Mukesh Ambani gives strongest signal yet on Reliance's succession plan
1 min read 29 Aug 2022, 03:50 PM ISTAkash and Isha have assumed leadership roles in Jio and Retail respectively, said Mukesh Ambani at RIL's 45th AGM
PremiumA clear hint at his succession plan for the Reliance Industries, its chairman and managing director Mukesh Ambani said at the company's 45th AGM said that “at a time when a bright future is beckoning Reliance, what gives me optimism is our huge reservoir of young, dynamic and best-in-class talent. Our next-gen leaders are confidently taking over the reins across businesses."
RIL’s AGM tends to be announcement-heavy this year's expectations centered on the conglomerate Chairman Mukesh Ambani's succession plans, among others.
Ambani's three children, daughter Isha and sons Akash and Anant, already hold various directorships in the conglomerate's businesses. “Akash and Isha have assumed leadership roles in Jio and Retail respectively. They have been passionately involved in our consumer businesses since inception. Anant has also joined our New Energy business with great zeal. In fact, he is spending most of his time in Jamnagar," he said during his speech at RIL's annual general meeting on Monday.
With the early stages of succession planning, Ambani stepped down as the chairman of Reliance Jio Infocomm Ltd. in June, making way for his elder son, Akash, who took over the helm at the telecom business. After which, there have been expectations of Isha Ambani, who is the current director of Reliance Retail, to be named chairman of the conglomerate’s retail unit.
“All three have fully inherited our Founder's Mindset. They are First Among Equals in a young team of leaders and professionals who are already doing amazing things at Reliance. Of course, all of them are being mentored on a daily basis by our senior leaders, including myself and the Board of Directors. All our next-gen leaders are determined, focused, and are brimming with fresh ideas and creativity. They think big, and they think fast. They have the courage to dream, as well as the ability to execute them," he added.
Mukesh Ambani chairs and runs Reliance Industries, which has interests in petrochemicals, oil and gas, telecom and retail. Almost 60% of Reliance’s revenue comes from oil-refining and petrochemicals, though, the conglomerate has been reducing its dependence on oil-refining by diversifying into retail, telecommunications and technology, and is also pivoting into new energy business.
