Nita Ambani on Monday resigned from the board of directors of Reliance Industries Limited ie RIL. This paved the way for his children – Isha, Akash and Anant – to become non-executive directors on the RIL board. Now all three will join the board. The move to include Isha, Akash and Anant on the board of RIL is seen as a clear step towards succession planning for the company.
The board of Reliance officially confirmed the appointment of Anant, Isha and Akash as non-executive directors of the company ahead of the company’s annual general meeting. The decision has been informed through a stock exchange filing made by the firm. A company press release said his appointment, subject to the approval of the shareholders, will be effective from the date he assumes office.
Nita Ambani may have resigned from the board of directors, but as chairperson of Reliance Foundation, she will attend all RIL board meetings as a permanent invitee to the board.
The company statement said it respects his decision to resign from the board in order to devote his energy and time to guiding and enabling Reliance Foundation to make an even greater impact for India.
Last year, Mukesh Ambani paved the way for Akash Ambani to take up the role of chairman of Reliance Jio Infocomm Ltd, India’s largest mobile company. Despite this, however, Ambani retained his position as chairman of Jio Platforms. The unit of this platform is Reliance Jio Infocomm.
Akash and Isha have been on the board of Reliance Retail Ventures Limited. This is the first time that siblings have been appointed to the board of the parent company. The company’s press release said that his appointment to the board of RIL will allow RIL to benefit from his insights and spur new ideas.
Let us inform that Mukesh Ambani talked about his succession plan for the first time in 2021. He had also identified three different verticals for his three children, with the new energy business being passed on to his youngest son, Anant. The telecom and digital business was given to his elder son Akash and the retail business to twin sister Isha.