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30-08-2022
Bureau Report
NEW DELHI: Speaking at India’s telecom leader Reliance’s annual general meeting, Reliance Chairman Mukesh Ambani said he has been training his children on a daily basis as they begin to take the reins at the company.
With a market value of $220 billion, Ambani’s business empire spans telecoms, retail, oil-and-gas and new energy.
He said he was among those mentoring his children as they begin to take the reins at the company, with Akash and Isha assuming leadership roles in Jio digital and retail respectively, and Anant joining the new energy business.
Ambani senior added that he would provide an update next year on IPO plans for Reliance’s digital and retail units, which raised around $22 billion from global investors such as KKR & Co Inc and Silver Lake in 2020.
Reliance also announced the long-awaited integration of its grocery shopping app JioMart with investor-partner Meta Platform Inc’s WhatsApp, allowing users to shop via the messaging app.
Separately, Isha Ambani said Reliance will launch a new consumer goods company this year, without giving details.
In May that Reliance has plans to acquire dozens of grocery and non-food brands to build a $6.5 billion business to challenge foreign giants like Unilever.
Meanwhile, a person who is issuing threats to Indian billionaire Mukesh Ambani and their family has been taken into custody by the Indian police, Indian media reported.
Officials said that the man, identified as Afzal, had issued several threatening calls on a landline number at the Reliance Foundation Hospital in Mumbai.
The development comes after a controversy over the security cover given by the central government to the Ambani family.
A case has been registered against the suspect who was traced after the police identified the phone number from which he had made the calls.
The police have registered a case and a preliminary investigation suggested that the caller is mentally unstable. In July, the Indian Supreme Court ruled that Mukesh Ambani and his family in Mumbai can continue to have security provided by the federal government.
The Ambani family was given security cover by the Maharashtra government based on an evaluation of threat perception by the centre.
