Reliance Industries Ltd chairman and managing director Mukesh Ambani announced an unconditional grant of Rs 151 crore to his alma mater the Institute of Chemical Technology, Mumbai.

Ambani had graduated from ICT in the 1970s.

He spent over three hours on Friday at ICT - which back then was called the University Department of Chemical Technology (UDCT) - at a function to publish Professor MM Sharma's biography 'Divine Scientist'.

Ambani reminisced how the first lecture he attended at UDCT by Professor Sharma motivated him and how Sharma later played the role of quiet architect of India's economic reforms.

Sharma impressed upon the policymakers that the only way for India to grow was to unshackle Indian industry from license-permit-raj, which would 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, adding that "these two bold visionaries believed that science and technology, in alliance with private entrepreneurship, would open the floodgates of prosperity".

Crediting the rise of the Indian chemical industry to Sharma's efforts, Ambani, in his speech, referred to him as 'a Rashtra Guru - a Guru of Bharat'.

While speaking of 'Guru Dakshina', Ambani announced the unconditional grant of Rs 151 crore to ICT according to the instructions of 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.