Mukesh Ambani’s daughter Isha Ambani set to be named chair of retail unit
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NEW DELHI: Isha Ambani is set to be named chairman of the Reliance conglomerate’s retail unit in another sign that her father, billionaire Mukesh Ambani, is pushing ahead with a plan for succession in one of Asia’s richest families.
Isha Ambani’s promotion follows that of her twin brother, Akash Ambani, who was appointed on Tuesday as chairman of the telecom unit, Reliance Jio Infocomm Ltd. Mukesh Ambani resigned from the board, the company said in an exchange filing, while staying as chair of the holding firm.
This was the first instance where Mukesh Ambani has officially taken a backseat, after flagging last year that his children were taking on more responsibilities.
Isha and Akash have both been part of teams that negotiated Meta Platforms Inc.’s investment in the group.
An announcement of Isha Ambani’s elevation could come as early as Wednesday, according to people with knowledge of the matter, who asked not to be identified ahead of a formal statement. She is currently director of Reliance Retail Ventures Ltd.
Reliance Retail and Reliance Jio are subsidiaries of the family’s oil-to-telecom conglomerate, of which the $217 billion Reliance Industries Ltd. is the flagship firm. Mukesh Ambani is chairman and managing director of Reliance Industries.
For years, Mukesh Ambani has studied the ways in which billionaire families, from the Waltons to the Kochs, passed on what they’d built to the next generation. Recently, that process has intensified — Bloomberg reported last year — with the tycoon eyeing a blueprint for the next stage of his $217 billion empire that seeks to avert the succession warfare that’s torn apart so many wealthy clans including his own.
Isha Ambani’s promotion follows that of her twin brother, Akash Ambani, who was appointed on Tuesday as chairman of the telecom unit, Reliance Jio Infocomm Ltd. Mukesh Ambani resigned from the board, the company said in an exchange filing, while staying as chair of the holding firm.
This was the first instance where Mukesh Ambani has officially taken a backseat, after flagging last year that his children were taking on more responsibilities.
Isha and Akash have both been part of teams that negotiated Meta Platforms Inc.’s investment in the group.
An announcement of Isha Ambani’s elevation could come as early as Wednesday, according to people with knowledge of the matter, who asked not to be identified ahead of a formal statement. She is currently director of Reliance Retail Ventures Ltd.
Reliance Retail and Reliance Jio are subsidiaries of the family’s oil-to-telecom conglomerate, of which the $217 billion Reliance Industries Ltd. is the flagship firm. Mukesh Ambani is chairman and managing director of Reliance Industries.
For years, Mukesh Ambani has studied the ways in which billionaire families, from the Waltons to the Kochs, passed on what they’d built to the next generation. Recently, that process has intensified — Bloomberg reported last year — with the tycoon eyeing a blueprint for the next stage of his $217 billion empire that seeks to avert the succession warfare that’s torn apart so many wealthy clans including his own.
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