Abhay was born in 1951 in Mumbai. His father Arvind Vakil was one of the co founder of Asian Paints Ltd. Abhay completed his Bachelor of Science from Mumbai University and another BS from Syracuse University in the United States. Abhay joined his family business Asian Paints in 1974.
Abhay served as managing director of Asian Paints and Hitech Plast. He is also chairman of Resins and Plastics, Non Executive Director of Asian Paints, Non Executive Director of Resins and Plastics Additional & Non-Executive Director at Asian Paints, Director of Asteroids Trading and Investments, Nehal Trading and Investments, Jalaj Trading and Investments, and Unnati Trading and Investments.
Vakil is married and has three children. His son Vivek Vakil is part of the business. They live in Mumbai India.