In a real-life corporate drama unfolding in India, the Ambani family’s succession plan is taking center stage. Mukesh Ambani, the wealthiest man in Asia and the head of Reliance Industries, has orchestrated a transition that marks the company’s entry into its third generation of family leadership. This event is generating immense interest and anticipation in corporate India and beyond.
The New Faces in Leadership
The protagonists of this succession story are Mukesh Ambani’s three children: twins Isha and Akash, aged 31, and Anant, aged 28. Following shareholder approval, they have assumed positions on the board of the vast and diversified conglomerate, valued at a staggering $220 billion.
Mukesh Ambani expressed his optimism about this transition, stating, “The combination of the experience of senior leaders and the ambition of new leaders will script newer and more exciting chapters in Reliance’s ever-growing book of achievements.”
A Multifaceted Empire
Reliance Industries’ business empire spans a multitude of sectors, including oil, telecoms, chemicals, technology, fashion, and even food. The Ambani family’s influence is ubiquitous in India, and their every move garners intense public fascination.
The newly inducted generation faces a series of ambitious projects and ventures. The company is gearing up to enter the general and health insurance sectors, potentially in collaboration with global firms. Additionally, it plans to introduce 5G wireless broadband services to 200 million homes and develop a substantial 2,000 megawatts of AI-ready computing capacity.
Venturing into Renewable Energy
Reliance Industries has set its sights on the renewable energy sector, with plans for an ambitious wind energy business and a solar giga factory. Notably, the company’s retail arm has revived the beloved 1970s soft drink, Campa Cola, and is exploring opportunities to take it global.
A Thoughtful Succession Strategy
Mukesh Ambani and his wife, Nita Ambani, have diligently groomed their children for their roles in the family business over the years. Sandeep Nerlekar, who heads the succession advisory firm Terentia Consultants, emphasizes that this succession was not merely a matter of inheritance due to their lineage. Instead, it was a meticulously planned strategy that involved identifying specific business verticals based on each child’s strengths.
The Ambani children’s upbringing has been worlds apart from their father’s humble beginnings. Raised in opulent mansions, they enjoyed a life of luxury, frequently traveling on private planes and mingling with celebrities.
Education and Global Exposure
In stark contrast to Mukesh Ambani, who had to forgo his studies at Stanford to take over his father’s business, the twins, Isha and Akash, completed their education at prestigious institutions—Yale and Brown, respectively. Both are active participants in corporate events and are featured on magazine covers. Their high-profile weddings, attended by international celebrities, including Beyoncé, have further heightened public interest in their lives.
The Ambani Family’s Low Profile
The Ambani family has often maintained a low profile, despite their extravagant spending on luxury, lavish weddings, and opulent properties. The entrance of the new generation into the spotlight is expected to intensify public scrutiny. Nevertheless, experts believe that the Ambani children have been well-prepared for their roles and responsibilities.
The Accomplishments of the New Leaders
Since completing their education, the Ambani children have been actively involved in various aspects of the family business. Akash joined the leadership team at Reliance Jio in 2014 and also manages the Mumbai Indians cricket team in the Indian Premier League. He played a key role in brokering a $5.7 billion investment in 2020 by Meta Platforms in a Reliance unit, Jio Platforms.
Isha, on the other hand, has taken charge of driving the company’s retail, e-commerce, and luxury ventures. She has been instrumental in expanding the company’s presence in the fashion industry through its e-commerce app and partnerships with top international luxury brands.
A New Role for Isha
Isha’s prominent role within Reliance’s core business is noteworthy, as it marks a departure from the traditionally peripheral roles played by women in the family’s business ventures. In 2021, Fortune magazine recognized her as the “heiress on duty” and ranked her as the 21st most powerful woman in India. According to her father, she possesses a strong and assertive disposition, often questioning his business strategies.
In a candid interview with the New York Times, Mukesh Ambani recalled an instance when Isha challenged him to “re-evaluate” his portfolio due to the environmental impact of some of the company’s plastic-related businesses.
The Ambani Legacy Continues
As the Ambani children step into their roles within Reliance Industries, they carry forward a legacy of business acumen and innovation. Their leadership is expected to play a pivotal role in shaping the future of one of India’s most influential conglomerates, with Mukesh Ambani’s meticulous succession plan serving as a blueprint for the corporate world.