Mukesh Ambani lays out succession plan for his business

New Delhi: In a move to lay out a succession plan for his business, the Indian billionaire Mukesh Ambani has set targets for his three children whom he has identified for takeover of telecom, retail and new energy business.

Ambani, while speaking at his father Dhirubhai's anniversary, which is celebrated as Reliance family day, said that his elder son Akash Ambani, is being groomed to take over the telecom business, and Isha Ambani for retail, while his youngest son Anant Ambani is being groomed for the new energy business.

"Under Akash's chairmanship, Jio is rolling out the World’s best 5G network across India, at a pace, which is faster than anywhere in the world," Mukesh Ambani said.

Under Isha Ambani, he said, retail business has grown rapidly.

"It (retail business) has emerged as one with the widest and deepest reach in India, across all product baskets," he said. "But I know that all of you in the team are capable of chasing even more ambitious targets and goals."

"New Energy is Reliance's newest start-up business with a potential to transform not just the company or the country, but the entire world," he said. "With Anant joining this upcoming Next-Gen business, we are making rapid progress in getting our Giga Factories in Jamnagar ready."

While speaking at the event, he said the oil-to-telecom-to-retail conglomerate Reliance industries Ltd has embarked on a journey of comprehensive self-transformation.

"The end of 2022 is when Reliance will have crossed the half-way mark of its Golden Decade. In five years from now, Reliance will complete its fifty years," he said.

-With inputs from PTI