New Delhi: Reliance Industries has sought shareholders' nod to give Mukesh Ambani another five years as the Chairman and Managing Director of the company.
Ambani, 61, has been on the board of Reliance Industries Ltd (RIL) since 1977 and was elevated as Chairman of the company after the death of his father and group patriarch Dhirubhai Ambani in July 2002.
The company has in a shareholder notice for the 41st Annual General Meeting to be held on Thursday in Mumbai, moved a resolution to re-appoint Mukesh Ambani “for a period of five years, on expiry of his present term of office, i.e. with effect from April 19, 2019".
In signs of succession planning at India’s largest private firm, billionaire Mukesh Ambani’s twin scions Isha and Akash were on October 11, 2014 appointed as directors on board of Reliance Industries’ telecom and retail ventures.
Isha and Akash, 27, were appointed to the boards of Reliance Jio Infocomm Ltd and Reliance Retail Ventures Ltd.
The next generation of the Ambani family — Isha, Akash and Anant — took centre stage at a function attended by 50,000 people, comprising Reliance Industries’ employees and their family members.
“The future of Reliance belongs to you,"chairman Mukesh Ambani told the younger generation of Reliance in his keynote speech at a big celebration marking 40 years of the company’s listing and the birth anniversary of its founder Dhirubhai Ambani on 28 December, 2017, founder’s day for the conglomerate.
Isha, who graduated from Yale University with majors in psychology and South Asian studies in 2013, worked with global consultancy firm McKinsey in US briefly.
Akash, who graduated from Brown University with a degree in Economics, had been working closely with Ambani family confidant Manoj Modi on RIL’s 4G telecom venture.
The two joined around the same age as their father Mukesh, who was 24 years old when he joined RIL in 1981.
While the Ambani scions have been seen at company’s annual general meetings, Akash possibly made his first appearance on a company’s business deal when RIL in 2011 signed an agreement in London to sell 30 percent stake in 23 oil and gas blocks, including the producing KG-D6 fields to BP plc for $7.2 billion.
Isha was first brought to the world's notice as a 16-year-old, when Forbes ranked her number two in a list of the world’s youngest billionaire heiresses.
Nita Ambani
Although she is best known as the woman who turned around the Mumbai Indians cricket franchise, Nita plays a larger role in RIL than is widely perceived. When brothers Mukesh and Anil were involved in a bitter fight for the Reliance empire, it was said that one of Anil's grouses was that Nita, Anand Jain and Manoj Modi mattered more in the company than him.
Nita played a key role in RIL's decision in 2010 to buy 14.8% in East India Hotels, where she is now on the board of the company along with Manoj Modi. She has also been involved in RIL's retail operations.
Nita made her mark as part of the team that built the Jamnagar refinery, particularly her initiative to transform the arid zone into a green belt with mango plantations. She is also the founder-chairperson of the Dhirubhai Ambani International School and is actively involved in the Reliance Foundation. A gracious host, Nita throws lavish parties at the new Ambani residence, Antillia, where politicians, cricketers and Bollywood stars rub shoulders.
(Disclaimer: News18.com is part of Network18 Media & Investment Limited which is owned by Reliance Industries Limited)
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