How Mukesh Ambani’s family comes first: as the Indian billionaire reveals the future of his Reliance empire, Akash is assigned to telecoms, Isha to retail, and Anant to a new energy unit

Aug 31 , 2022

The future of Mukesh Ambani’s Reliance has been revealed, and he’s keeping it in the family as expected. Photos: Instagram / @ambanifamily, AP

On August 29, Asia’s second richest man addressed shareholders with news of a 5G roll-out and petrochemical and FMCG expansion at Reliance Industries Ltd

Mukesh also shared his succession plan, putting the company’s future in the hands of his business-driven kids, Akash, Isha and Anant, whom he’ll be mentoring too

Indian billionaire Mukesh Ambani has solidified his children’s future at Reliance Industries, his Mumbai-based multinational conglomerate company, detailing his succession plans at his once-a-year speech to investors. On August 29, the 65 year old addressed shareholders at the 45th annual general meeting, where he detailed his 5G roll-out, petrochemical expansion and the foray into FMCG (fast moving consumer goods).

Mukesh Ambani, chairman and managing director of the Reliance Industries Ltd, speaks via live-stream during the annual general meeting in Mumbai, India, on August 29. Photo: Bloomberg

All eyes were on Mukesh as he spoke about his company and the succession of power to his children, Akash, Isha and Anant. His announcement showed a clear transfer of wealth in a family that has previously been riddled with feuds over money.

Here’s what you need to know.

The Ambani succession plan

Akash Ambani, chairman of Reliance Jio Infocomm Ltd and Mukesh Ambani’s son, on August 29. Photo: Bloomberg

Mukesh outlined his much awaited succession plan, explaining that twins Akash and Isha would be heading telecom and retail respectively, while Anant, his youngest son, would lead a new energy unit.

Isha Ambani is the only daughter of Mukesh Ambani, but she’s got the same strong-willed business acumen as her two brothers. Photo: Bloomberg

Mukesh moved to assure shareholders that, despite the changes, Reliance Industries Ltd would remain a “well-integrated and secure institution”.

Talking about his children, he said that Akash and Isha have been “passionately involved in our consumer business since inception”, adding that Anant had been spending much of his time in Jamnagar working on his energy business.