As the World Economic Forum in Davos wrapped up on January 20, 2023, one of its Foundation Board members remained in the spotlight: Mukesh Ambani, chairman and managing director of Reliance Industries. The Indian tycoon has turned a family textile trading business into one of the country's most powerful conglomerates, with interests spanning petrochemicals, telecom, retail, and renewable energy. His name is now synonymous with India's corporate ambitions and technological transformation.
Ambani, 65, is one of the most recognizable business figures in Asia. According to Forbes, he is the second-richest man in India, with an estimated fortune of $88 billion. His company, Reliance Industries, has deep roots in the Indian economy and has repeatedly reinvented itself to stay at the forefront of the country's development. But behind the towering glass headquarters in Mumbai and the 27-story private residence known as Antilia lies a story of inheritance, rivalry, political maneuvering, and relentless expansion.
From Textiles to a Diversified Conglomerate
Born into a family of modest origins, Mukesh Ambani is the eldest son of Dhirubhai Ambani, who founded Reliance in 1966 as a small textile company. After studying business management at Stanford University, Mukesh returned to India to help his father set up a polyester production plant. Historian Arhundati Virmani, an India specialist at the École des hautes études en sciences sociales, points out that Mukesh did not simply inherit wealth; he actively participated in the family's dramatic rise. He helped his father during the early days of the polyester factory and witnessed the transformation of the family's fortune from modest beginnings to industrial prominence.
Reliance initially made its mark in textiles, but under Mukesh Ambani's stewardship, it diversified aggressively into hydrocarbons, chemicals, and petrochemicals. The company built some of the world's largest refining complexes, including the Jamnagar refinery in Gujarat, which became a cornerstone of India's energy security. More recently, Reliance has pivoted toward the energy transition, investing in solar manufacturing, green hydrogen, and cleaner fuel technologies. It has also entered organized retail, challenging domestic and international competitors across thousands of Indian towns and cities.
Jio and the Telecom Disruption
One of Reliance's most transformative bets has been Jio, its telecommunications subsidiary. Launched in 2016, Jio disrupted the Indian mobile market by offering free voice calls and extremely cheap data plans. The strategy forced rivals to consolidate, merge, or exit the market. Pooja Jain, a researcher associated with the Asia Center, observes that Reliance today is synonymous with technology in India. The company has expanded into information technology, 4G, and 5G, and Ambani has publicly promised to equip India with high-speed 5G connectivity on a massive scale.
Jio's success also attracted major global investors. Meta and Google are among the tech giants that have invested in Jio Platforms, giving Reliance a powerful foothold in India's digital economy. The telecom arm has become the backbone of Reliance's broader strategy, connecting millions of Indians to the internet and enabling data-driven businesses ranging from e-commerce to streaming services. Ambani's ambition, analysts say, is to create a fully integrated digital ecosystem that touches every aspect of everyday life: communication, entertainment, shopping, finance, and education.
Family Feud and the Battle for Succession
Mukesh Ambani's path to the top was not without conflict. After their father Dhirubhai suffered a stroke in 2002 and later died without leaving a clear will, Mukesh and his younger brother Anil fought bitterly over control of the family empire. The dispute became public, spilling into boardrooms, media headlines, and even parliament. Their mother, Kokilaben, eventually intervened and brokered a settlement that divided the Reliance group between the two brothers. Mukesh retained control of the core businesses, including oil refining, petrochemicals, and the increasingly important telecom arm, while Anil took over financial services, power, and telecommunications in the form of Reliance Communications.
The rivalry between the brothers was legendary. Anil was once considered the more charismatic and socially visible of the two, while Mukesh was seen as the quieter, more meticulous operator. Historian Arhundati Virmani notes that Mukesh is someone who works extensively on details and files, unlike his brother who had a more flamboyant, glamorous public persona. Over time, Mukesh's methodical approach proved more successful. His businesses prospered, while Anil's ventures struggled under debt and regulatory pressure. Today, Mukesh Ambani stands as the undisputed heir to the Reliance legacy, and his company is significantly larger and more influential than the entities run by his brother.
