Ambani sets stage for succession, Anant debuts at Reliance AGM

New Delhi, Aug 29: Exactly three years after he first laid bare succession plan at India’s most valuable company, billionaire Mukesh Ambani on Friday appeared to be creating space for the eventual take of businesses by his three children.

At the annual shareholders’ meeting of Reliance Industries, Ambani gave the floor to twins Akash and Isha, 33, to present business plan for telecom and retail segments, respectively.

The two had been present at previous AGMs but this was the first time they went into business detailing rather than just give demonstration of technology or devices on the anvil.

The youngest, Anant, 30, who in May was appointed as executive director on the board of Reliance -- the first among the siblings -- made his debut at the shareholder meet, delivering a business update that hinted at a larger role for him than previously outlined.

On August 29, 2022, Mukesh Ambani had listed Akash taking leadership role at Jio and Isha at Retail. Anant, he said, had “joined our new energy business with great zeal”.

But on Friday, when Anant took stage, he presented business review and plans for the traditional cash cow oil-to-chemicals business, oil and gas exploration and production segment and the new energy vertical.

Reliance has three broad businesses -- oil refining and petrochemicals, retail, and digital services that include telecom. Retail and digital services are housed in separate wholly owned subsidiaries -- Jio Platforms and Reliance Retail Ventures Ltd (RRVL).

The oil-to-chemical, or O2C, business is a functional division of Reliance. The new energy business that spans solar, battery and hydrogen investments is also with the parent firm.

“At Reliance, we believe that institutional longevity and perpetual growth are guaranteed only by constant self-renewal. This demands four elements -- a deep bench of capable leadership at all levels, unshakable core values, a resilient work culture, a never-changing commitment to the original purpose of the organisation,” Mukesh Ambani said on Friday. “We are strengthening all four - deliberately and decisively.”