Mukesh Ambani unveils succession plan for Reliance Industries

Tribune News Service

New Delhi, August 28

Industrialist Mukesh Ambani on Monday unveiled his succession plan by appointing his three children to the Board of Reliance Industries Ltd (RIL).

The Reliance Board, which met ahead of the company’s annual general meeting in Mumbai, approved the appointment of his three children — twins Isha and Akash, and Anant — to the company’s Board, which the senior Ambani will continue to chair for another five years.

The day also saw Mukesh Ambani’s wife Nita Ambani stepping down from the Reliance Board to focus more on its charity arm. But she will continue to attend all Board meetings as a permanent invitee in capacity as the chairperson of Reliance Foundation.

Till now, the three children were involved only at operating business-level of the $200-billion conglomerate. The twins, Isha and Akash, and Anant have been appointed as “non-executive directors of the company,’’ Reliance Industries said in a stock exchange filing.

Ambani told the AGM that his children have “earned their stripes” and they have “the flame” of Reliance founder and his father Dhirubhai. Ambani had joined the Reliance Board 46 years ago at the age of 20 years.

“I shall continue to perform my duties and responsibilities as chairman and managing director for five more years, with greater vigour,” said Ambani who has been discussing the subject for the past four years.

To head RIL for five more years

• Mukesh Ambani will continue to head Reliance Industries as chairman and managing director for five more years
• Till now, the three children were involved only at operating business-level
• Nita Ambani will continue to attend all Board meetings as a permanent invitee in capacity as the chairperson of Reliance Foundation

JioAirFiber launch on Sept 19

• Reliance Jio will launch its 5G home broadband service JioAirFiber on September 19
• While optical fibre can currently connect around 15,000 premises daily, JioAirFiber will supercharge the expansion with up to 150,000 connections per day

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