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Mukesh Ambani succession plan: The new generation taking over from Asia’s richest man

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For months, the world has been captivated by the last season of Succession, the Emmy-winning TV drama on the lives of the corporate élite.

But in India, a real-life succession plan, involving a fortune of billions of dollars, is making news.

The three children of Mukesh Ambani, Asia’s richest man and head of Reliance Industries, have now taken seats on the board of his expansive $US220 billion ($NZ370b) retail-to-refining conglomerate.

Twins Isha and Akash, 31, and Anant, 28, will join the board following shareholder approval. “The combination of the experience of senior leaders and the ambition of new leaders will script newer and more exciting chapters in Reliance’s every growing book of achievements,” Mukesh Ambani said in a statement on Monday.

This transition signifies the company’s entry into its third generation of family leadership in what is perhaps corporate India’s most anticipated succession plan.

With a sprawling business empire which ranges from oil, telecoms, chemicals, technology, and fashion to even food – the Ambanis are a ubiquitous presence in India, and everything the family does has been the subject of intense public fascination.

India's richest man and oil-to-telecom conglomerate Reliance Industries chairman Mukesh Ambani's children Isha (L) and Akash arrive for the company's 41st AGM in Mumbai on July 5, 2018. India's oil-to-telecom conglomerate Reliance Industries, recorded standalone net profit of 86.97 billion rupees for the quarter ended March 31 from 81.51 billion rupees a year earlier, for its oil, refining, and petrochemicals businesses. (Photo by Indranil MUKHERJEE / AFP)

Isha and Akash at an event in Mumbai in July 2018. Photo: AFP

The children have their task cut out.

The group plans to enter general and health insurance possibly in partnership with global firms. It is planning to introduce 5G wireless broadband services in 200 million homes and develop 2000 megawatts of AI-ready computing capacity.

It plans an ambitious wind energy business and a solar giga factory. The firm’s ambitious retail arm has revived a popular 1970s soft drink, Campa Cola, and is planning to take it global.

Sandeep Nerlekar, who runs succession advisory firm Terentia Consultants, said Ambani and his wife, Nita, have been grooming their children for this moment for years.

“They did not inherit the business just because they’re Mukesh Ambani’s children, it’s a well-thought- out strategy. He has taken time to plan a succession, very clearly identifying business vertical based on their strengths.”

Ambani has been described as an “inscrutable” man who was raised poor and prefers to maintain a low profile. His children grew up in utmost luxury. They were raised in mansions, frequently travelling on private planes and mingling with celebrities.

While Ambani had to drop out of Stanford to look after his father’s business, twins Isha and Akash graduated from Yale and Brown, respectively. Together, they routinely make appearances in corporate events and adorn the covers of magazines. Both of them have married into other wealthy industrialist families, with the lavish ceremonies graced by stars from across the world, including Beyoncé.

Nerlekar said the entire family, including Ambani, has been “under the radar” for various reasons including their spends on luxury, weddings and properties. The fact that the children are still young heightens the excitement around their lives and could now put them under more spotlight – but “they know what they are doing and have been groomed well”.

Indian businessman Mukesh Dhirubhai Ambani (Chairman and managing director of Reliance Industries) (C) and his daughter Isha Ambani (R) attend the Manish Malhotra fashion show during ‘The Bridal couture show’ in Mumbai on July 20, 2023. (Photo by SUJIT JAISWAL / AFP)

Mukesh Ambani with daughter Isha at a fashion show in Mumbai on 20 July, 2023. Photo: AFP

Son runs IPL cricket team

After completing college, Akash joined the leadership team at the group’s telecom unit, Reliance Jio, in 2014. He manages the Mumbai Indians cricket team in the cash-rich Indian Premier League. Akash was also part of a team that brokered a $US5.7b investment in 2020 by Meta Platforms in a Reliance unit, Jio Platforms.

Isha, on the other hand, has been already tasked with driving the company’s retail, e-commerce and luxury plans. She is said to be behind the firm’s expanding presence in fashion through the company’s e-commerce app as well as its growing partnerships with top international luxury brands.

Isha’s rise in Reliance’s core business is significant because she has been given a senior leadership role, when other women in the family have played largely peripheral roles in the business till now. In 2021, Fortune magazine referred to her as “heiress on duty” while ranking her the 21st most powerful woman in India. And according to her father, she is also feisty.

