Ambani Twins Welcomed into Boards of Two Group Firms
Mukesh Ambani’s twin scionsIsha and Akash, 23, were appointed to the boards of Reliance JioInfocomm Ltd which is a telecom venture, and Reliance Retail Ventures Ltd (Retail venture). In succession planning at India’s largest private firm, billionaire Mukesh Ambani’s twin scions Isha and Akash were appointed as directors on the board of Reliance Industries’ telecom and retail ventures.
The members of the Ambani family of Reliance have been formally welcomed into Reliance Industries Ltd. (RIL) group companies’ board, making their first appearance in the boardrooms.
RIL announced the appointment of Nita and Mukesh Ambani’s children Isha and Akash as board members of Reliance JioInfocomm Ltd. and Reliance Retail Ventures Ltd., which are parts of the RIL group. At the board meetings, these two companies approved and sanctioned the appointment of the young Ambanis.
Ms. Isha has graduated from Yale University with double majors in psychology and South Asian studies. She was a business analyst at McKinsey & Company’s New York office, while Mr. Akash has graduated from Brown University with a major in Economics. Development of products and digital services in Reliance Jio seems to be his niche as he is closely involved in RIL’s 4G telecom venture. In May this year, Ms. Nita Ambani was formally inducted into the RIL board.
Twenty-three-year-old Ms. Isha and Mr. Akash are twins, and they are the children of the business family that leads the biggest private sector company in the country. The two are joining around the same age as their father MukeshAmbani, who joined RIL when he was 24 years old. The Ambani twins have been seen occasionally in the Company’s Annual General Meetings. The family’s youngest son, Anant, is currently in the U.S pursuing his studies.
The board of Reliance Retail has also sanctioned and approved AdilZainulbhai–who is an independent director of RIL–on its board. Dipak Jain is already an independent director on the board of Reliance Retail. Both of them are independent directors on the board of Reliance JioInfocomm.
RIL is India’s largest private sector company with a turnover of Rs 4,46,339crore (USD 74.5 billion) and a net profit of Rs 22,493 crore (USD 3.8 billion) in 2013-14.