Ambani is only the fourth person to have been bestowed the honour, according to a company communication to its employees.
The previous three honoured include Bharat Ratna Dr CNR Rao, Professor George Whitesides, the most cited scientist in the world, and Padma Vibhushan Professor M M Sharma, legendary chemist and Ambani's teacher at the institute.
"Our Chairman completed his BE in Chemical Engineering from ICT (previously known as UDCT) in 1979. Over the decades, his continued bound with his Alma Mater has strengthened," it said.
"For me the 35-year journey has been a very special one. I have had the good fortune of participating hands-on in investments of over Rs 300,000 crore of building grassroots assets in India.
"And it gives me great satisfaction that most of our major decisions were taken in consultation with Professor MM Sharma or sometimes we have stood here in his room, while taking those decisions. I consider UDCT, now ICT, to play a great role in building the Reliance of today," he said.