Mukesh Ambani Reliance Hopes on Akash, Isha, and Anant – Vophs India

Indian billionaire Mukesh Ambani today (August 29) showcased the future leadership of his business empire.

The 65-year-old told the 45th Reliance Industries (RIL) Annual General Meeting (AGM) that his three children are “taking the reins with confidence.”

“Akash and Isha have assumed leadership roles in Jio and Retail respectively. Ananth has also joined our new energy business with great enthusiasm,” said the $217 billion Reliance Industries (RIL) chairman.

His comments come amid talks of a succession plan in one of Asia’s richest families.

Succession plans of Reliance

RIL’s investors have long been apparently eager to hear about such a venture. The company’s ugly succession history is what apparently keeps them wary.

However, today Ambani strongly hinted that his children will eventually head various units of his group. RIL was founded decades ago by Ambani’s father Dhirubhai Ambani with just $13.

Reliance

A screenshot from Reliance’s AGM.

In June, Ambani resigned from the board of Jio, the telecom arm of RIL, handing over the reins to his elder son Akash Ambani. A similar transfer of responsibility also saw Isha Ambani and Anant Ambani occupy key positions in the empire.

In 2021, Anant Ambani joined the boards of Reliance New Energy Solar and Reliance New Solar Energy. These firms were set up to push RIL’s multi-billion dollar bet on renewables.

Isha Ambani has a similar role in Reliance Retail Ventures.

Ambani today introduced him as the “leader” of Reliance’s retail business. Along with this, he announced RIL’s FMCG sector plans for this year.

Assuring investors of his children’s potential, Ambani said he has been mentoring them regularly.

“All three have fully inherited the mindset of our founder. They are the first of a young team of leaders and professionals who are already doing amazing things at Reliance,” he said. , all of which are guided on a day-to-day basis by our senior leaders, including myself and the Board of Directors.”

RIL’s new investment

Mukesh Ambani also made other announcements during his 1.5 hour speech.

He said that Jio’s 5G rollout will take place in Delhi, Mumbai, Chennai and Kolkata in two months.

“Within the next two months, by Diwali, we will launch Jio 5G in several key cities including Delhi, Mumbai, Kolkata and Chennai. After that, we plan to expand the Jio 5G footprint month by month,” They said. He added that the rest of the country will get 5G by December 2023.

He said Reliance will invest Rs 75,000 crore in oil-to-chemicals business over five years.

Shares of RIL settled in the red, down 0.72% from the previous day’s close, at Rs 2,600 apiece on the BSE.

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