Political Connections and Business Strategy
Reliance's success cannot be understood without examining its relationship with political power. Mukesh Ambani's family originates from Gujarat, the same state as Indian Prime Minister Narendra Modi. Observers have long noted the convergence between the Ambani business agenda and the Modi government's economic priorities. Both emphasize the need for India to grow rapidly, reduce reliance on imports, embrace technological development, and eventually become the world's third-largest economy. As Arhundati Virmani puts it, they share the same mantra.
This closeness to power is nothing new. Dhirubhai Ambani, the founder of Reliance, was also known for cultivating political connections. In the 1970s and 1980s, he maintained close ties with the Congress party, which was then the dominant force in Indian politics. Researcher Pooja Jain points out that Reliance Industries has long been known for its ability to maneuver, secure political support from whichever government was in power, and mobilize resources. Whether it was obtaining import licenses, winning technology approvals, or accessing bank financing, Reliance consistently proved more adept than its competitors. This pragmatism, critics say, has blurred the line between legitimate business advocacy and undue political influence.
Succession and the Next Generation
In 2022, Mukesh Ambani began to formalize his succession plans. He has three children: Isha, Akash, and Anant. Each has been assigned a major pillar of the Reliance empire. Akash Ambani has been closely involved with Jio and its telecom expansion, Isha Ambani has taken on a leading role in retail and the group's consumer businesses, and Anant Ambani has been associated with the group's new energy ventures. The orderly succession is designed to avoid the kind of family discord that marked the previous generation. But Mukesh Ambani has made it clear that he is not stepping aside anytime soon.
Speaking at the Reliance Family Day in December 2022, Ambani promised that his company would continue to grow. He compared Reliance to the legendary Banyan tree, whose branches keep spreading and whose roots keep deepening. He declared that Reliance would influence the lives of a growing number of Indians, enriching them, emancipating them, feeding them, and taking care of them. His stated mission, he said, is to make India prosperous. These grand pronouncements reflect a long-standing belief in the power of corporate growth to drive national development.
Wealth, Lifestyle, and Criticism
Mukesh Ambani's personal wealth is as striking as his company's scale. His residence, Antilia, is a 27-story building in Mumbai that has been described as one of the most expensive private homes in the world. It includes multiple swimming pools, a ballroom, a yoga studio, and parking space for dozens of cars. Ambani also owns the Mumbai Indians, a highly successful cricket team in the Indian Premier League, further cementing his status among India's cultural and sporting elites.
Despite the stark inequalities visible in India, Pooja Jain suggests that many Indians tolerate or even admire Ambani's empire. This acceptance, she argues, is rooted in a cultural appreciation for entrepreneurial spirit and hard work. She adds that Ambani benefits from a carefully cultivated image of personal virtue: he is said to be vegetarian, does not drink alcohol, and presents himself as disciplined and devoted to his work. This wholesome public image contrasts sharply with the ostentatious lifestyles of some other billionaires and helps soften criticism about vast wealth concentrated in a single family.
Yet Ambani has not escaped controversy. During the farmers' protests against India's agricultural reform laws in 2020-2021, effigies of Mukesh Ambani and other prominent billionaires were burned by angry demonstrators. The reforms, which the government claimed would liberalize agricultural markets, were seen by many farmers as a threat to their livelihoods, and Reliance was viewed as one of the conglomerates poised to benefit at their expense. The episode served as a reminder that even the most powerful businessman in India remains a polarizing figure, honored by some as a visionary and resented by others as a symbol of concentrated corporate power.
Mukesh Ambani's Reliance Industries continues to expand into new sectors, from artificial intelligence to green energy, while his political connections remain as strong as ever. His legacy is still being written, but one thing is certain: the son of a modest textile trader has become one of the most influential industrialists in the world, shaping both the Indian economy and the broader global business landscape.
Source: RFI News