RIL denies speculation about succession plan – Times of India

TNN
Mumbai: Reliance Industries late Friday emphatically denied a media report that its chairman Mukesh Ambani is readying a succession plan by setting up a family council that gives equal representation to his three children, Isha, Akash and Anant.
“Not true,” a company spokesperson said when asked about the report. A senior group executive, too, dismissed it as “pure speculation”.
According to Mint, a business daily, the ‘family council’ will provide a collective governance structure to manage the retail to telecom and petrochemicals conglomerate. RIL recently raised over Rs 2 lakh crore from marquee investors by diluting equity in Jio Platforms along with a rights issue at RIL. The moves were part of a deleveraging exercise.
Mukesh, who had a contentious separation from his younger brother Anil after the death of their father Dhirubhai, who died intestate, is seen to be keen to ensure a smooth transition.
The newspaper report said that the proposed family council will “include an adult member of the family, the three children, and possibly external members who will act as mentors and advisers”. It also said that the 63-year-old is planning to complete the succession planning process by the end of the year.
Ambani’s wealth has soared in recent weeks to make him the fourth richest man in the world. It is expected that the three Ambani’s children siblings will eventually head separate verticals within RIL such as retail, digital and energy, the report said, quoting unnamed sources.
In recent months Isha, Akash and Anant have been roped into the business to handle Jio Platforms as well as the retail businesses. The report also pointed to recent restructuring in shareholding pattern within the family to suggest that a succession planning was under way. In March, promoters along with two group firms — Tattvam Enterprises LLP and Samarjit Enterprises LLP — acquired 3.2% shares of RIL from Devarshi Commercials LLP, another group entity, the report said.