The most recent developments appear to be unfolding RIL Chairman Mukesh Ambani’s succession plan to safeguard the future of India’s most valuable firm.
The Ambani dynasty, Asia’s richest family, is again in the news after Reliance Industries chairman Mukesh Ambani recently opted to step down as chairman of Reliance Jio Infocomm, the conglomerate’s telecoms subsidiary. In doing so, the 65-year-old mogul handed over control to his eldest son, Akash Ambani, while remaining chairman of Reliance Jio Platforms.

According to reports, Akash’s twin sister Isha would be appointed chairman of Reliance Retail Ventures, the company’s retail arm. Since October 2014, Isha and Akash have served on the boards of Retail Retail Venture and Jio Platforms.
The most recent developments appear to be unfolding Mukesh Ambani’s succession plan to safeguard the future of India’s most valuable corporation. It has also started the process of transitioning leadership at the energy-to-retail business.

Akash Ambani will be Leading Reliance Jio

Akash Ambani, the eldest son of Mukesh and Nita Ambani, has been named chairman of Reliance Jio, following his active engagement in the company’s growth as a board member and subsequently as a non-executive director throughout the years.

The 30-year-old, an alumni of the prestigious Brown University, had played a vital part in conceptualising the idea of Jio alongside twin Isha and was responsible for the integration of technology and Jio’s growth.

Reliance When its competitors were struggling to pay their adjusted gross revenue (AGR) dues in 2016, Jio upset the telecom sector. Since Jio’s introduction, telcos like as Aircel and Reliance Communications, both controlled by Mukesh Ambani’s brother Anil Ambani, have gone out of business. Others, including as Airtel and Vodafone-Idea, have suffered significant losses while attempting to stay afloat in the face of intense competition from Jio and rising pressure to pay AGR dues.

Jio grew as one of the largest players in the telecom business under the leadership of Mukesh Ambani and his son Akash Ambani, while clearing its AGR dues ahead of the moratorium period, unlike its competitors. Akash also collaborated closely with the company’s engineers to conceptualise and launch the popular Jio phones.

He was appointed non-executive director of the firm in 2020. Following that, he oversaw a crucial agreement between Reliance Jio and Meta, then Facebook, in which the latter acquired a 9.99 percent share in Jio Platforms, Jio’s holding company, for a staggering $5.7 billion. Akash played a pivotal role in Google’s $4.5 billion investment in Jio Platforms for a 7.73 percent ownership in 2021. He also assists Jio on its 5G journey.

Akash’s promotion comes as Reliance Jio prepares for the 5G spectrum competition and its initial public offering, which is expected to go public later this year.

Isha Ambani will be Leading Reliance Retails

According to Bloomberg, Isha Ambani, the only daughter of Mukesh and Nita Ambani, is expected to succeed Akash as CEO of Reliance Retail.

Isha is currently a director of Reliance Industries’ developing business and plays a major role in its branding and marketing throughout the digital sector. Isha also conceptualised and implemented the company’s digital commerce platform, AJIO, a fashion ecommerce portal, in 2016.

Isha, a Yale and Stanford University graduate, formerly worked for the US-based consulting company Mckinsey & Company.

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