Billionaire Industrialist and Chairman of Reliance Industries, Mukesh Ambani has announced succession plan at India's most valuable company, identifying twins children Akash and Isha for telecom and retail leadership, and youngest son Anant for new energy unit. However, Mukesh Ambani is not going to retire immediately and will continue in leadership role. The announcement comes on the occasion of 45th Annual General meeting of shareholders and he said the robust architecture that he has announced will ensure the firm remains “a unit, well-integrated and secure institution even as it develops existing businesses and adds new growth engines.”
Reliance has three broad businesses -- oil refining and petrochemicals, retail, and digital services that include telecom. Retail and digital services are housed in separate wholly-owned subsidiaries -- Jio Platforms and Reliance Retail Ventures Ltd. The oil-to-chemical or O2C business is a functional division of Reliance. The new energy business is also with the parent firm. The three businesses of Reliance are almost equal in size. As per the company filings, the Ambani family's current stake in Reliance has risen to 50.6 per cent from 47.27 per cent in March 2019. The succession plan comes at a time when Reliance is in the middle of a very expensive switch to clean fuels by investing across the entire value chain of solar, batteries and hydrogen.
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