Reliance Names Mukesh Ambani’s Twins to Retail, Telecom Unit Boards
MUMBAI: Energy conglomerate Reliance Industries Ltd said two of chairman Mukesh Ambani’s children had been appointed to the boards of the company’s telecoms and retail businesses.
Reliance, controlled by India’s richest man, operates the world’s biggest refinery complex in western India and is the country’s third most valuable company with a market valuation of about $51 billion (Rs. 3.1 lakh crore at 1 dollar = 61 rupees).
It has been expanding into consumer-focused services like retail and telecommunications and is in the middle of its largest ever capital investment plan – a three-year, $30 billion investment cycle ending March 2016.
The appointment of twins Isha and Akash Ambani was approved by the boards of Reliance Jio Infocomm and Reliance Retail Ventures Ltd on Saturday, the company said in a statement.
The company’s retail unit has turned around after seven years of losses and is now the biggest retail chain in the country, while the 4G telecoms venture, Reliance Jio, is expected to launch commercial services next year.