In an interview with the New York Times, Ambani said that his daughter often questioned her father’s way of doing business. She once asked him to “re-evaluate” his portfolio, he recalled, because some of his companies were in the plastics business, which “pollutes a lot”.

The younger son, Anant, is involved in Reliance’s energy businesses, which range from fossil fuels to developing solar panel manufacturing. Also a graduate of Brown University, Anant, who serves on the board of Reliance Charity alongside his mother, is often seen accompanying her to their team’s cricket matches during the IPL season.

Himanshu Rai, director of IIM-Indore, told Business Standard newspaper that the succession was a positive signal to all stakeholders and “will also prevent any dispute in the future”.

This picture taken on March 25, 2018 shows Indian business magnate chairman, managing director and largest shareholder of Reliance Industries Limited Mukesh Ambani (2L) and his wife Nita Ambani (C) along with their children Isha Ambani (L), Akash Ambani (3R), Anant Ambani (R) and Akash's fiancée Shloka Mehta (2R) posing for a photograph after seeking blessings at the Siddhivinayak temple in Mumbai. (Photo by AFP)

This picture taken on March 25, 2018 shows family members after they were blessed at the Siddhivinayak temple in Mumbai. Photo: AFP

Family feud eventually sorted

Many remember the bitter feud between Ambani and his younger brother, Anil Ambani, over their inherited conglomerate after their father’s death in 2002. Without a will to divide the assets, the brothers could not agree on how to run the family business for years before their mother worked out a compromise.

“What they went through was bitter so they would want to define their succession at the right time,” Nerlekar said.

He added that after the pandemic, people around the world were focusing more on their own mortality, wanting to put their succession plans and wills in order. “The uncertainty and the simple fact that you could fall seriously ill or die has played a part in Mukesh Ambani’s succession plan.”

The change in leadership also comes at a time when the Ambani empire’s dominance has been challenged by the rise of coal and infrastructure tycoon Gautam Adani, who briefly overtook him as Asia’s richest man last year. The two are in direct competition for India’s renewable energy market and their increasing competition is keenly watched in India’s business circles.

For now, Ambani has said he will remain chairman and managing director for five more years, preparing Reliance’s “Next-Gen leaders” and mentoring his children “so that they can provide collective leadership and dependably take Reliance to greater heights”.

Nerlekar said Ambani has a good team who has been with him for years and will help the next-generation leaders in defining the future growth strategies.

But only time will tell how the children will take it from here and the next few years will be crucial.

“After Mr Ambani, someone has to lead the group, so he will use this plan to identify the right leader,” Nerlekar said. “But he’s in no hurry.”

This story was first published by the BBC.

RNZ

 

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Voters deliver historic rebuke to Trump as Democrats win House and Senate

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By Joseph Ax, Brad Heath and Jason Lange

Democrats seized control of both the Senate and House on Tuesday (US time), scoring sweeping victories in Republican strongholds for the first time in generations as tens of millions of voters delivered a scathing rebuke to President Donald Trump.

Voters in conservative bastions who had propelled the president to his second term in office just two years ago swung dramatically toward Democrats, fueled by deep frustration over the unpopular war with Iran, anxiety over the high cost of living and anger at Trump’s stewardship of the country.

Kansas elected its first Democratic senator since the Great Depression nearly a century ago. In South Carolina, a state that Trump carried by nearly 18 points in 2024, Democrats turned aside his hand-picked Senate candidate.

And in Texas, the biggest Republican state, Democrats ended a decades-long losing streak in seismic fashion, winning a Senate seat and ousting three-term Governor Greg Abbott.

The results will usher in a new era of divided government in Washington, following two years in which the Republican-controlled Congress rarely exercised its power to rein in Trump.

Once seated in January, Democrats are expected to use their power to investigate Trump’s administration, family and allies and demand concessions on major legislation. The Democratic Senate can block Trump’s nominees, including any US Supreme Court justices should a vacancy arise.

“There is now a generational remake of the Senate map that is going to change America,” said Chuck Schumer, the party’s Senate minority leader. “Americans voted for change, and now Democrats must deliver.”

