Ambani numbers among the elite recipients of the award like the former Israeli prime minister Shimon Peres, Emeritus of General Electric Company (Stamford) Reginald Jones, Mitsubishi Bank Ltd (Tokyo) CEO Kazao Ibuki, Republic of the Philippines president Fidel Valdez Ramos and Goldman Sachs International chairman Peter D Sutherland.

The Dean's Medal award is the school's highest tribute for extraordinary achievement or service by individuals throughout the world. Ambani is being recognised for his leadership in founding and building Reliance Industries into India's largest and most widely-traded company.

The citation reads: "Dhirajlal Hirachand Ambani was the founder and today continues as the chairman of Reliance Industries Limited. Reliance Industrieshas grown, under the careful guidance of Ambani, to be the largest private-sector enterprise in India. He has been recognised for revolutionising the very concept of equity investing in India by creating wealth and value for millions of shareholders."

Reliance Industries, an Indian petrochemicals major and a textile conglomerate, has annual sales of Rs 134 billion with an investor base of four million. Last year, the company completed a $3-billion expansion that has made Reliance one of the top ten petrochemical producer in the world.