Billionaire Mukesh Ambani laid out his goals for several companies under his flagship Reliance Industries, which is currently run by his three children, in a blatant indication that a leadership transition was well on at India’s largest company by market value.
After becoming India’s largest wireless service provider and deploying the fastest 5G network in the world, Reliance Jio Infocomm should aspire to create “unique digital products and solutions,” according to Mr. Ambani, 65, who will serve as the company’s chairman. The text of a speech published by the corporation on Thursday indicates that he was addressing a Reliance internal gathering.
Isha, Akash’s twin, runs Reliance’s retail division, which he claimed had “expanded swiftly” and has the country’s broadest and deepest reach. According to Mr. Ambani, the company should now aspire to grow even more, creating more jobs and income for numerous partners along its supply chain.
Under the direction of his youngest son, Mr. Anant Ambani, the giga-factories being built for Reliance’s green energy endeavours “are making rapid progress,” Mr. Ambani said. “Our New Energy Team’s objectives are very clear. Reduce India’s reliance on imports to help the country attain energy security and self-sufficiency.
Following the formalisation of succession plans earlier this year, Asia’s second-richest person is attempting to manage a smooth generational transfer while serving as chairman of the US$207 billion (S$278 billion) retail-to-refining conglomerate.
The businessman wants to prevent a recurrence of the sibling dispute he experienced after his father, Mr. Dhirubhai Ambani, the founder of Reliance, passed away in 2002 without leaving a will. As a result, Mukesh and his younger brother Anil, who were working for the family business at the time, engaged in an unpleasant and highly public power battle.
Three years after Mr. Dhirubhai Ambani’s death, the brothers’ conflict reached such a crisis point that their mother was compelled to step in and divide up the Reliance businesses as part of a truce agreement.