Billionaire Ambani’s Daughter Proposed For Jio Financial Board

Billionaire Mukesh Ambani’s soon to be spun out financial services unit recommended his daughter Isha Ambani as a non-executive director of the board, underscoring the latest succession planning within his retail-to-refining empire.

Reliance Strategic Investments Ltd., which will be known as Jio Financial, approved the appointment of Rajiv Mehrishi, who previously served as the Comptroller and Auditor General of India, Sunil Mehta and Bimal Manu Tanna as independent directors, according to a filing on Saturday.

Isha is part of the leadership team at Reliance Retail Ventures Ltd., where she is driving expansion into new business lines, geographies and formats, the company said in the filing. Isha played a pivotal role in the 2016 launch of the mobile data network Jio, the filing said.

Ambani, who was locked in a bitter succession feud with his younger brother Anil Ambani about two decades ago, is seeking to avoid a similar power struggle among his three children. Last year, his eldest son Akash Ambani took over as chairman of wireless operator Reliance Jio Infocomm Ltd. Younger son Anant Ambani has taken on the group’s renewable energy flank.

Source: BNN Bloomberg