Mukesh Ambani's succession plan: Akash gets Jio, Isha retail, Anant energy
New Delhi, August 29
Billionaire Mukesh Ambani on Monday laid bare the succession plan of India’s most valuable company, identifying twins Akash and Isha for telecom and retail leadership, and youngest son Anant for new energy unit.
Corporate giant
- Rs 17.55 lakh cr value of Reliance
- Rs 7.48 lakh cr net worth of Mukesh Ambani
- 50.6% Ambanis’ stake in Reliance
Transition phase
- Twins Akash and Isha have assumed leadership roles in Jio and Retail
- Anant has joined RIL’s new energy business in Jamnagar
While declaring his children’s association with each of the three major verticals of the Reliance Group, Ambani with a net worth of over Rs 7.48 lakh crore said he would “continue to provide hands-on leadership as before”.
The announcement attempts to lay out a clear succession plan after the messy inheritance dispute between Mukesh and Anil Ambani after their father and group founder Dhirubhai Ambani died without a will.
Reliance has three broad businesses — oil refining and petrochemicals, retail and digital services that include telecom. Retail and digital services are housed in wholly owned subsidiaries — Jio Platforms and Reliance Retail Ventures Ltd. All three businesses are almost equal in size. “Akash and Isha have assumed leadership roles in Jio and retail, respectively. They have been passionately involved in our consumer businesses since inception,” he said. “Anant has also joined our new energy business with great zeal. In fact, he is spending most of his time in Jamnagar,” said Ambani in his annual speech to Reliance shareholders.
So far only Akash has been made functional head of a company, while the other two are part of the board. “All three have fully inherited our founder’s mindset. They are first among equals in a young team which is already doing amazing things at Reliance. Of course, all of them are being mentored on a daily basis,” he said.
During the last year’s annual general meeting, Ambani had hinted that such a succession plan had been in the works.
