Mukesh Ambani, the richest man in Asia, started implementing a succession plan for his energy-to-technology giant Reliance Industries by naming his three children to the board of the company: Isha, Akash, and Anant. The three kids have so far solely been involved in the running of the firm; none of them sit on the board of India's biggest listed corporation.
Before the business's annual general meeting, the board of Reliance met to ratify the appointment of Anant and the twins Isha and Akash as "non-executive directors of the company," the company said in a stock exchange filing. The 66-year-old businessman cleared the way last year for his first-born Akash Ambani to take over as chairman of Reliance Jio Infocomm Ltd., India's largest mobile company.
Jio Infocomm is a division of Jio Platforms, which still has Mukesh as its chairman and is owned by Meta and Google. Jio Platforms is the parent company of Reliance Industries Ltd. Isha, Akash's twin sister, who is 31 years old, was chosen for Reliance's retail division, while Anant, the youngest sibling, was chosen for the new energy company.
However, this is the first time the siblings have been named to the board of the parent company. The siblings had previously served on the boards of the operational firms.
In a statement, Reliance said their "appointment will take effect from the date they assume office after approval by the shareholders."
For Mukesh to receive a second five-year term, ending in April 2029, Reliance needs the approval of shareholders. His wife Nita served as a director on the board of the corporation, but she quit to make room for the kids.
"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 an even greater impact for India,".