There have been strong indications of succession planning with Reliance Group chief Mukesh Ambani on Monday introducing his daughter Isha as the head of the group’s retail business. Ambani had earlier named his son Akash as the chairman of the group’s telecom arm Reliance Jio. At the same time, Mukesh Ambani introduced Anant Ambani as New Energy Head at the AGM. With this, the shadow haze has ended when Mukesh Ambani handed over the business to the new generation.
At the 45th Annual General Meeting (AGM) of Reliance Industries Limited (RIL), Ambani introduced Isha as a leader in the retail business. He called Isha the head of the retail business while calling to speak about it. Isha also gave a presentation on online grocery ordering and online payment using WhatsApp. 65-year-old Mukesh Ambani has three children. Isha and Akash are twin siblings while the youngest is Anant. Isha is married to Anand Piramal of Piramal Group.
Oil refining and petrochemicals, retail business and digital business (including telecommunications). Of these, the retail and digital businesses are under wholly-owned entities, while the oil-to-chemicals or O2C business comes under Reliance. The new energy business is also part of the parent company. There is a possibility that Mukesh Ambani may hand over the oil and energy business to his younger son Anant.
Reliance Industries Limited will invest Rs 75,000 crore over the next five years to expand its petrochemical capacity. Mukesh Ambani, chairman of Reliance Industries Limited, gave this information at the company’s annual general meeting on Monday. He said the investment would be made in setting up a PTA plant, expanding polyester capacity, tripling the capacity of the vinyl chain and setting up a chemical unit in the UAE.
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