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Thursday, October 16, 2014

Mukesh Ambani's Twin Children Isha & Akash Ambani Made Directors of Reliance Jio Infocomm & Reliance Retail Ventures

Gen Next is taking charge at Reliance Industries (RIL), India's biggest private company. 23 Year Old Twins Isha Ambani and brother Akash Ambani, the children of Nita and Mukesh Ambani, are joining the boards of Reliance Jio Infocomm and Reliance Retail Ventures, a wholly-owned subsidiary of RIL, as directors.

Mukesh Ambani's Twin Children Akash Ambani and Isha Ambani

The US-educated twins are the eldest of Ambani’s three children (the youngest Anant is studying in the US). Older by seven minutes to his sister, Akash completed his undergrad studies from Brown University where he majored in economics. Isha, once ranked by Forbes as among the world's top heiresses, studied at Yale and has a double major in psychology and South Asian studies. Akash has already begun working at the telecom arm in Mumbai. Until recently, Isha was a business analyst at McKinsey & Company's New York office. That stint was intended as preparation for an eventual role in RIL, especially their consumer businesses and is reportedly likely to get involved with the retail.

Mukesh Ambani's Daughter Isha Ambani With Mother Nita Ambani

Mukesh Ambani's First Son Akash Ambani(L), With Parents and Grandmom

In April, Hindustan Times had reported that Ambani’s daughter is likely to play a major role in the company’s retail operations after completing her stint at McKinsey’s New York office. Son Akash Ambani, had been attending critical meetings of Reliance Jio, since February according to a reports

Several Indian billionaires are grooming their children to take charge. Gautam Adani’s son Karan is involved in the group’s port operations. Adi Godrej’s three children, daughters Tanya and Nisa and son Pirojsha are well-ensconced in the group. Ambani’s younger sibling Anil’s older son Jai Anmol, 22, who studied at Warwick Business School, is working at Reliance Capital where he’s been involved in recent M&A deals though hasn’t yet joined the board. Recent reports suggest that Rishad Premji, the Harvard-trained son of tech tycoon Azim Premji, who heads strategy at Wipro may join its board.

In what is a refreshing contrast to this trend, the last of the seven co-founders of software firm Infosys, including chairman N.R. Narayana Murthy, retired last week, after handing over the company to professionals to run it. Their children have never been involved in Infosys, except for a brief stint by Murthy’s son Rohan Murthy who worked as an executive assistant to his father when Murthy came out of retirement last year to revive the firm’s falling performance. Though Rohan wasn’t paid for his efforts, his involvement was much-criticised as Infosys was seen as a firm where merit not nepotism held sway. Murthy, who was expected to retain ties to Infosys as chairman emeritus, has declined that ceremonial post.

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