Akash, Isha & Anant Ambani Becomes Successors of Reliance
At the Reliance AGM Mukesh Ambani announced that his children Akash, Isha & Anant Ambani are ready to head telecom, retail & new energy businesses respectively.
Indian billionaire Mukesh Ambani revealed the succession plan for India’s most valuable company on Monday, designating twins Akash and Isha for leadership in retail and telecom, and his youngest son Anant for the new energy section.
But he emphasized that he was not yet retiring and that he would “continue to provide hands-on management as before.”
At Reliance Industries Ltd.‘s annual shareholders meeting, he stated that the company will maintain its status as “a unified, well-integrated, and secure institution even as it expands existing businesses and introduces extra growth engines” thanks to the sturdy architecture he has announced.
Reliance operates in three main industries: petrochemicals and oil refining, retail, and digital services, which includes telecom.
Jio Platforms and Reliance Retail Ventures Ltd. (RRVL) are two separate wholly-owned corporations that contain the retail and digital services, respectively.
An operational subsidiary of Reliance is the oil-to-chemical, or O2C, industry. The parent company also has a new energy division.
Muskesh Ambani has three children, including twins Akash and Isha and his youngest son Anant. On the 45th Reliance AGM he said,
“Akash and Isha have assumed leadership roles in Jio and Retail respectively. They have been passionately involved in our consumer businesses since inception. Anant has also joined our new energy business with great zeal.”
So far only Akash has been made functional head of a company, while the other two are on board.
In June, Akash, 30, was made the chairman of Reliance Jio Infocomm Ltd, a subsidiary of Jio Platforms.
Jio Infocomm is the firm that holds telecom licenses but Mukesh Ambabi continues to be the chairman of Jio Platforms, the firm in which global technology giants like Google and Facebook owner Meta have invested.
At the AGM on Monday, Ambani introduced Isha as the leader of retail business as he invited her to give a presentation on integration of the e-commerce unit with WhatsApp and foray into FMCG (Fast Moving Consumer Goods).
Akash and Isha have been on the boards of RRVL — the company that operates supermarkets offering consumer electronics, food and grocery, fashion, jewellery, footwear, and clothing, as well as online retail venture JioMart — and digital arm Jio Platforms Ltd (JPL) since October 2014.
Anant, 26, has joined the new energy business that spans solar, battery and hydrogen investments.
Anant has recently been inducted as a director on RRVL. He has been a director of JPL since May 2020.