Its not just Mukesh Ambani’s children who are getting larger responsibilities within the Reliance group, his wife Nita is also set to get a wider role as part of the ongoing succession planning at the group.
Sources told BusinessLine that a section within the board of Reliance Industries (RIL) is of the opinion that Nita should be made the Vice Chairman (VC) of the company. RIL is India’s largest listed company and is among the world’s top 50 in terms of market value. The Ambani family is RIL’s largest shareholder, with a nearly 51 percent stake.
Currently, Nita Ambani is the non-executive independent director of RIL and is also the founder and chairperson of Reliance Foundation, the group’s philanthropic arm. She is also the co-owner of the Indian Premier League team, Mumbai Indians. The appointment of Nita Ambani as VC will put her directly in the line of succession, the sources said. RIL did not comment on an email query regarding Nita Ambani’s ascension.
On May 1, BusinessLine reported that Mukesh Ambani had embarked upon succession planning and was drawing a clear demarcation of his business empire among his children. Under this plan, the eldest son, Akash, has been given the reins of the group’s telecom operations, while daughter Isha will get the retail arm. On June 27, RIL’s digital arm Reliance Jio Infocomm said the company had approved the appointment of its non-executive director, Akash Ambani, as its chairman. Similarly, Isha Ambani’s appointment as the chairman of RIL’s retail arm, Reliance Retail Ventures, is likely to be ratified in the coming weeks.
Currently, Mukesh Ambani is the chairman and Managing Director of RIL, which apart from its oil, digital and retail businesses has a huge real-estate holding worth tens of billions of dollars across India with massive landholdings for industrial, commercial and residential purposes. Apart from the family succession planning, Reliance group will see the initial public offerings by the telecom and retail arms, which will be India’s largest share sale.