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Business News/ Companies / People/  Nita Ambani to step down from Reliance Board, Isha, Akash, Anant appointed as directors

Nita Ambani to step down from Reliance Board, Isha, Akash, Anant appointed as directors

Nita Ambani steps down from Reliance Board, Isha, Akash, and Anant Ambani appointed as directors. Nita to continue as Chairperson of Reliance Foundation.

Reliance Foundation Founder and Chairperson Nita Ambani (ANI)Premium
Reliance Foundation Founder and Chairperson Nita Ambani (ANI)

Mukesh Ambani began executing a succession plan for his energy-to-technology conglomerate Reliance Industries, appointing his three children Isha, Akash, and Anant to the board of the company. Mukesh Ambanifirst spoke of a succession plan at Reliance Family Day, which marks the birth anniversary of the group's founder Dhirubhai Ambani, on December 28, 2021. Reliance, he had said, is "now in the process of effecting a momentous leadership transition."

Nita Ambani to step down from the Reliance Board – to continue as Chairperson of Reliance Foundation. Reliance Industries Ltd said on Monday it has appointed Isha Ambani, Akash Ambani and Anant Ambani as directors to the board of the oil-to-telecoms.

Meanwhile, Mukesh Ambani in the company's annual shareholder meeting said, “I shall continue to perform my duties and responsibilities as Chairman and Managing Director for five more years, with greater vigour." “Towards this end, I have assigned myself three responsibilities. First: I shall groom and empower all the Next-Gen leaders at Reliance and prepare them for the challenges and opportunities of the future. Second: I shall especially mentor Akash, Isha and Anant so that they can provide collective leadership and dependably take Reliance to greater heights of growth and value in the decades ahead. Third: Together with the Board and all my long-time colleagues, I shall further enrich Reliance’s unique Institutional Culture, which has sustained your Company’s perpetual and exponential growth," Mukesh Ambani further added.

In a statement issued by the company said,"The Board of Directors of RIL, at its meeting on Monday, on the recommendation of the Human Resources, Nomination and Remuneration Committee, considered and recommended to the shareholders for approval of appointment of Isha Ambani, Akash Ambani and Anant Ambani as Non-Executive Directors of the Company. Their appointment will take effect from the date they assume office after approval by the shareholders."

The Board of Directors also accepted the resignation of Nita Ambani from the Board respecting her decision to devote her energies and time to guide and enable Reliance Foundation to make even greater impact for India. The Board of Directors appreciated Nita Ambani for her leadership of Reliance Foundation as its Founder Chairperson. Over the years, RF has made considerable progress in its mission of nurturing and empowering marginalised and under-resourced communities in India. They lauded Nita Ambani’s request to focus even more on strengthening Reliance Foundation as it embarks on a mission to achieve even greater societal transformation by undertaking a host of new programmes and initiatives.

As the Chairperson of Reliance Foundation, Nita Ambani will attend all the RIL Board meetings as a permanent invitee to the Board so that the Company can continue to benefit from her advice.

Isha Ambani, Akash Ambani and Anant Ambani have been closely involved with and are leading and managing key businesses of RIL over the last few years including retail, digital services and energy and materials businesses. They also serve on the boards of the key subsidiaries of RIL. Their appointment to the Board of RIL will enable RIL to gain from their insights and infuse new ideas, the Board opined.

The succession plan comes at a time when Reliance is in the middle of a very expensive switch to clean fuels by investing across the entire value chain of solar, batteries and hydrogen.

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Published: 28 Aug 2023, 02:23 PM IST
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