With succession of assets and properties on cards, Mukesh Ambani to set up family council: Report
New Delhi | Jagran Business Desk: RIL Chairman and Managing Director Mukesh Ambani, who is currently world’s fourth-richest person, is planning to set up a formal ‘family council’ as part of managing Reliance group’s succession-planning process. The Family Council will reportedly provide equal representation to all Ambani siblings; Isha, Akash and Anant Ambani respectively.
According to a Livemint report, the Ambani siblings are likely to take over Reliance Industries Limited (RIL) in the coming years, and the formation of a family council is part of that process for a smooth succession with modulation for the critical decision-making process.
“The move is part of succession planning of Reliance and will include a grown-up member of the family, the three children, and possibly external members who will act as mentors and advisors,” the report quoted a source as saying.
The person familiar with Ambani succession plan goes on to add, that it is likely that three Ambani siblings will finally head separate verticals within Reliance Industries Limited (RIL) such as Digital, Energy, and Retail. A family council will thus ensure the coordinated interaction between all the arms of RIL.
Akash and Isha Ambani came on-board Reliance Jio Infocomm Limited and Reliance Retail Ventures Limited in October 2014. Isha is also a director at Reliance Foundation Institution of Education and Research, which has the plans to set up a Jio Institute. Furthermore, Anant Ambani, the youngest Ambani sibling was brought on-board as Director of Jio Platforms in May-2020.
Mukesh Ambani, whose current net worth amounts to more than USD 80 Billion, reportedly wants to get on to a shared vision of RIL’s future expansion and business through the formation of Family Council. Reports have suggested that drawing the lessons of succession through bitter rivalry Mukesh and his younger brother Anil Ambani had in the early 2000s, the next generation splitting of RIL business aims to keep it smooth and steady in the upcoming years.
Posted By: Aalok Sensharma