Shareholders of Mukesh Ambani-owned Reliance Industries Ltd (RIL) have approved the appointment of Isha Ambani, Akash Ambani, and Anant Ambani as Non-Executive Directors ahead of its September quarter results today. A regulatory filing by the company said that Isha Ambani's appointment was approved with 98.21 votes, while Akash Ambani's and Anant Ambani's appointments were approved with 98.06 votes and 92.75 votes, respectively.
Till now, Isha, Akash and Anant were involved only at the operating business level and none were on the board of India's largest listed company.
Last year, Mukesh Ambani had made way for Akash Ambani to become the chairman of India's largest mobile firm, Reliance Jio Infocomm Ltd. Isha was identified for Reliance's retail arm, while the youngest sibling Anant was chosen for the new energy business.
"Akash and Isha have assumed leadership roles in Jio and Retail, respectively. They have been passionately involved in our consumer businesses since inception. Anant has also joined our New Energy business with great zeal. In fact, he is spending most of his time in Jamnagar," Mukesh Ambani said at the AGM in August this year.
In other changes, Nita Ambani will step down as announced during the AGM. She will continue to remain the Chairperson of the Reliance Foundation. At that time, the company had said it appointed Isha Ambani, Akash Ambani and Anant Ambani as directors to the board of the oil-to-telecoms, for which voting was done online.
As the chairperson of Reliance Foundation, Nita Ambani will attend all the RIL Board meetings as a permanent invitee to the Board so that the company can continue to benefit from her advice.
"The Board of Directors also accepted the resignation of Nita Ambani from the Board respecting her decision to devote her energies and time to guide and enable Reliance Foundation to make an even greater impact for India," the company statement had said.
Mukesh Ambani first spoke of a succession plan at Reliance Family Day, which marks the birth anniversary of the group's founder Dhirubhai Ambani, on December 28, 2021. Reliance, he had said, is "now in the process of effecting a momentous leadership transition."
During the AGM this year, Mukesh Ambani had said he will continue at the helm for another five years.
Speaking at the company's AGM, Mukesh Ambani said: “I shall continue to perform my duties and responsibilities as Chairman and Managing Director for five more years, with greater vigour." “Towards this end, I have assigned myself three responsibilities. First: I shall groom and empower all the Next-Gen leaders at Reliance and prepare them for the challenges and opportunities of the future. Second: I shall especially mentor Akash, Isha and Anant so that they can provide collective leadership and dependably take Reliance to greater heights of growth and value in the decades ahead. Third: Together with the Board and all my long-time colleagues, I shall further enrich Reliance’s unique Institutional Culture, which has sustained your Company’s perpetual and exponential growth."
Reliance Industries Ltd is likely to report 25-28 per cent year-on-year (YoY) jump in net profit for the September quarter, as per reports. Shares of Reliance Industries were trading at Rs 2,263, up by 1.65 per cent, at 12.40 PM.
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