Mukesh Ambani's succession plan: Isha introduced as head of retail business
Mukesh Ambani introduced Isha as the leader of the retail business as he invited her to speak on integrating WhatsApp with the retail business at Reliance Industries Ltd's 45th annual shareholders' meeting.
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FollowBillionaire Mukesh Ambani on Monday detailed succession planning at India's most valuable firm as he introduced daughter Isha Ambani as leader of his group's retail business. Ambani introduced Isha as the leader of the retail business as he invited her to speak on integrating WhatsApp with the retail business at Reliance Industries Ltd's 45th annual shareholders' meeting.Â
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The 30-year-old gave a presentation on placing online grocery orders using WhatsApp and making payments. Isha said that to develop products to solve every Indian's daily needs, Reliance Retail Ventures Limited -- the company she is director of -- would launch its first fast-moving consumer goods (FMCG) business. The objective would be to deliver high-quality and affordable products.
Earlier, the RIL chairman congratulated Reliance Retail and its leadership for achieving a record Rs 2 lakh crore turnover and an Ebitda of Rs 12,000 crore. Stating that Reliance Retail is among the top-10 retailers in Asia, Ambani said that the company wants to serve millions of customers daily by providing them unlimited choice, superior quality, outstanding value proposition and unmatched shopping and delivery experience through its merchant partners, physical stores and digital and e-commerce platforms.
The 65-year-old billionaire has three children -- twins Akash and Isha and youngest son Anant. Ambani had previously named Akash as chairman of Reliance Jio -- the group's telecom arm. Isha is married to Anand Piramal, son of Piramal Group's Ajay and Swati Piramal.
Reliance has three broad businesses -- oil refining and petrochemicals, retail and digital services, which includes telecom. The oil-to-chemical (O2C) business is a functional division of Reliance, while the retail and digital services are housed in separate wholly-owned subsidiaries. Anant, 26, may get to helm the new energy business and the oil-to-chemical business of the conglomerate.
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75,000 crore for petrochemical expansion
Among the other announcements, Ambani announced that Reliance Industries Ltd would invest Rs 75,000 crore in the next five years to expand its petrochemical capacity. He further said the investments would be used to set up a Purified Terephthalic Acid plant, tripling the capacity of vinyl chain, expanding polyester capacity and a new chemical unit in the United Arab Emirates.
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