Winning Bizness Desk
Mumbai. Top industrialist and billionaire Mukesh Ambani has announced the succession plan at India's most valuable company RIL, identifying twins Akash and Isha for telecom and retail leadership, and youngest son Anant for the new energy unit. The 65-year-old businessman also clarified that he isn't retiring yet and will continue to provide hands-on leadership as before. At the annual shareholders' meeting of Reliance Industries Ltd, he said the robust architecture that he has announced will ensure the firm remains "a unit, well-integrated and secure institution even as it develops existing businesses and adds new growth engines."
3 business & 3 children
Just like his business, Ambani has three children twins Akash and Isha, and youngest son Anant. The three broad businesses are oil refining and petrochemicals, retail, and digital services that include telecom. Retail and digital services are housed in separate wholly-owned subsidiaries -- Jio Platforms and Reliance Retail Ventures Ltd (RRVL). While the oil-to-chemical (O2C) business is a functional division of Reliance. The new energy business is also with the parent firm. The three businesses of Reliance are almost equal in size. While Akash and Isha have been both active in the group's new-age businesses of retail and telecom, Anant has been looking at the renewable energy of Reliance as a director.
Akash to head Jio and Isha Retail
Senior Ambani said that 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. In fact, he is spending most of his time in Jamnagar. So far only Akash has been made functional head of a company, while the other two are on boards.
All 3 fully inherited Dhirubhai's mindset
Ambani claimed that all three his children have fully inherited founder Dhirubhai's mindset. They are first among equals in a young team of leaders and professionals who are already doing amazing things at Reliance. Of course, all of them are being mentored on a daily basis by our senior leaders, including myself and the board of directors. 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 licences 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.
Isha as the leader of retail business
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). Later, he said Anant, 26, has joined the new energy business that spans solar, battery and hydrogen investments. Isha is married to Anand Piramal, the son of Piramal Group's Ajay and Swati Piramal.
Dhirubhai Ambani founded Reliance in 1973
Ambani, whose net worth is over USD 94 billion, continues to be the chairman and managing director of Reliance Industries Ltd. His wife Nita, 59, too is on board of Reliance. As per the company filings, the Ambani family's current stake in Reliance has risen to 50.6 per cent from 47.27 per cent in March 2019. Dhirajlal Hirachand Ambani, also known as Dhirubhai Ambani, had founded Reliance in 1973. He led the family business expansion from textile to oil to telecom but the family plunged into chaos after his sudden death in 2002.