Ambani, 65, unveiled his succession plan on Monday. Telling his three children to the shareholders in his Reliance Industries conglomerate “Leader among peers” and “advised daily by our senior leaders, including myself.”
Asia’s second richest man said at the meeting, “Our next generation leaders have taken over with confidence in all business organizations.”
Reliance Industries is worth 17.8 trillion rupees ($224 billion) at current stock market prices.
“Akash and Isha have assumed leadership roles at Jio and Retail respectively. They have been passionately involved in our consumer businesses since inception,” Ambani said. “Anant has joined our New Energy venture with great enthusiasm.”
In the year Launched in 2006, Reliance Retail is India’s largest retailer by revenue and has more than 15,000 stores across the country. They sell everything from smartphones to groceries under various well-known brands including Reliance Fresh, Reliance Digital and Reliance Trends.
The investor said Monday that he is not retiring yet and will “continue to provide hands-on leadership.”
While there has been much speculation in the Indian media about who will inherit the Ambani empire, this is the first time that a public statement has been made about the role the sons will play in the transition.
A bitter quarrel
Ambani’s father, Drubhai, died intestate in 2002. His death sparked a bitter battle between Ambani and his younger brother Anil for control of the empire.
Mukesh Ambani eventually took over the company’s core oil and petrochemical assets, while his brother oversaw new ventures including telecom and digital businesses.
Mukesh With the launch of Jio, it impressed India by offering Customers get free high-speed internet for six months. The move triggered a vicious price war, forcing some companies, including Anil’s Reliance Communications, to exit the market entirely.
On Monday, Ambani will invest $25 billion for shareholders Jio to run 5G services in India.
“5G cannot remain an exclusive service available only to the privileged few or those in big cities,” he said. “In the next two months, we will be launching Jio 5G in several key cities, including the cities of Delhi, Mumbai, Kolkata and Chennai,” he said, referring to the Hindu festival in October.
Since its inception, Jio – with its ultra-cheap data – has helped bring hundreds of millions of Indians online for the first time. When Ambani launched Jio, India had less than 350 million internet users. Now it has more than 750 million.
“We are committed to making India an information-driven economy, beating China and the US in the world,” Ambani said.
On energy, Ambani said, “Reliance wants to make India a leader in new energy production and a credible alternative to China.” Production.
