NEW DELHI: Mukesh Ambani, the chairman and managing director of Reliance Industries Ltd (RIL), on Monday outlined the succession plan at India’s most valued company. Speaking to shareholders at RIL’s 45th annual general meeting on Monday, Ambani said his elder children Akash and Isha (twins) have assumed leadership roles in Reliance Jio and Reliance Retail, respectively, while his youngest son Anant is set to take over the new energy business.
The billionaire, however, did not divulge who would get the bread-and-butter oil-to-chemical (O2C) business. Isha, who is married to Anand Piramal of the Piramal Group, has majored in psychology and South Asian studies from Yale University. Akash and Anant have graduated from Brown University in the US.
Akash and Isha have significant experience in their domain as they had joined the boards of Reliance Jio Infocomm Ltd and Reliance Retail Ventures Ltd as directors way back in October 2014. As for Anant, he will be leading RIL’s ambitious foray into green energy with a planned capital expenditure of $10 billion. He will face stiff competition from rival billionaire Gautam Adani-led Adani Group.
This, however, doesn’t mean Mukesh will retire soon as he will “continue to provide hands-on leadership”. The transition is happening two decades after the bitter battle between Mukesh and his younger brother Anil after their father Dhirubhai died without leaving a will. Mukesh is trying to avoid such a conflict by putting in place a smooth succession plan.