Mukesh Ambani flags off his succession plan
Two decades after assuming control, he puts his eldest son in charge of the Reliance group’s telecoms arm.
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Editor's note: Mukesh Ambani has flagged off the much-awaited succession plan within the Reliance empire. He has stepped down as director of the conglomerate’s telecoms arm, Reliance Jio Infocomm, and subsequently, the company’s board has appointed his son, Akash, 31, as chairman. The changes were made known in a communication to stock exchanges earlier today . Though several family members are board members in group companies, this will be the first time since 2002 that someone other than Mukesh Ambani will be leading a group company. Ambani took charge of the Reliance group after the death of the founder chairman, Dhirubhai Ambani, in July 2002. He will continue to be chairman of Jio Platforms, the holding company of the telecoms and internet services business. While succession planning was inevitable, the timing appears to coincide with Mukesh Ambani turning 65 (in April), an age when investors start asking questions about succession in family-owned companies. With him having set the ball rolling in one company, it may well be an indication that a similar plan is being worked out in other firms too, pre-empting …
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