RIL AGM: Mukesh Ambani formalises succession plan, to remain Chairman for next 5 years

At the 46th AGM of Reliance Industries Ltd, its Chairman Mukesh Ambani formalised his succession plan at the conglomerate after five years.

He said he will mentor his three children Akah, Isha and Anant "so that they can provide collective leadership".

"I shall continue to perform my duties and responsibilities as Chairman and Managing Director for five more years, with greater vigour," he said at the AGM.

While Ambani didn't say he will step down after five years, he said he will use the next five years to train the next generation leaders. 

"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," said Mukesh Ambani.

"Today, in my personal life, I am enjoying the bliss of being a grandparent along with (wife) Nita," he added. 

Mukesh Ambani began executing a succession plan for his energy-to-technology conglomerate Reliance Industries, appointing his three children Isha, Akash, and Anant to the board of the company on Monday.

Till now, the three children were involved only at operating business-level and none were on the board of India's largest listed company.

The board of Reliance met ahead of the company's annual general meeting to approve the appointment of twins Isha and Akash as well as Anant, as the ''non-executive directors of the company,'' the firm said in a stock exchange filing.

Last year, the 66-year-old tycoon had made way for his first-born Akash Ambani to become the chairman of India's largest mobile firm, Reliance Jio Infocomm Ltd.

Jio Infocomm is a subsidiary of Jio Platforms, in which Meta and Google hold stakes and is still chaired by Mukesh. Reliance Industries Ltd is the parent of Jio Platforms.

Akash's twin sister, Isha, 31, was identified for Reliance's retail arm and the youngest sibling Anant for the new energy business.

The siblings have been on the board of the operating companies but this is the first time they have been appointed on the board of the parent firm.

In a statement, Reliance said their ''appointment will take effect from the date they assume office after approval by the shareholders.'' Reliance is seeking a shareholder nod for giving Mukesh another five-year term till April 2029.

His wife Nita was a director on the company board but she has stepped down to make way for the children.