Mukesh Ambani Turns 68: Inheritance Dispute with Brother and Legacy of Reliance
Today, April 19th, marks the 68th birthday of Asia’s richest businessman, Mukesh Ambani. As he grows older, Mukesh has been working on passing down his business empire to the next generation.
After the death of his father, Dhirubhai Ambani, Mukesh inherited Reliance, which led to a dispute with his brother, Anil Ambani. Mukesh does not want to pass on such a large inheritance to his children in the same way. On December 28, 2023, during his father’s birthday, Mukesh stated:
“The future of Reliance belongs to Akash, Isha, Anant, and their generation. I have no doubt that they will achieve more in life than my generation and take Reliance to greater heights.”
Here’s a look at Mukesh Ambani’s succession plan:
Akash Ambani: Mukesh’s eldest son, Akash, was appointed Chairman of Reliance Jio Infocomm Limited in 2022. He is also on the board of Jio Platforms Limited, Reliance Industries’ digital services business, and Reliance Retail Ventures Limited. Akash, who graduated in Economics from Brown University, married Shloka Mehta in 2019, and they have two children, a son, Prithvi, and a daughter, Ved.
Isha Ambani: Isha Ambani, Mukesh’s daughter, is in charge of Reliance Retail and Jio Financial Services. She graduated from Yale and Stanford and joined the family business in 2015. Isha has played a key role in expanding Reliance Retail, launching the e-commerce business Ajio and the online beauty platform Tira. She married businessman Anand Piramal in 2018.
Anant Ambani: Mukesh’s youngest son, Anant, is involved in the energy and new energy sectors. He is also focused on making Reliance Industries carbon-neutral by 2035. Anant studied at Brown University and serves on the boards of Jio Platforms, Reliance Retail Ventures, and Reliance New Energy.
Mukesh Ambani has planned to remain Chairman and CEO of Reliance Industries for the next five years, with a focus on developing the next generation of leaders.
Reliance Industries is India’s largest private-sector corporation, involved in diverse sectors including energy, retail, entertainment, and digital services. It is home to the world’s largest oil refinery located in Jamnagar, Gujarat, and its market capitalization is nearly ₹20 trillion. Almost every Indian uses a product or service from Reliance.
The Ambani Family Business Split: Mukesh and Anil Ambani joined Reliance in the early 1980s. After the sudden death of their father, Dhirubhai Ambani, in 2002, the family business faced a split. Mukesh became the Chairman of Reliance Industries, and Anil took on the role of Managing Director. The brothers’ dispute became public in November 2004, leading to a division in 2005, which was finalized by 2006 with significant intervention from ICICI Bank’s then-chairman, VK Kamath.
After the split, Mukesh took control of the petrochemical business, Reliance Industries, and its subsidiaries, while Anil managed the telecom, capital, and energy sectors. Mukesh’s business soared to new heights, while Anil’s ventures struggled, leading to financial difficulties.
Interesting Facts about Reliance:
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Reliance operates India’s largest mango plantation in Jamnagar, making it the country’s largest producer and exporter of mangoes.
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Reliance owns the Mumbai Indians in the IPL, having bought the team for $100 million in 2008.
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Reliance holds a majority stake in Network18, a major media conglomerate in India.
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Reliance’s Jamnagar refinery is the largest in the world.
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During the second wave of the COVID-19 pandemic, Reliance provided medical-grade oxygen from its refinery.
In addition to its business ventures, Reliance is expanding into the hotel industry, having recently acquired the prestigious Mandarin Oriental hotel in New York.
Mukesh Ambani’s leadership continues to shape the future of Reliance, with his children being groomed to take over various sectors of the business empire.
