- At the business’s AGM in New Delhi, India
- Reliance Chairman Mukesh Ambani said that he is preparing his children to take over the company by teaching them the ropes every day.
Ambani’s corporate empire is worth an estimated $220 billion and includes the telecommunications, retail, oil and gas, and alternative energy sectors.
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His children Akash and Isha have taken on top roles in Jio’s digital and retail divisions, and his son Anant has joined the company’s new energy division, and he says he is among those teaching them as they assume the helm.
After raising almost $22 billion from foreign investors including KKR & Co Inc and Silver Lake, Ambani senior said he will provide an update on IPO plans for Reliance’s digital and retail operations in 2020.
Reliance also announced that its grocery shopping app, JioMart, would soon be integrated with the messaging service WhatsApp through its investor and partner, Meta Platform Inc.
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In a separate development, Isha Ambani has announced that this year will see the debut of a new consumer goods company from Reliance.
The news that Reliance intends to acquire dozens of grocery and non-food companies to develop a $6.5 billion business to compete with overseas heavyweights like Unilever was first reported by Reuters exclusively in May.