Mukesh Ambani donates Rs 151 crore to his alma mater, Mumbai’s Institute of Chemical Technology

MUMBAI: Reliance Industries chairman and managing director Mukesh Ambani has announced an unconditional grant of Rs 151 crore to the Institute of Chemical Technology, Mumbai, from where he graduated in the 1970s.

Ambani spent over three hours on Friday at the institute (ICT), which back then was called the University Department of Chemical Technology (UDCT). He was there to attend the function to publish Professor M M Sharma’s biography titled ‘Divine Scientist’.

He also reminisced how the first lecture he attended at UDCT by Professor Sharma motivated him and how Prof. Sharma later played a role of quiet architect of India’s economic reforms.

#WATCH | Mukesh Ambani, Chairman and Managing Director, Reliance Industries, announced an unconditional grant of Rs 151 crore to the Institute of Chemical Technology, Mumbai, from where he graduated in the 1970s. pic.twitter.com/cHyu9ds8QU

— ANI (@ANI) June 7, 2025

Prof Sharma impressed upon the policymakers that the only way for India to grow was to unshackle Indian industry from license-permit-raj which will allow Indian players to build scale, reduce dependence on imports and compete globally.

“Like my father Dhirubhai Ambani, he had a burning desire to change Indian industry from scarcity to global leadership,” said Ambani. He further added, “These two bold visionaries believed that science and technology, in alliance with private entrepreneurship, would open the floodgates of prosperity”.

Crediting the rise of Indian chemical industry to Prof Sharma’s efforts, Ambani in his speech also referred him as ‘a Rashtra Guru – a Guru of Bharat’. When speaking of ‘Guru Dakshina’, Ambani announced the unconditional grant of Rs 151 crore to ICT as per the instructions of Prof Sharma.

“When he tells us something, we just listen. We don’t think. He told me ‘Mukesh you have to do something big for ICT’, and I am very pleased to announce that for Prof Sharma”, Ambani said while referring to the grant. (ANI)