Mukesh Ambani to share wealth; Reliance will be divided again after Anil Ambani dispute: Report
By Lokmat English Desk | Published: December 9, 2021 05:58 PM2021-12-09T17:58:48+5:302021-12-09T17:58:48+5:30
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India’s richest man Mukesh Ambani and his brother Anil Ambani were involved in a bitter feud post the death of their father in 2002.
Now according to a report in Bloomberg, the Ambani family is heading for yet another split as, the Mumbai Indians owner is planning to pass on Reliance empire to his successors.
For years, now Mukesh Ambani has studied the ways in which billionaire families, from the Waltons to the Kochs, passed on what they’d built to the next generation.
A report in Bloomberg states that Asia's richest man is preparing a blueprint for the next stage of his $208 billion empire among his children.
The 64-year-old Indian tycoon’s favored plan shares elements with that of Walmart Inc.’s Walton family, people familiar with the matter say, and could provide the framework for one of the biggest transfers of wealth in recent times. Ambani is considering moving his family’s holdings into a trust-like structure that will control the Mumbai-listed flagship Reliance Industries Ltd.
Ambani, his wife Nita, and three children will have stakes in the new entity overseeing Reliance and be on its board, along with a few of Ambani’s long-term confidantes as advisers.
Management, though, will largely be entrusted to outsiders, professionals who will handle the day-to-day operations of India’s most influential company and its businesses that span oil refining and petrochemicals to telecommunications, e-commerce and green energy.
How Asia’s richest individual handles succession could inspire others in the region to think more carefully about how they transfer family wealth and power. Ambani, who has a net worth of $94 billion, is still considering his options and is yet to make a decision, some of the people said.
The current crop of Asian tycoons is acutely aware of the risks posed by succession, given the travails of prominent families elsewhere. While Ambani hasn’t publicly disclosed any plan to step away from his responsibilities as Reliance’s chairman and managing director, his children are becoming more visible. Addressing shareholders this June, Ambani gave the first indication his offspring — twins Akash and Isha, 30, and Anant, 26 — will play significant roles at Reliance.
