With this appointment, Anant Ambani, the youngest son of Reliance Industries (RIL) President Mukesh Ambani, will see his role in the family business expand. Mukesh Ambani announced the company’s foray into the clean energy sector with a planned investment of Rs 75,000 crore over the next three years at its annual shareholders meeting on June 24.
Earlier in February, Anant, 26, had been appointed a director of Reliance O2C, where Saudi Aramco is expected to be an investor, and a year earlier he had been appointed to the board of Jio Platforms, where his siblings Isha and Akash too. are members.
However, 64-year-old Mukesh Ambani has yet to speak about a succession plan at RIL, questions such as “who’s next? Are gaining ground within the investment community. After RIL founder Dhirubhai Ambani passed away in 2002, the company witnessed a prolonged feud over the succession between Mukesh and his brother Anil Ambani. Dhirubhai did not leave a will and the family business had to be split up, with Mukesh getting RIL (petroleum refining and petrochemicals) and Anil purchasing the energy, finance and telecommunications units as part of the settlement.
In addition to Jio Platforms, the 29-year-old twins Isha and Akash sit on the board of directors of Reliance Retail Ventures. Jio Platforms and Reliance Retail Ventures had attracted billions of dollars in investment and integrated global names such as Google, Facebook, Silver Lake and the Saudi Arabia Public Investment Fund to help them expand their digital and commerce footprint electronic.
With the latest appointments to the Anant board, the three children are now represented in key RIL companies. After the recent separation of the refining and petrochemicals unit of Reliance O2C, RIL resembles Tata Sons, the holding company of the various activities of the Tata group. RIL is also paving the way for the initial public offerings of Jio Platforms and Reliance Retail Ventures, which are expected to take place in the near future.
In addition to Reliance New Energy Solar and Reliance New Solar Energy, RIL has incorporated five other entities since June: Reliance New Energy Storage, Reliance Solar Projects, Reliance Storage, Reliance New Energy Carbon Fiber and Reliance New Energy Hydrogen Electrolysis. Their names indicate that the entities were created for the clean energy play.
The seven companies each have three directors. A director common to all these entities is Shanker Natarajan.
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