Ambani Sets Succession Plan in Motion by Promoting His Children
- Son, daughter to helm conglomerate’s telecom and retail arms
- Takeover by 30-year-old twins comes as company diversifies
Mukesh Ambani and his daughter Isha Ambani in Mumbai.
Photographer: Dhiraj Singh/BloombergThis article is for subscribers only.
Indian billionaire Mukesh Ambani just got busy with the early stages of succession planning at his energy-to-technology conglomerate Reliance Industries Ltd., naming two of his offspring as chiefs of key units in his $217 billion empire.
On Tuesday, the 65-year-old tycoon made way for his first-born Akash Ambani to become the chairman of India’s No. 1 wireless carrier Reliance Jio Infocomm Ltd. Akash’s twin sister Isha, 30, is set to be appointed chair of Reliance’s retail arm, and an announcement is expected as early as Wednesday, people familiar with the matter said. The company declined to comment.