Mumbai: Reliance Industries Limited (RIL) chairman Mukesh Ambani official began implementing the succession plan on Tuesday by resigning as a director in Reliance Jio. The company’s board also appointed Akash Ambani as the chairman of the subsidiary of RIL.
Now it is being reported that Isha Ambani is likely to head Reliance Retail. Currently, she is the director of the conglomerate’s retail unit.
Both Akash and Isha were associated with RIL. They were part of teams that negotiated Meta platforms’ investments in the Reliance.
Isha Ambani
Isha Ambani, aged 30 years, is an alumnus of Yale University. She is Akash’s twin. The twins have a younger brother, Anant, aged 27 years.
She got married to Anand Piramal, son of Piramal Group’s Ajay and Swati Piramal.
Since October 2014, both Akash and Isha have been on the board of Retail Retail Venture Limited and Jio Platform Limited.
Akash Ambani named Chairman of Reliance Jio
On Tuesday, Akash Ambani was appointed as the Chairman.
In a regulatory filing, Reliance Jio said the Board of Directors at its meeting held on Monday “approved the appointment of Akash Ambani, Non-executive Director, as the Chairman of the Board of Directors of the company”.
The company also said the Board “noted the resignation of Mukesh Ambani as Director of the company effective from close of working hours on June 27”.
Reliance’s succession history
After the sudden death of Dhirubhai Ambani, the founder of Reliance Industries on July 6, 2002, tensions elevated between his sons, Mukesh Ambani and Anil Ambani as he did not leave a will for the distribution of the empire.
It was the mother of Mukesh Ambani and Anil Ambani who divided the empire into two. Mukesh Ambani got control of Reliance Industries Limited and Indian Petrochemicals Corporation Limited.
To avoid such tussles between siblings of the next generation, Mukesh Ambani began the succession process.
Reliance Industries Limited
Reliance Industries Limited (RIL) is a multinational conglomerate company headquartered in Mumbai.
As of March 31, 2022, the market capitalization of RIL is $243 billion.
The list of subsidiaries of the conglomerate is as follows:
- Jio Platforms
- Reliance Retail
- Reliance Petroleum
- Jio Payments Bank
- Network18 Group
- Mumbai Indians
- Alok Industries
- Reliance Foundation
