A day after billionaire Mukesh Ambani stepped down from the board of Reliance Jio Infocomm Limited (Reliance Jio) as director to make way for his elder son Akash Ambani, it is time for Isha Ambani to become the chairman of the Reliance conglomerate’s retail unit, citing sources news agency Bloomberg reported on Wednesday.
In a sign that the business tycoon is pushing ahead with a plan for succession in one of Asia’s richest families, the announcement of Isha Ambani’s elevation could be made as early as Wednesday, reported the agency based on its sources. She is presently director of Reliance Retail Ventures Ltd.
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Isha Ambani’s rise in the company comes amid her twin brother, Akash Ambani getting appointed as chairman of the telecom unit, Reliance Jio Infocomm Ltd. Both have been part of the teams that negotiated Meta Platforms Inc’s investment in the group.
The 30-year-old is an alumnus of Yale University. The twins have a younger brother, Anant, 27. Reliance Retail and Reliance Jio are subsidiaries of the family’s oil-to-telecom conglomerate, of which the $217 billion Reliance Industries Ltd is the flagship firm. Mukesh Ambani is chairman and managing director of Reliance Industries.
This is the first time Mukesh Ambani has officially taken a backseat, after indicating last year that his children were taking on additional duties.
Mukesh Ambani has been researching on how billionaire families, from the Waltons to the Kochs, pass on their wealth to the next generation. That process has recently been expedited, with the tycoon eyeing a blueprint for the next stage of his $217 billion business to avoid the succession battle that has torn apart so many affluent dynasties, including his own.
Mukesh Ambani is the second richest Asian and 10th richest globally with a personal net worth of $90.4 billion and derives most of his wealth from his 42% stake in RIL. Shares of RIL on BSE closed up 1.5 per cent at Rs 2529, valuing the company at Rs 17.1 lakh crore.