Next generation of Ambani leaders onto Reliance board as Nita and Mukesh Ambani announce step-down plan

Reliance Industries Limited (RIL) marked a significant moment in its history during the 46th Annual General Meeting (AGM) held on Monday, August 28, 2023. Conducted via video-conferencing, the AGM witnessed the formal induction of the next generation of Ambani leaders onto the company's board.

The Board of Directors of Reliance Industries, in a momentous decision, recommended the appointment of Isha Ambani, Akash Ambani, and Anant Ambani as Non-Executive Directors of the Company. This move was emblematic of Asia's richest man, Mukesh Ambani's, meticulous succession plan, aimed at ensuring a seamless transition of leadership within the conglomerate.

In a display of corporate evolution, the Board also accepted the resignation of Nita Ambani from her position as a Director. The reshuffling within the boardroom is a strategic maneuver aligned with Reliance's overarching vision.

Chairman Mukesh Ambani took the occasion to announce a series of ambitious initiatives set to transform various sectors. Jio AirFibre, a new offering set to be launched on Ganesh Chaturthi, was unveiled as part of the expansion strategy for Jio's digital ecosystem. Furthermore, Jio Financial Services is slated to make its foray into the insurance segment, ushering the brand into the realm of financial services.

The AGM also featured Jio Chairman Akash Ambani unveiling Jio Smart Home Services and the Jio True5G Developer Platform. 

The appointment of the Ambani siblings is subject to shareholder approval and is anticipated to become effective once endorsed by the shareholders. Notably, Reliance Industries is also seeking the shareholders' consent for the extension of Mukesh Ambani's term as the company's leader until April 2029.