India's Reliance appoints Ambani children to company board
India's Reliance Industries Ltd on Monday appointed Isha, Akash and Anant Ambani, the three children of chairman Mukesh Ambani, as directors to the board of the oil-to-telecoms conglomerate.
Reliance also said that Nita Ambani, wife of Mukesh Ambani and mother of the three children, has stepped down from the board, without giving a reason.
The announcement flags the long-anticipated leadership transition at India's largest private sector firm. The billionaire chairman has previously said his children would have significant roles in the business and that Reliance was "in the process of effecting a momentous leadership transition".
The announcement came as Reliance is holding its annual general meeting with shareholders.
Speaking at the meeting, Mukesh Ambani said the company will launch Jio AirFiber, a wireless indoor device for offices and homes that provides broadband-like speeds, on Sept. 19.
