India's Reliance appoints Ambani children to board in succession plan

investing.com:

By Munsif Vengattil and Dhanya Skariachan

BENGALURU (Reuters) -India's Reliance Industries Ltd on Monday appointed the three children of Chairman Mukesh Ambani as board directors at the oil-to-telecoms conglomerate, as the billionaire prepares to eventually hand over the reins.

Ambani, Asia's richest person, has previously said his children Isha, Akash and Anant would have significant roles in the business and that Reliance was «in the process of effecting a momentous leadership transition». Mukesh Ambani was re-appointed as chairman of the company for another five years in July.

Ambani, 66, said his three children will work as one single team and will collaborate with other directors «to provide leadership to the Reliance group as a whole and guide the growth of all our diverse businesses.»

With a market value of more than $200 billion, Ambani's business empire spans telecoms, retail, oil and gas and new energy.

With Mukesh Ambani in his late 60s, «the time is probably right… If not now, when?,» said Arun Dasmahapatra, a partner at executive search firm Heidrick & Struggles’ Mumbai office.

«This is also an attempt by Mukesh Ambani to ensure the next generation of Ambani siblings stay close to one another and do not have any discord.»

Mukesh's father Dhirubhai Ambani, a well-known industrialist, died without a will, sparking a long-running and public feud for control of assets between Mukesh and his younger brother Anil.

Ambani has positioned experienced executives and long-time friends and family to steer his children through the transition, and they have taken larger roles at annual general meetings and led some company announcements.

Reliance also said Ambani's wife Nita had stepped down from the board to focus more