Mukund was born in Chennai on April 5, 1968. He completed his B.Tech at the Indian Institute of Technology, Delhi in 1989 and served in his final year as General Secretary of the Students Affairs Council. He received a Rhodes scholarship to study at Oxford University, where he completed a Masters and Doctorate in International Relations. His doctoral dissertation was published by Oxford University Press, and is titled "Global Environmental Politics - India and the North-South Politics of Global Environmental Issues."

Mukund joined the Tata Group through the Tata Administrative Service (TAS) in January 1995. He was assigned to the office of Mr. Ratan Tata, Chairman, Tata Sons Limited, in 1996. He joined TTML as the Managing Director effective 28th January,2008. Before joining TTML, he was working as Vice President, Tata Sons Limited, supporting Mr. Tata as a member of his office.

He also serves on the Boards of several Tata companies, including Tata Teleservices ( Maharashtra) Limited, Tata Communications Limited and Piem Hotels Limited.

Dr Irani has also been awarded the Qimpro Platinum Standard in November 2000, and has received the Indian Merchants' Chamber's Juran Quality Medal for the year 2001, for his role as a statesman for quality. In October 1997, an honorary knighthood (KBE) was conferred on Dr Irani by Queen Elizabeth II.

An academician, Dr Irani is an MSc in geology from Nagpur University and has a doctorate from the University of Sheffield, UK.