Mukesh Ambani, the richest Asian and chief of the $200 billion Reliance Group, announced the entry of his three children into the board of the group flagship Reliance Industries Ltd (RIL), marking the entry of the family’s third generation into the sprawling energy, materials and consumer conglomerate.
Earlier on Monday, the RIL board approved the appointment of Isha Ambani, 31, Akash Ambani, 31 and Anant Ambani, 28, as non-executive directors.
The RIL board also accepted the resignation of Nita Ambani, wife of Ambani senior, who will now devote her energies towards Reliance Foundation. However, she will continue as a permanent invitee on the RIL board.
Addressing shareholders at the 46th annual general meeting (AGM) of RIL, Mukesh Ambani, however, said he would continue at the helm of the company for five more years.
“Over the past few years, Isha, Akash and Anant, as first among equals of our next-generation leaders, have fully immersed themselves in every aspect of Reliance,” Ambani said in a virtual address.
He said his children have been working with senior leaders in some of the most exciting projects in consumer businesses, digital enterprises, O2C (oil-to-chemicals), and green energy and green materials.
“I can proudly say they have earned their stripes through dedication, commitment, and hard work,” said Ambani, while recalling an “emotional moment” when he was inducted into the board by his father and RIL founder Dhirubhai Ambani in 1977.
The induction of the GenNext Ambani juniors is seen as part of the conglomerate’s succession planning.
Last year, Ambani had for the first time spoken about succession, mentioning his sons and daughter had taken leadership roles at different Reliance businesses.
While Akash and Isha took up leadership roles in Jio and the retail business, respectively, Anant joined the new-energy business.
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