Billionaire Mukesh Ambani, the richest Asian and chief of the $200 billion Reliance empire, on Monday ushered his three children into the board of the group flagship founded by his father, marking the entry of the family's third generation into the sprawling energy, materials and consumer conglomerate.
Earlier on Monday, the board of Reliance Industries Ltd. (RIL) approved the appointment of Isha Ambani, 31, Akash Ambani, 31 and Anant Ambani, 28, as non-executive directors. Addressing shareholders at the 46th annual general meeting (AGM), the tycoon said he would continue at the helm of RIL for five more years, with the induction of the GenNext Ambani juniors seen as part of the conglomerate's succession planning.
Last year, Ambani had for the first time spoken about succession, mentioning his sons and daughter had taken leadership roles at different Reliance businesses. While Akash and Isha took up leadership roles in Jio and the retail business respectively, Anant joined the new energy business. The RIL board also accepted the resignation of Nita Ambani, who will now devote her energies towards Reliance Foundation. However, she will continue as a permanent invitee on the RIL board.
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