All eyes are on a possible succession plan chairman Mukesh Ambani is expected to announce today (Aug. 29) at the Reliance annual general meeting (AGM).
In June 2021, the head of India’s largest private firm had signaled such a plan.
“I have no doubt whatsoever that the next generation of leaders at Reliance, led by Isha, Akash, and Anant, will further enrich this precious legacy,” he had said at the 2021 AGM.
The 65-year-old was referring to his three children, the twins Akash Ambani and Isha Ambani—and his youngest son Anant Ambani for whom he recently reportedly bought an $80 million beach-side villa in Dubai.
Today’s Reliance Industries (RIL) AGM is scheduled to begin at 2pm.
The eldest son of RIL founder Dhirubhai Ambani is known to make big-bang announcements at the $217 billion company’s AGMs.
Mukesh Ambani’s resignation from the board of Reliance Jio, RIL’s telecom arm, in June and the handing over its reins to Akash Ambani was possibly the first hint at a generational change in the offing. Over the years, his eldest son has been actively involved with Jio and is said to have played a crucial role in its success.
Similarly, Isha and Anant Ambani, too, hold prominent positions in various RIL arms.
For instance, in 2021, Anant Ambani joined Reliance New Energy Solar and Reliance New Solar Energy boards. These firms were set up to spearhead RIL’s billion-dollar bet on renewables. Isha Ambani has a similar role at Reliance Retail Ventures and was quite visible during many of its public events.
Besides succession, Mukesh Ambani may also delve into Jio’s 5G plan for India and unveil his vision to unlock his telecom arm’s value by listing it on the stock exchange.
The chairman will virtually address shareholders. His speech this year comes on the heels of two possible threats RIL is facing: a potential global recession and the rise of another Indian business tycoon Gautam Adani.
RIL’s share was trading in the green today. In 2022 so far, it has gained more than 10% while India’s best-known stock market index, the senses, rose 0.5% in that period. What’s more, the RIL scrip is expected to shoot up further post today’s AGM.