macro cues, Q3 earnings and oil prices to sway market this week". Retrieved 9 April 2018 – via The Economic Times.
  27. ^ Strauss, Marine; Lu, Wei (11 February 2018). "What If the World's Richest Paid for Government Spending?". Bloomberg Politics. Retrieved 14 February 2018.
  28. ^ "Arvind Kejriwal rakes up K G Basin gas pricing, orders FIRs against Moily, Deora, Mukesh Ambani". The Indian Express. 11 February 2014.
  29. ^ Nair, Anisha (23 February 2014). "Arvind Kejriwal calls BJP, Congress puppets of Mukesh Ambani". news.oneindia.in.
  30. ^ "Arvind Kejriwal's letter to Mukesh Ambani on gas pricing".
  31. ^ Ghosh, Deepshikha (21 February 2014). "Clear your stand on Mukesh Ambani: Arvind Kejriwal tells Narendra Modi, Rahul Gandhi".
  32. ^ "Arvind Kejriwal fires on all cylinders, now writes to Rahul Gandhi over gas prices involving Mukesh Ambani". India Today. 24 February 2014.
  33. ^ "Arvind Kejriwal asks Narendra Modi to come clean on gas pricing". DNA India. 21 February 2014.
  34. ^ "Mukesh Ambani – Executive Profile & Biography". Mukesh Ambani – Executive Profile & Biography – Bloomberg Businessweek. Bloomberg.
  35. ^ "Ernst & Young Entrepreneur of the Year Award". Retrieved 10 June 2013.
  36. ^ Mulgund, Shreyas. "Asia Society Awards Dinner Honors Mukesh Ambani, Jeffrey Immelt, and NY Philharmonic". Press Release on Asia Society. Asia Society. Retrieved 21 September 2011.
  37. ^ Mulgund, Shreyas. "Winners of the NDTV Business Leadership Awards". NDTV Convergence Limited. Archived from the original on 23 July 2013. Retrieved 21 September 2011.{{cite web}}: CS1 maint: unfit URL (link)
  38. ^ Mulgund, Shreyas (30 December 2010). "FC Businessman of the Year: Mukesh Ambani". Financial Chronicle. Archived from the original on 23 July 2013.{{cite news}}: CS1 maint: unfit URL (link)
  39. ^ "IMukesh Ambani awarded the Dean's Medal by University of Pennsylvania". Mukesh Ambani awarded the Dean's Medal by University of Pennsylvania. FORBES. Retrieved 9 January 2010.
  40. ^ Mulgund, Shreyas (January 2010). "The 100 Best-Performing CEOs in the World". Harvard Business Review. Harvard Business Publishing. Archived from the original on 1 March 2012. Retrieved 21 September 2011.{{cite web}}: CS1 maint: unfit URL (link)
  41. ^ "BCIU Presents Dwight D. Eisenhower Global Awards to Mukesh D". Bloomberg. Retrieved 1 August 2012.
  42. ^ "M.S. University Confers Degree of Doctor of Science Honoris Causa To Mukesh Ambani". Retrieved 15 October 2010.
  43. ^ "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".
  44. ^ "Four Indian American Engineers Among Newly Elected NAE Members". India West. 9 February 2016. Retrieved 18 May 2016.
  45. ^ "Mr. Mukesh Dhirubhai Ambani". National Academy of Engineering. Retrieved 18 May 2016.
  46. ^ "Mukesh Ambani awarded Othmer Gold Medal for Entrepreneurial Leadership". NetIndian News Network. 17 May 2016. Retrieved 17 May 2016.
  47. ^ "Othmer Gold Medal". Science History Institute. Retrieved 22 March 2018.
  48. ^ "India's young billionaire heirs and heiresses". Retrieved 7 January 2014.
  49. ^ "Nita Ambani's story, from school teacher to India's wealthiest woman, is worth a read! | Free Press Journal". Free Press Journal. 24 November 2017. Retrieved 31 July 2018.
  50. ^ Cite error: The named reference auto2 was invoked but never defined (see the help page).
  51. ^ Kwek, Glenda (15 October 2010). "India's richest man builds first $1-billion home, Antilia". The Age. Melbourne. Retrieved 28 October 2010.
  52. ^ Hanrahan, Mark (18 May 2012). "Antilia: Inside Mukesh Ambani's 27-Story Mumbai Residence, The World's First $1 Billion Home (PHOTOS)". Huffington Post. Retrieved 1 August 2018.
  53. ^ Editorial, Reuters. "Mukesh Ambani gifts wife jet on birthday". IN. Retrieved 1 August 2018. {{cite news}}: |first= has generic name (help)
  54. ^ "Mukesh Ambani gifts Rs 240 cr jet to wife". www.rediff.com. Retrieved 1 August 2018.
  55. ^ "Big business and Bollywood grab stakes in IPL". Cricinfo. Retrieved 1 August 2018.
  56. ^ Badenhausen, Kurt. "The World's Richest Sports Team Owners 2018". Forbes. Retrieved 1 August 2018.
  57. ^ DMello, Yollande (16 October 2011). "Number munching at Cafe Mysore". Mid-Day. Retrieved 6 July 2017.
  58. ^ "Mukesh Ambani is India's richest man for the second year in a row". thomaswhite.com. Retrieved 9 April 2018.
  59. ^ "The private life of Nita Ambani - Times of India". The Times of India. Retrieved 1 August 2018.
  60. ^ "Unplugged: Mukesh Ambani - Times of India". The Times of India. Retrieved 1 August 2018.
  61. ^ "Mukesh Ambani on his childhood, youth". Rediff. Retrieved 1 August 2018.
  62. ^ Chu, Patrick; Ismail, Netty (5 March 2012). "Mukesh Ambani Backed by India Power Holdings Proves Asia's Top Billionaire". Bloomberg. Retrieved 22 August 2013. Year 2012.
  63. ^ "Mukesh Ambani forgoes Rs 23.82 crore from his pay package". The Times of India. 9 May 2012.

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