Lagatar24 Desk
Mumbai, August 28: Nita Ambani resigned from her position on the board of directors. She will, however, be a permanent invitee to the Board and attend all RIL Board meetings as the Chairperson of the Reliance Foundation.
Isha, Akash and Anant, three of the billionaire Mukesh Ambani’s children, have been named to the board of his energy-to-technology company, Reliance Industries Ltd (RIL). Many people believe that this action is a definite step towards succession planning for the most valuable corporation in India.
Prior to the firm’s annual general meeting, the board of Reliance met to formally approve the appointments of Isha, Akash and Anant as “non-executive directors of the company.” The decision was announced in a stock exchange filing the company made.
The Board of Directors commended Nita Ambani for her role as the Reliance Foundation’s founding chairperson and her leadership of the organisation.
“Over the years, Reliance Foundation has made considerable progress in its mission of nurturing and empowering marginalised and under-resourced communities in India. They lauded Nita Ambani’s request to focus even more on strengthening Reliance Foundation as it embarks on a mission to achieve even greater societal transformation by undertaking a host of new programmes and initiatives,” a Reliance Industries release said.
The Human Resources, Nomination and Remuneration Committee issued the recommendation for new board of director nominations.
The 66-year-old businessman Mukesh Ambani opened the path for his first child, Akash Ambani, to take over as chairman of Reliance Jio Infocomm Ltd., India’s largest mobile company, last year. However, Ambani continued to serve as chairman of Jio Platforms, the entity that possesses Reliance Jio Infocomm.
Isha, the twin sister of Akash, was picked to be in charge of Reliance’s retail division at the age of 31, while Anant, the youngest sibling, was given duties in the new energy business sector.
Following shareholder approval, their appointment will become effective on the day they assume office.
With consolidated revenue of Rs 9,74,864 crore (US$118.6 billion), cash profit of Rs 1,25,951 crore (US$ 15.3 billion) and net profit of Rs 73,670 crore (US$9.0 billion) for the year ending March 31, 2023, Reliance is India’s largest private sector firm.
