Mukesh Ambani’s firstborn will succeed him as chairman of the conglomerate’s telecom unit, kick-starting a leadership transition in one of Asia’s wealthiest families.
Akash Ambani, 30, a non-executive director at India’s No. 1 wireless provider Reliance Jio Infocomm Ltd., was appointed chairman of the board. Mukesh Ambani has resigned from its board of directors, the company said in an exchange request on Tuesday, while remaining chairman of the holding company.
This marks the first time Mukesh Ambani has officially taken the backseat, having indicated last year that his children were taking on more responsibilities. Akash was part of teams negotiating the investment of Meta Platforms Inc. in Jio’s parent company, in addition to leading other significant acquisitions.
“This is another clear signal that Mukesh Ambani is taking the next step in redefining his commitment to the group,” said Kavil Ramachandran, a professor and executive director of the Thomas Schmidheiny Center for Family Enterprise at the Indian School of Business in Hyderabad. . “I hope he has made this a successful succession by strengthening the team around Akash Ambani.”
Mukesh Ambani spent years studying the ways in which billionaire families, from the Waltons to the Kochs, passed on what they had built to the next generation. Recently, that process has intensified — Bloomberg reported last year — with the tycoon envisioning a blueprint for the next phase of his $217 billion empire that seeks to prevent the war of succession that has ripped apart so many wealthy clans, including his own. cracked.
Akash Ambani, a Brown University alumnus, has a degree in economics. He married his childhood sweetheart, Shloka Mehta, the daughter of a Mumbai-based diamond merchant and jeweler. They had a son, Prithvi, in 2020. Akash has a twin sister Isha and a younger brother, Anant.
Its eminence comes at a time when the Reliance group, dominated by fossil fuel profits, is targeting consumer offerings. Jio has been rocking the Indian telecommunications industry with free calls and cheap data since its debut in 2016, forcing a consolidation that cut carriers down to three from about a dozen four years ago.
Mukesh Ambani remains the Chairman of Jio Platforms Ltd., the flagship company that owns all Jio digital services brands, including Reliance Jio Infocomm.
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