Asia’s richest man to focus on Reliance succession plans

Mukesh Ambani said he will spend the next five years of his presidency of the most valuable company in India preparing their children to transform Reliance Industries Ltd. into a giant of digital and green energy.

The three children of Asia’s richest man have been named non-executive directors, while his wife, Nita, will step down from the board of directors.”to dedicate more time to the charity Reliance Foundation”, where she serves as founding president, the company said in a statement Monday.

During the annual general meeting of RelianceAmbani told shareholders that Nita will continue to attend all board meetings as a standing guest.

The actions of Reliance they erased earlier advances in the Bombay operations.

“I will carry on my duties and responsibilities as Chairman and CEO for five more years, with greater vigor.“, said Ambani. “I will train all of Reliance’s next generation leaders and prepare them for the challenges and opportunities of the future.”.

The measures are part of broader attempts to Ambani, 66, to present a clear future leadership plan for the conglomerate after a complicated family power struggle following the death of his father more than a decade ago. Three years ago, Ambani described an increasing role for her sons Isha, Akash and Anant in the business, handing them leadership positions in Reliance’s key energy, retail and digital services departments.

“Collective Leadership”

“I will be a special mentor to Akash, Isha and Anant so they can provide collective leadership and reliably lead Reliance to greater levels of growth and value for decades to come.Ambani said.

The founder of Reliance, Dhirubhai Ambani, died without leaving a will in 2002, causing a nasty and public clash between Mukesh and his younger brother, Anil, who were involved in the business at the time. The fight grew more than necessary and his mother was forced to intervene and divide the business between the two brothers.

Since then, Ambani has turned to Reliance into India’s largest company by market value and is now seeking to diversify powerhouse from oil and chemicals into technology and consumer, as well as renewable energy.

The mogul called the leadership announcements “an emotional moment”, recalling the days when his father started the company in a one-room office in a busy Mumbai market.

“It reminds me of that day in 1977 when my father appointed me to the board of directors.he said during the annual investor address, which has over time become a much-anticipated platform for announcing new initiatives at India’s largest company, similar to Warren Buffett’s annual letters to shareholders of Berkshire Hathaway. “Today I see my father and I reflected in Isha, Akash and Anant”.