Asia's richest man has announced a leadership transition at Reliance Industries. Ambani's children are already playing different roles in the company. Find out what this transition means for Reliance
Mukesh Ambani has seen the succession battle from very close quarters. In 2002, when his father died without writing a will, he was locked in one such bitter confrontation with his brother Anil Ambani. After over three years of the face-off, a family pact divided the Reliance businesses between the two brothers.
So now, at 64, Ambani doesn’t want to take any chances. About a month ago, several reports had surfaced that the Reliance chairman was planning to move his family’s `holding into a trust-like structure. Similar to what some other billionaire families like Waltons and Kochs did.
Now, Ambani has hinted that the preparatory phase for handing over the baton of his business empire to his three kids is coming to an end. His children have been increasingly playing more visible roles at the company - from speaking about the future roadmap at AGMs to brokering billion-dollar deals.
And he chose his father’s birth anniversary, December 28, to make the big announcement. The family marks the day as Reliance Family Day.
In what cements the future roles of his three Ivy League-educated children Isha, Akash, and Anant at Reliance, Ambani said he had no doubt they would lead Reliance to even greater heights.
It is the first time that Ambani has spoken publicly about succession planning at his $215 billion business empire.
While he has not disclosed any timeline to step back from his responsibilities, the latest speech shows that the time for his children to take up major roles at Reliance is almost here after years of grooming.
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