Mukesh Ambani passes his empire to his children

Reliance is well known as a business giant in the international scenario under the leadership of its 65 years old Mukesh Ambani. But now Mukesh Ambani declared his decision to resign from the company and handing over the reign to his eldest son Akash Ambani.

Three broad businesses come under the reliance company- oil refining and petrochemicals, retail and digital services that include telecom. Retail and digital services are known to be housed in separate wholly-owned subsidiaries. The oil-to-chemical or O2C is a functional division of Reliance. The new energy business is with the parent firm.

The billionaire Mukesh Ambani resigned from the company worth $217 billion after which his eldest son Akash is declared as the new chairman. In a stock exchange refilling, Reliance Jio Infocomm Ltd said at a meeting held on June 27, “ approved the appointment of Akash M Ambani, non-executive director, as chairman of the board of directors of the company."

Mukesh Ambani is blessed with three children: twins Isha Ambani and Akash Ambani elder to Anant Ambani. Akash and Isha have been working for the boards of Reliance Retail Ventures Limited. This company came into function in October 2014 and controls supermarkets filled with fashion, daily essentials, footwear, and electronics. Jio Mart is the virtual form of this supermarket. 26-year-old Anant has been the director of renewable energy and oil chemical units of Reliance.

While Ambani had already hinted about his resignation at Reliance family day, he would still remain the chairman of Jio Platforms Limited. “I have no doubt whatsoever the next generation of leaders at Reliance, led by Isha, Akash, and Anant would enrich the precious legacy,” said Mukesh Ambani at the company’s annual general meeting held in June 2021.

Along with this Pankaj, Mohan Pawar had been appointed as Managing director of Reliance Jio Infocomm for a period of five years beginning on June 27, and former union finance secretary Ramindar Singh Gujral and former CVC KV Chowdhary got the post of independent directors.

All the companies are equal in size ensuring an impartial distribution among the children which proves Mukesh Ambani’s motives to prevent any clashes between his children to get the business. A lot of tension had arisen between Anil Ambani and Mukesh Ambani after the death of their father and founder of the company Dhirubhai Ambani in 2002 without any will.