Mukesh Ambani Sets Succession Plan in Motion by Promoting His Children- Isha and Akash Ambani
Billionaire Mukesh Ambani just got busy with the early stages of succession planning at his energy-to-technology conglomerate Reliance Industries Ltd., naming two of his offspring as chiefs of key units in his $217 billion empire.
On Tuesday, the 65-year-old tycoon made way for his first-born Akash Ambani to become the chairman of India’s No. 1 wireless carrier Reliance Jio Infocomm Ltd. Akash’s twin sister Isha, 30, is set to be appointed chair of Reliance’s retail arm, and an announcement is expected as early as Wednesday, people familiar with the matter said. The company declined to comment.
While Mumbai-based Reliance has telegraphed such a leadership transition, the move underscores the senior Ambani’s efforts to avert family feuds that have torn many wealthy clans apart, including his own. Bloomberg News reported last year that the mogul’s favored succession plan shares elements with that of Walmart Inc.’s Walton family, a framework that would allow the biggest transfer of wealth in recent times.
The changes at the top come at a crucial time for Reliance. In a pivot from its legacy oil refining and petrochemicals business, the conglomerate is diversifying into e-commerce, green energy and expanding its retail footprint across the country. In 2020, technology venture Jio Platforms Ltd. lured more than $25 billion from marquee Silicon Valley investors including Meta Platforms Inc. and Google. It has also unveiled ambitious plans to take on Amazon.com Inc. in the country, including streaming.
“It shows a well-planned succession plan,” said Sankaran Manikutty, a former professor who taught at the Indian Institute of Management in Ahmedabad and has extensively worked on family businesses, telecommunications and strategy in
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