Kokilaben Ambani, the wife of late Dhirubhai Ambani, founder of Reliance Group, received the Padma Vibhushan posthumously awarded to her husband on Monday.
She received the award from President Pranab Mukherjee.
The Ambani brothers and close family members were present at the Rashtrapati Bhavan on Monday.
Anil Ambani, who was present on the occasion, said about his father being chosen for the Padma Vibhushan, said in January that his father was "the greatest entrepreneur and wealth creator in the history of India."
"The true legacy of Dhirubhai lies in the inspiration that he continues to provide to millions of young people, who are dreaming impossible dreams, and setting out to achieve their entrepreneurial ambitions," he had said.
Mukesh Ambani, on the other hand, stated that the award was "an honour to (the) indomitable spirit of Indian entrepreneurship, innovation and ambition to always do better than the best in the world."
Ambani is being given the honour after 14 years of his death (July 6, 2002).
The Art of Living founder, Sri Sri Ravi Shankar, renowned dancer Yamini Krishnamurthy, former CAG Vinod Rai, folk singer Malini Awasthi, 'sage of agriculture' Subhash Palekar and celebrated chef Mohammed Imtiaz Qureshi were among the 56 eminent persons who were honoured by President Pranab Mukherjee on Monday.
The awardees also included former Governor Jagmohan, actors Anupam Kher and Ajay Devgn and badminton star Saina Nehwal.
(With inputs from agencies)