Celebrating Mukesh Ambani’s 67th Birthday: A Wealthy Saga Amidst Brother Feud and Future Succession Planning
Today, on April 19, 2024, Mukesh Ambani celebrates his 67th birthday. As the 11th wealthiest industrialist globally, Ambani has been strategizing to pass on his empire to the next generation, along with his growing age.
He desires that after the demise of his father, Dhirubhai Ambani, there should be no disputes between him and his brother Anil Ambani over the division of assets. In this regard, on December 28, 2023, Mukesh expressed:
“The future of Reliance lies in the sky, with Isha, Akash, Anant, and their generation. I am completely assured that they will achieve more in their lives, and for my generation, there will be more opportunities available for Reliance.”
Ambani’s statement underscores his commitment to ensuring a smooth transition within the family and securing Reliance’s legacy for future endeavors.
Succession Planning at Reliance: A Glimpse into the Next Generation
Mukesh Ambani, with three children—Akash, Isha, and Anant—has been orchestrating the transition of his vast business empire for the future. In 2022, he appointed his eldest son, Akash, as the Chairman of Reliance Jio Infocomm Limited. Meanwhile, Isha Ambani oversees the retail ventures, and Anant Ambani is entrusted with the new energy business.
All three siblings are actively involved in Reliance’s boardroom discussions. Mukesh Ambani, during the AGM in 2023, announced that they would continue to lead the company as Chairman and CEOs for the next five years, focusing on grooming the “Next Generation” leaders.
Akash Ambani: Graduated in Economics from Brown University in 2014, Akash joined the family business thereafter. He became part of the board of Reliance Jio Infocomm Limited (RJIL) in October 2014 and has been its Chairman since June 2022. Apart from RJIL, he has served on the boards of Jio Platforms Limited and Reliance Retail Ventures Limited. In 2019, he tied the knot with Shloka Mehta, and they have two children, Prithvi and Ved.
Isha Ambani: After studying at Yale and Stanford, Isha joined the family business in 2015. She serves on the boards of Reliance Retail Ventures, Jio Infocomm, and Jio Financial Services. In December 2018, she married Anand Piramal, son of business magnate Ajay Piramal. Isha has been instrumental in expanding Reliance Retail’s footprint, launching new formats like e-commerce and online beauty platforms. She’s actively involved in the retail sectors of food, consumer electronics, and fashion.
Anant Ambani: Anant pursued his education at Brown University in the United States. He has been serving as a director on the boards of Jio Platforms Limited since March 2020, Reliance Retail Ventures Limited since May 2022, and Reliance New Energy Limited since June 2021. Anant is driving the expansion of Reliance Industries’ energy and material businesses. Under his leadership, Reliance aims to achieve net zero carbon by 2035, with a focus on animal welfare initiatives.
The involvement of Mukesh Ambani’s children in various aspects of the conglomerate showcases the meticulous planning and grooming of the next generation to sustain and further elevate Reliance’s legacy.
The Empire of Reliance: A Giant in the Indian Corporate Landscape
Reliance Industries Limited stands as the behemoth of the private sector in India, tracing its journey from textiles and polyester to its current diverse portfolio encompassing energy, retail, entertainment, and digital services. Reliance houses the world’s largest refinery at a single location.
With a market capitalization of nearly 20 lakh crore rupees, Reliance Industries is a titan in the corporate world. Its significance extends to the realms of customs and excise duties, making it a pivotal contributor to the Indian economy. Almost every Indian avails some product or service offered by Reliance in their daily lives.
Dhirubhai Ambani: Architect of the Reliance Empire
Dhirubhai Ambani, the visionary founder of Reliance Industries, embarked on his journey in the business world from humble beginnings. Born on December 28, 1933, in Junagadh district of Saurashtra, he didn’t inherit ancestral wealth or boast substantial bank balances when he ventured into the business arena.
Dhirubhai tied the knot with Kokilaben in 1955, and they were blessed with two sons, Mukesh and Anil, and two daughters, Dipti and Nina. After his demise on July 6, 2002, Kokilaben played a pivotal role in managing his wealth.
Dhirubhai’s unparalleled vision and relentless pursuit of excellence laid the foundation for Reliance’s unparalleled success, shaping India’s corporate landscape in profound ways.
Reason Behind Mukesh-Anil Feud
Mukesh Ambani joined Reliance in 1981, followed by Anil Ambani in 1983. Their father, Dhirubhai Ambani, passed away in July 2002, without leaving a will. Mukesh became the chairman of Reliance Group, while Anil took on the role of managing director.
The first public rift between the brothers emerged in November 2004. Upset with the ongoing family discord, Kokilaben Ambani, Dhirubhai’s wife, intervened as the disagreements started affecting the business.
The formal split occurred in June 2005, but the decision regarding which brother would get which company was made only by 2006. Even ICICI Bank’s then-chairman, KV Kamath, had to intervene in the division.
Following the split, Mukesh Ambani gained control of businesses like petrochemicals, Reliance Industries, Indian Petrochemicals Corporation Limited, Reliance Petroleum, and Reliance Industrial Infrastructure Limited.
On the other hand, Anil Ambani acquired companies like ADAG, Reliance Capital, Reliance Energy, and Reliance Natural Resources Limited. While Mukesh Ambani continued to scale new heights, Anil’s business suffered due to his missteps.
Remarkable Ventures of Reliance Business
Reliance boasts the largest mango orchard in Asia located in Jamnagar. With nearly 1 lakh trees and over 100 varieties of mangoes, Reliance emerges as India’s leading producer and exporter of mangoes.
The conglomerate has ventured into sports as well. In 2008, Reliance purchased Mumbai Indians for $100 million, making it the biggest franchise in cricket’s Indian Premier League (IPL). Reliance also initiated the Indian Super League of football and hosts tennis events.
Reliance Network 18 is a major media owner. RIL’s 2020-21 report reveals that every two out of three Indians watch Reliance-owned TV channels. Moneycontrol, Book My Show, and Voot are significant platforms under Reliance’s control.
Reliance operates the world’s largest petroleum refinery in Jamnagar, Gujarat. It expands its operations from refining oil and gas to the production of petroleum and other derivatives.
During the second wave of COVID, Reliance’s Jamnagar refinery played a significant role in producing a substantial amount of medical-grade oxygen daily, helping alleviate the country’s oxygen crisis.
Beyond digital, fashion, and jewels, Reliance owns the iconic British country club Stoke Park, Armani, Hugo Boss, Diesel, and Mark & Spencer, among many international brands.
In the online space, Reliance owns Ajio and Zivame for fashion, Netmeds for pharmacy, and Urban Ladder for furniture, providing a comprehensive shopping experience.
In the technology sphere, Reliance has partnerships with several Indian and global companies, including SkyTran, a self-driving electric vehicle producer aimed at simplifying public transportation with its magnetic levitation-powered pods.
Reliance recently acquired a 51% stake in the drone company Asteria Aerospace based in Bangalore, which manufactures drones capable of flying at high altitudes, revolutionizing aerial view data.
In 2019, Reliance acquired a significant stake in the augmented reality company Tesseract, which creates 3D experiences in entertainment, education, shopping, and gaming. Following this, Reliance launched Jio Glass.
Mukesh Ambani also expands into the hotel industry, having recently acquired the prestigious Mandarin Oriental in New York and earlier the iconic British country club Stoke Park.
