Reliance ushered in a new era of leadership with Nita Ambani stepping down from the board and giving way to her children Isha, Akash and Anant.
Isha Ambani, Akash Ambani and Anant Ambani are expected to be appointed non-executive directors of the oil-retail conglomerate, pending shareholder approval. The recommendations were made at a board meeting ahead of the company’s annual general meeting on Monday.
Mukesh Ambani is the chairman of Reliance Industries Limited (RIL).
Ambani’s three descendants have been closely involved and lead and manage Reliance’s key businesses over the past few years, including retail, digital services and energy and materials businesses, the company said in a statement. Press release.
They also sit on the boards of Reliance’s main subsidiaries.
Although Nita Ambani has resigned from the board, she will continue to attend all board meetings as a permanent guest so that the company can continue to benefit from her guidance, the statement said.
“The Board has also accepted the resignation of Nita Ambani from the Board, respecting her decision to devote her energy and time to guiding and enabling Reliance Foundation to have an even greater impact for India” , the statement said.
Mukesh Ambani had first mentioned his succession plan in 2021. He had even identified three distinct vertical sectors for his three children, with the new energy activity going to his youngest son Anant. The telecommunications and digital activities will go to his eldest son Akash and the retail business to his twin sister Isha.
Last year, Mr. Ambani handed over to Akash to become Chairman of Reliance Jio Infocomm Ltd. However, he still remains chairman of Jio Platforms, which owns Reliance Jio Infocomm.