Claim: Mukesh Ambani is on the 2016 Forbes list of the world's most powerful people, at number 38.

Mukesh Dhirubhai Ambani -LRB- born 19 April 1957 -RRB- is an Indian business magnate who is the chairman , managing director and largest shareholder of Reliance Industries Limited -LRB- RIL -RRB- , a Fortune Global 500 company and India 's second-most valuable company by market value . He holds a 44.7 % stake in the company . RIL deals mainly in refining , petrochemicals , and in the oil and gas sectors . Reliance Retail Ltd. , another subsidiary , is the largest retailer in India .   He is the elder son of the late Dhirubhai Ambani and Kokilaben Ambani and the brother of Anil Ambani . In 2016 , he was ranked 38 , and is the only Indian businessman , on Forbes list of the world 's most powerful people . , Ambani has consistently held the title of India 's richest person on the magazine 's list for ten years . Through Reliance , he also owns the Indian Premier League franchise Mumbai Indians . In 2012 , Forbes named him one of the richest sports owners in the world . He resides at the Antilia Building , one of the world 's most expensive private residences . Its value is close to 1 billion dollars . , Ambani ranked fifth among India 's philanthropists , according to China 's Hurun Research Institute .   He has served on the board of directors of Bank of America and the international advisory board of the Council on Foreign Relations . He was the chairman of the board of Indian Institute of Management Bangalore , which is one of the leading business schools in India .