Billionaire Mukesh Ambani has been running and expanding his conglomerate Reliance Industries for the last two decades. However, Ambani has been advancing the succession of leadership for Reliance, set to hand it over to his children soon.
Mukesh Ambani, speaking on the occasion of Reliance Family Day, highlighted the future of his company Reliance Industries Ltd (RIL), and how his children will take the firm forward.
While speaking about handing over the command to the company soon, Ambani said that the future of Reliance belongs to his three children Akash, Isha and Anant Ambani, as well as executives from their generation.
The billionaire said, “At a time when Reliance is undergoing a generational transition, I attach immense importance to further strengthening this unique institutional culture. Here is yet another principle we must follow. We must keep Reliance forever young by ensuring that the average age of all our talented teams remains in the ‘30s.”
Stressing how Reliance will soon grow under the leadership of his children, Mukesh Ambani said that he wishes to see Reliance grow to be one of the Top 10 business conglomerates in the world.
“As India races ahead to become the world’s third largest economy, an unprecedented opportunity awaits Reliance. Reliance can, and Reliance will, grow to be among the Top 10 business conglomerates in the world,” he said.
Reliance succession planning for Isha, Akash, Anant
Mukesh Ambani commenced the succession planning of his conglomerate Reliance Industries earlier this year when he appointed his three children – twins Akash and Isha and younger son Anant – to the board of the company after approval from shareholders.
Ambani is planning to put into place a clear succession plan and transfer of shares of Reliance equally between his three children to avoid a dispute similar to what happened with family patriarch Dhirubhai Ambani passed away in 2002.
Currently, Isha Ambani runs the retail leg of Reliance, Akash Ambani is the head of telecom business Reliance Jio and Anant Ambani is in charge of the new green energy business of the company.
It is expected that Mukesh Ambani will make distinct distributions for his three children when it comes to the succession of Reliance to avoid any conflicts in the future.