Mukesh Ambani, Asia’s richest man, wants to expedite Reliance Industries’ leadership transition and sees his $217 billion empire scaling new heights under his three children.
The retail-to-refining conglomerate “is now in the process of effecting a momentous leadership transition from seniors belonging to my generation to the next generation of young leaders”, Mr Ambani said in an online speech on Tuesday to a Reliance Industries’ employees event. “I would like this process to be accelerated.”
Mr Ambani, valued at almost $91bn by Bloomberg Billionaires Index, didn’t give details of how this transition is being planned but the billionaire is said to be considering several succession plans, including one that shares elements with that of Walmart’s Walton family, Bloomberg reported in November.
He wants to avert a succession warfare that has torn apart many wealthy clans, including his own in the past. The transition at Reliance will mark one of the biggest transfers of wealth in recent times.
All senior leaders – including himself – should “yield to the highly competent, extremely committed and incredibly promising talent” at the Reliance group, the 64-year-old said.
Mr Ambani is smoothing leadership transition at his conglomerate after fighting a bitter succession battle with his younger brother, Anil Ambani, when their father died in 2002 without a will. The fight was so intense that their mother, Kokilaben Ambani, had to step in and carve a family pact in 2005 that divided up Reliance businesses between the two brothers.
While Mr Ambani hasn’t publicly disclosed any plan or timeline to step away from his responsibilities as Reliance’s chairman and managing director, his children are becoming more visible.
Addressing shareholders in June, he first indicated that twins Akash and Isha, 30, along with younger sibling Anant, 26, would play significant roles at the company.
Reliance is now in the process of effecting a momentous leadership transition from seniors belonging to my generation to the next generation of young leaders”
Mukesh Ambani,
chairman and managing director, Reliance Industries
The billionaire is considering moving his family’s holdings into a trust-like structure that will control the Mumbai-listed flagship Reliance, Bloomberg reported last month.
In his speech on Tuesday, Mr Ambani reiterated that his children were taking more responsibilities as part of the leadership shift.
He said he could see in them the same spark and potential of his father Dhirubhai Ambani – Reliance’s founder – for contributing to India’s growth.
European arms
Known EU weapons transfers to Ukraine since the war began: Germany 1,000 anti-tank weapons and 500 Stinger surface-to-air missiles. Luxembourg 100 NLAW anti-tank weapons, jeeps and 15 military tents as well as air transport capacity. Belgium 2,000 machine guns, 3,800 tons of fuel. Netherlands 200 Stinger missiles. Poland 100 mortars, 8 drones, Javelin anti-tank weapons, Grot assault rifles, munitions. Slovakia 12,000 pieces of artillery ammunition, 10 million litres of fuel, 2.4 million litres of aviation fuel and 2 Bozena de-mining systems. Estonia Javelin anti-tank weapons. Latvia Stinger surface to air missiles. Czech Republic machine guns, assault rifles, other light weapons and ammunition worth $8.57 million.
The specs
Engine: 0.8-litre four cylinder
Power: 70bhp
Torque: 66Nm
Transmission: four-speed manual
Price: $1,075 new in 1967, now valued at $40,000
On sale: Models from 1966 to 1970
Fifa Club World Cup quarter-final
Esperance de Tunis 0
Al Ain 3 (Ahmed 02’, El Shahat 17’, Al Ahbabi 60’)
Arctic Monkeys
Tranquillity Base Hotel Casino (Domino)
THE SPECS – Honda CR-V Touring AWD
Engine: 2.4-litre 4-cylinder
Power: 184hp at 6,400rpm
Torque: 244Nm at 3,900rpm
Transmission: Continuously Variable Transmission (CVT)
0-100kmh in 9.4 seconds
Top speed: 202kmh
Fuel consumption: 6.8L/100km
Price: From Dh122,900
RESULT
Bayern Munich 0 AC Milan 4
Milan: Kessie (14'), Cutrone (25', 43'), Calhanoglu (85')
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Honeymoonish
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UAE rugby in numbers
5 - Year sponsorship deal between Hesco and Jebel Ali Dragons
700 - Dubai Hurricanes had more than 700 playing members last season between their mini and youth, men's and women's teams
Dh600,000 - Dubai Exiles' budget for pitch and court hire next season, for their rugby, netball and cricket teams
Dh1.8m - Dubai Hurricanes' overall budget for next season
Dh2.8m - Dubai Exiles’ overall budget for next season
More from Neighbourhood Watch
Founders: Ines Mena, Claudia Ribas, Simona Agolini, Nourhan Hassan and Therese Hundt
Date started: January 2017, app launched November 2017
Based: Dubai, UAE
Sector: Private/Retail/Leisure
Number of Employees: 18 employees, including full-time and flexible workers
Funding stage and size: Seed round completed Q4 2019 - $1m raised
Funders: Oman Technology Fund, 500 Startups, Vision Ventures, Seedstars, Mindshift Capital, Delta Partners Ventures, with support from the OQAL Angel Investor Network and UAE Business Angels
Results
6.30pm: Dubai Millennium Stakes Group Three US$200,000 (Turf) 2,000m; Winner: Ghaiyyath, William Buick (jockey), Charlie Appleby (trainer).
7.05pm: Handicap $135,000 (T) 1,600m; Winner: Cliffs Of Capri, Tadhg O’Shea, Jamie Osborne.
7.40pm: UAE Oaks Group Three $250,000 (Dirt) 1,900m; Winner: Down On Da Bayou, Mickael Barzalona, Salem bin Ghadayer.
8.15pm: Zabeel Mile Group Two $250,000 (T) 1,600m; Winner: Zakouski, James Doyle, Charlie Appleby.
8.50pm: Meydan Sprint Group Two $250,000 (T) 1,000m; Winner: Waady, Jim Crowley, Doug Watson.
The bio
Studied up to grade 12 in Vatanappally, a village in India’s southern Thrissur district
Was a middle distance state athletics champion in school
Enjoys driving to Fujairah and Ras Al Khaimah with family
His dream is to continue working as a social worker and help people
Has seven diaries in which he has jotted down notes about his work and money he earned
Keeps the diaries in his car to remember his journey in the Emirates
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How Filipinos in the UAE invest
A recent survey of 10,000 Filipino expatriates in the UAE found that 82 per cent have plans to invest, primarily in property. This is significantly higher than the 2014 poll showing only two out of 10 Filipinos planned to invest.
Fifty-five percent said they plan to invest in property, according to the poll conducted by the New Perspective Media Group, organiser of the Philippine Property and Investment Exhibition. Acquiring a franchised business or starting up a small business was preferred by 25 per cent and 15 per cent said they will invest in mutual funds. The rest said they are keen to invest in insurance (3 per cent) and gold (2 per cent).
Of the 5,500 respondents who preferred property as their primary investment, 54 per cent said they plan to make the purchase within the next year. Manila was the top location, preferred by 53 per cent.
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The specs
Engine: 2.0-litre 4-cyl turbo
Power: 247hp at 6,500rpm
Torque: 370Nm from 1,500-3,500rpm
Transmission: 10-speed auto
Fuel consumption: 7.8L/100km
Price: from Dh94,900
On sale: now
The Settlers
Director: Louis Theroux
Starring: Daniella Weiss, Ari Abramowitz
Rating: 5/5
