RJIL is a wholly owned subsidiary of Jio Platforms, a holding company that owns all digital assets, including RelianceJioInfocomm. Mukesh Ambani continues to be Chairman of Jio Platforms.
According to people familiar with the Ambani family’s ideas, retailing is structured but has a similar policy, but a renewal of key board-level leadership, including the promotion of Isha Ambani to chairman this year. No formation is expected. Both Akash and Isha are expected to be promoted to chairman of telecommunications and retail holding companies in the near future. The exact schedule is still under consideration.
“Isha is in control of the retail industry and will continue to do so,” said a long-term reliance watcher, subject to anonymity.
Reliance Retail Ventures Limited (RRVL) is a global and homemade marquee fashion and lifestyle brand for all retail businesses, including 7-11 convenience stores, online pharmacies, hypermarkets, supermarkets, electronics stores and food partnerships. It is a holding company. And grocery stores and so on.
Pair of siblings
Under RRVL is its wholly owned subsidiary, Reliance Retail Limited (RRL), which is the current operating company.
Like Jio Platforms, Mukes Ambani is Chairman of RRVL.
Since October 2014, Akash and Isha Ambani have been given a formal business role. Both joined the Board of Directors of Reliance Retail Ventures Ltd and became Jio Platforms in November 2019. The youngest, Anant (27), was appointed to the board of directors of Jio Platforms in March 2020 and to Retail Retail Ventures Ltd in 2022. Independent director of the board of directors of RRVL and Jio Platform. Isha and Anant will continue to remain on the board of directors of telecommunications companies and retail holding companies.
No family on RRL board
However, unlike the telecommunications business, RRL’s board currently has no members of the Ambani family, according to RoC Data. According to people familiar with this issue, this too is unlikely to change in the near future. Subramaniam Venkatachalam, MD, RRVL are full-time directors of RRL. There are six other non-executive directors, three of whom are also RRVL directors. According to sources we know, this was deliberately designed to avoid “unnecessary distractions.”
Under the Companies Act, you cannot become the chairman of a company without first becoming a director of the company. “Shareholders decide on the board, but directors decide who chairs the board. To be chair, you must first be a member of the board,” said the senior corporation. “Therefore, it is unlikely that Isha will become Chairman of Reliance Retail Limited. Instead, in the coming years, both Akash and Isha will work with carriers, just as Mukesh Ambani seeks a daily withdrawal. Promoted to chairman of a retail holding company.-Operation during the day. “
His younger brother, Anant, is more focused on the legacy oil and gas and new energy businesses, “currently learning at work.” “He still needs a couple of years,” according to his senior management.
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Trust declined to comment.
After graduating from Yale University and a former McKinsey consultant, Isha launched Ajio, an online shopping portal, which helped Reliance’s e-commerce entry into fashion retail in 2016. Since then, she has overseen multiple acquisitions and diversification into the beauty sector.
RRVL, like Jio Platforms, joined marquee investors TPG, KKR, ADIA and General Atlantic in 2020 with a valuation of $ 62 billion. Revenue for the year to March 2022 was $ 2.6 billion. The unit operates over 12,000 stores nationwide.
She is also the director of the Reliance Foundation Institute of Education and Research (RFIER), which will establish the next university, the Jio Institute.
“Ambani has carefully implemented migration plans at multiple levels, including inviting strategic partners to businesses with technical know-how and capabilities, as well as economically. The brothers have been practicing for nearly a decade. He is involved in the business and both lead the global partnership between telecom and retail. “