In a significant move signaling a strategic transition, Reliance Industries, India’s foremost company in terms of market value, has appointed Mukesh Ambani’s three children – Isha, Akash, and Anant – to its board of directors. This bold decision hints at a potential future where the Ambani scions will assume leadership roles within the diverse conglomerate, spanning industries from oil to telecommunications.
While Mukesh Ambani will retain his position as chairman for the next five years, his wife Nita has stepped down from the board to concentrate on philanthropic endeavors. Ambani noted that his children have indeed “earned their stripes,” emphasizing their readiness to contribute effectively to the company’s growth and development. He further added that Nita Ambani will continue her involvement by attending Reliance Industries’ board meetings in her capacity as the chairperson of Reliance Foundation.
At present, the three Ambani siblings are already serving on various boards of operating businesses within the Reliance conglomerate. Expressing his sentiments, Mukesh Ambani shared, “I see both my father and me in Isha, Akash, and Anant. I see the flame of Dhirubhai shine in all of them.” He conveyed his intention to mentor them extensively, grooming them for leadership positions, and equipping them to tackle forthcoming challenges and opportunities. Mukesh Ambani affirmed his commitment to his role as chairman and managing director for the next five years with enhanced vigor.
This strategic move aligns with Mukesh Ambani’s broader succession plan, which he has been progressively outlining for different sectors under Reliance Industries. Among his children, Akash (31) currently chairs Reliance Jio Infocomm, while Isha (31) spearheads the retail business and also sits on the board of Jio Financial Services – a recent addition to RIL’s portfolio. Meanwhile, Anant (28) contributes to the energy division. Their appointments as non-executive directors will come into effect once they receive approval from the shareholders.
Mukesh Ambani’s association with Reliance Industries dates back to 1977, the year the company was listed. He joined the board at the age of 20 and assumed the role of Chairman and Managing Director after the passing of his father and the founder of RIL, Dhirubhai Ambani, in July 2002. Presently 66 years old, Mukesh Ambani’s term as CMD extends until 2029, securing his leadership for the foreseeable future. According to corporate law, if an individual crosses the age of 70 for the CMD position, special shareholder approval is required for an extension beyond that limit.
This announcement serves as a clear indication that Mukesh Ambani, who had previously been entangled in an inheritance dispute with his younger sibling Anil Ambani, is meticulously setting the stage for his three children to assume more significant responsibilities within the conglomerate. The resolution of the rivalry between the Ambani brothers allowed Mukesh Ambani to refocus on RIL’s development and expansion, notably making re-entries into the telecommunications and financial services sectors.
