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The succession plan is being determined by Reliance

Reliance Industries chairman Mukesh Ambani has set in motion the process for the next generation of his family to take over his $ 300 billion (20 lakh crore INR) business empire. A clear demarcation has been drawn, according to which his daughter Isha Ambani runs the operation of Reliance Retail Ventures (RRVL), while his son Akash Ambani has taken over the reins of the telecommunications and digital arm that falls under Reliance Jio Platforms (RJPL) . It says sources close to the family.

Passes on the relay

In December 2021, Ambani, who spoke at Reliance Family Day, which marks the birthday of his father and the group’s founder Dhirubhai Ambani, had stated that Reliance was in the process of implementing an ‘immediate and accelerated’ leadership transition. His intention was clear that the baton would be passed on to his children. The modalities for this transition are now being worked out, including details of the key executives who will work with Isha and Akash and also the creation of separate headquarters and offices for both companies, the sources said. Both RRVL and RJPL have a valuation of more than $ 100 billion each. April 28, Business line had reported that both companies would announce their plans for an IPO and a mega-IPO this year.

“All seniors – including myself – should now give in to the highly competent, extremely committed and incredibly promising young leadership talent at Reliance,” Ambani said in December. In recent months, twin siblings have been positioned as the most important spokespersons when it comes to major announcements from their respective companies. Eventually, both Isha and Akash would be elevated to key leadership positions as the director and CEO of RRVL and RJPL, respectively, while senior Ambani would remain as the guiding force for major acquisitions or other major decisions, the sources said.

Ambani’s third son Anant has been admitted to the board of directors of the group’s solar energy companies and plays a role in some of the group’s social initiatives.

Isha, who graduated in business administration from Stanford Business School in 2018, was the key to RRVL’s acquisition of Hamleys, the iconic UK toy retailer, in 2019, in addition to Urban Ladder, Netmeds and Just Dial. Recently, RRVL also acquired online lingerie retailer Zivame and has entered into exclusive partnerships with over 45 international brands. Isha oversees strategy development and implementation for all marketing teams, including digital, advertising, communications and creativity for RRVL. Similarly, Akash, who joined his father in 2014, is Strategy Manager at Jio and has been involved in all important decision-making and acquisitions in the digital and telecommunications field.

Akash is part of Jio’s executive committee, the company’s governing and operating board. He is a member of the product management team and is closely involved in the development of products and all digital services applications. Akash also manages the group’s sports companies and currently runs the Indian Premier League team Mumbai Indians.

RIL did not comment on the email requests sent by Business line.

Published on

May 1, 2022

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