Reliance ushered in a new era of leadership with Nita Ambani stepping down from the board of directors and making way for her children Isha, Akash, and Anant.
Isha Ambani, Akash Ambani and Anant Ambani are set to be appointed non-executive directors of the oil-to-retail conglomerate, pending an approval by its shareholders. The recommendations came at a board meeting ahead of the company’s annual general meeting on Monday.
Mukesh Ambani is the chairman of Reliance Industries Limited (RIL).
The three Ambani scions have been closely involved with and are leading and managing key businesses of Reliance over the last few years including retail, digital services and energy and materials businesses, the company said in a press release.
They also serve on the boards of the key subsidiaries of Reliance.
Though Nita Ambani has resigned from the board of directors, she will continue to attend all board meetings as a permanent invitee so that the company can continue to benefit from her advice, said the release.
“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 even greater impact for India,” it said.
Mukesh Ambani had first spoken of his succession plan in 2021. He had even identified three separate verticals for his three children, with the new energy business going to his youngest son Anant. The telecom and digital business will go to his elder son Akash the retail business to twin sister Isha.
Last year, Mr Ambani made way for Akash to become the chairman of Reliance Jio Infocomm Ltd. However, he still remains the chairman of Jio Platforms, which holds Reliance Jio Infocomm.