Mukesh Ambani, the wealthiest man in Asia, has appointed his three children, Isha, Akash, and Anant, to the board of Reliance Industries to implement a succession plan. The three children have only been operating business-level participants and have not yet been on the board of directors of India’s biggest listed company.
Akash Ambani will take over as chairman of Reliance Jio Infocomm Ltd., India’s largest mobile company. Isha, 31, will be nominated for Reliance’s retail division, and Anant, the youngest, will be chosen for the new energy company. Reliance announced that their selection will take effect after authorization by shareholders.
Mukesh Ambani names Isha, Akash, and Anant on the board of Reliance Industries
While Akash and Isha, the wife of Anand Piramal (the son of Ajay and Swati Piramal of the Piramal Group), are both active in the company’s new-age firms of retail and telecom, Anant serves as a director in Reliance’s renewable energy, oil, and chemical units.
Reliance Industries’ succession strategy
Mukesh Ambani, the wealthiest individual in Asia, appointed his three children, Isha, Akash, and Anant, to the board of Reliance Industries on Monday to start implementing a succession plan. The three kids have only been operating business-level participants up to this point, and none of them are on the board of directors of India’s biggest listed company.
Before the company’s annual general meeting, the board of Reliance met to confirm the nomination of Anant and the twins Isha and Akash as “non-executive directors of the company,” the company stated in a stock exchange filing.
Isha, Akash, and Anant take over the following division
The 66-year-old businessman cleared the way last year for his first-born, Akash Ambani, to take over as chairman of Reliance Jio Infocomm Ltd., India’s largest mobile company. Jio Infocomm is a division of Jio Platforms, which is still led by Mukesh and in which Meta and Google have stakes. Jio Platforms is the parent company of Reliance Industries Ltd.
Akash’s twin sister, Isha, who is 31 years old, received a nomination for Reliance’s retail division, and Anant, the youngest sibling, got chosen for the new energy company. Reliance declared that their “selection will take effect from when they presume position after authorization by the shareholders.”
Nita Ambani resigned from the director on the board
For Mukesh to receive a second five-year term, ending in April 2029, Reliance needs shareholders’ approval. His wife Nita served as a director on the board, but she resigned to make room for the kids.
The Board of Directors also approved Nita Ambani’s resignation
According to the statement, “The Board of Directors also approved Nita Ambani’s resignation from the Board in recognition of her choice to dedicate her efforts and time to leading and enabling Reliance Foundation to make an even greater impact for India.”
The sizes of the three companies are nearly equal
In the past few years, Ambani scions with Ivy League educations became prepared for leadership roles at Reliance’s three businesses—oil to chemicals, telecoms, and retail. Oil-to-chemical, or O2C, business is a functional division of Reliance, while retail and digital services reside in distinct, entirely owned subsidiaries. The parent company also has a new energy division.
The declaration is a blatant indication that Mukesh, who participated in a contentious inheritance conflict with his younger brother after their father Dhirubhai passed away in 2002 without leaving a will, is ready to pass the torch to his kids.