Akash Ambani new chairman ,Mukesh Ambani resigns, Reliance Retail Ventures Ltd

At the first clear sign of a legacy plan in India's most valuable company, billionaire Mukesh Ambani resigned from the board of Reliance Jio,the telecom arm of his $ 217 billion conglomerate, and handed over the reins of the company to his eldest son Akash.

In a stock exchange filing, Reliance Jio Infocomm Ltd said on Tuesday that in its meeting on June 27, the company's board had approved the appointment of Akash M Ambani, a non-executive director, as the chairman of the company's board of directors. His father had resigned after the working hours were over on June 27.

Geo is a unit of Reliance Industries Limited, whose business extends from oil refining and etrochemicals to retail, media and new energy.The 65-year-old Ambani has three children - twins Akash and Isha and youngest son Anant.

It is widely speculated that he may hand over the reins of the retail business to 30-year-old Isha, who is married to Anand Piramal (Ajay's son and Swati Piramal of Piramal Group).

Akash and Isha are on the board of Reliance Retail Ventures Ltd - a company that deals in consumer electronics, food and groceries, fashion, jewellery, footwear and clothing as well as online retail venture, Jiomart - and the digital arm of supermarkets . Live works. Platforms Limited (JPL) since October 2014.

26-year-old Anant recently joined RRVL as a director. He is the director of JPL since May 2020.

Reliance owns three broad businesses - retail and digital services, including oil refining and petrochemicals, telecommunications. Although retail and digital services are wholly owned by separate subsidiaries, the oil-to-chemical or O2C business is a functional division of Reliance. The new fuel business is also with the parent company.

Ambani remains the Chairman and Managing Director of Reliance Industries Limited with a total value of over $ 109 billion. His 59-year-old wife Nita is also on the Reliance board.

He will also be the Chairman of Geo Platform Limited, a flagship company that owns all Geo-Digital Services brands, including Reliance Geo Infocomm.

On December 26 last year, on the occasion of Reliance Family Day, the birthday of group founder Dhirubhai Ambani, Ambani revealed his first legacy plan. "Reliance is in the process of making a significant leadership change," he said. Earlier, in the Annual General Meeting (AGM) of the company in June 2021

He hinted that his children would now have a prominent place in the vast empire of the family. He said: "I have no doubt that the next generation of Reliance leaders led by Isha, Akash and Ananta will further enrich this precious legacy." The legacy plan comes at a time when Reliance is investing in the entire value chain of solar, batteries and hydrogen in a very expensive switch to clean energy.

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--Posted By : Guru