Mukesh Ambani has been executing his succession plan for the Rs 1666400 crore energy-to-technology conglomerate.
Asia’s richest man Mukesh Ambani, during the August 28 shareholders’ meeting, said that his three children have “earned their stripes”. The next Ambani generation - Akash, Isha and Anant - were elevated to the top post of non-executive directors in the board of Reliance Industries. The move announced at the RIL at the 46th Annual General Meeting signals growing influence of the three siblings at India’s largest listed company.
Ambani has been executing his succession plan for the Rs 1666400 crore energy-to-technology conglomerate. Mukesh Ambani further said that he would continue to lead Reliance Industries for five more years after which the next big change at RIL is expected.
Akash, Isha and Anant are all already involved at the operating business-level. Mukesh Ambani last year placed his three children incharge of major business verticals. Akash Ambani was given the telecom business while his twin sister Isha got the Retail business. The youngest Anant was handed over the reins of the energy business.
Anant Ambani is working on the recently launched new energy business of RIL which is supposed to help offset emissions from its legacy fossil fuel business. The green energy business is expected to be established on the back of cash flow from the digital and retail businesses headed by Akash and Isha. This is similar to how profits from Reliance mainstay businesses oil and petrochemicals helped the conglomerate to build a telecom giant from scratch.
Meanwhile, Mukesh Ambani has also been revamping the organisational structure at Reliance. Different business verticals will be operated as independent businesses in the future with no interdependencies between group companies for raising capital or debt servicing.
(Inputs from PTI)
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