Trump, who is barred by the US Constitution from seeking a third term, has exercised an iron grip on his party for most of the last decade. But the new balance of power in Washington may accelerate his lame-duck status, as attention turns toward the 2028 presidential race and potential successors begin competing for political influence in a post-Trump world.

Despite worries from Democrats that Trump might seek to overturn the election results, as he did in 2020, the president accepted the outcome, congratulating Democrats in an interview with Fox News. He also said he would work with Democrats on issues such as immigration, though he threatened to veto any “insane” bills they passed.

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Cold case solved: DNA links serial killer Ted Bundy to 1974 murder of Utah teen

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A Utah cold case tied to notorious serial killer Ted Bundy has been solved.

Fifty-two years to the day her body was found, detectives closed the investigation into the murder of 17-year-old Melissa Ann Smith. DNA evidence identified Bundy as the killer, investigators revealed Tuesday.

Smith’s body was found by hunters in a wooded area bordering Salt Lake and Summit counties on 27 October, 1974. The investigation into her murder has remained open since that day, until now.

A recent break in a Utah County cold case is being attributed to the resolution. Investigators say the same DNA profile used to identify Bundy as the killer of Laura Ann Aime was used to solve Smith’s murder.

Developments in that case brought the Smith investigation back to the surface and helped resolve the decades-old mystery, Summit County Sheriff Kacey Bates said.

Tuesday’s announcement was hinted at by Utah County investigators in April, when they announced the closure of the Aime cold case, which was tied to Bundy. At the time, a UCSO detective said the DNA profile used to link Bundy to the murder had been shared with other departments, with the hope that it could lead to closing more cases.

Bundy, who is confirmed to have killed and assaulted women across Washington, Oregon, Colorado, Utah and Florida between 1974 and 1978, confessed to 28 murders but is believed to be responsible for hundreds of deaths.

He was executed by electric chair in Florida in 1989.

Source: RNZ & CNN

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Netanyahu touts Trump endorsement on eve of vote, suggests they may restart war on Iran

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Israeli Prime Minister Benjamin Netanyahu boasted of his endorsement from Donald Trump on the eve of Israel’s election, suggesting the two leaders could restart their war against Iran if he wins, after Trump said they should “finish the job”.

“US President Donald Trump has come with a friendship that has never existed before between an Israeli prime minister and an American president. And it is doubtful we will ever have such a friendly president again,” Netanyahu said in a televised appearance late on Sunday night. “He has another two years, and he says he is calling on you to vote for me.”

In his own social media post on Sunday, Trump, who launched the Iran war jointly with Netanyahu in February, said: “Vote for Bibi Netanyahu for Prime Minister, we have to finish the job that we started!”

Netanyahu said Trump was willing to take action “that would finally, finally, remove the Iranian threat”, but only as long as Netanyahu himself remains in power.

“And I have already instructed the Mossad and the IDF (military) to bring down this regime, to bring down this regime because that is the only way to put an end to this threat,” Netanyahu said, referring to Israel’s main intelligence service and military.

Asked for comment on Netanyahu’s remarks, White House Deputy Press Secretary Anna Kelly said: “As President Trump stated, Iran is in very bad condition, both economically and militarily, and the blockade will remain in full force and effect, with oil flowing in record numbers of barrels through the Hormuz Strait.”

“The United States will not be attacking Iran at any time prior to the midterm elections,” Kelly added via email, referring to the November 3 vote in the US.

Netanyahu’s leading opponent, centrist former military Chief of Staff Gadi Eisenkot, posted his own comments on social media, praising Trump as “a true friend of Israel”.

“I value his efforts and his commitment to Israel’s security, and I am confident that he will work in full cooperation with any leader chosen by the people.”

Former Israeli Defence Minister Benny Gantz (2nd-R) and former Israeli army chief of staff Gadi Eisenkot (R), both members of the current Israeli five-person war cabinet led by Prime Minister Benjamin Netanyahu, meet with the visiting US Secretary of State in Tel Aviv on February 8, 2024. (Photo by Mark Schiefelbein / POOL / AFP)
Former Israeli Defence Minister Benny Gantz (2nd-R) and former Israeli army chief of staff Gadi Eisenkot (R).

Mark Schiefelbein / POOL / AFP

Eisenkot accuses Netanyahu of fear-mongering

Tuesday’s vote, Israel’s first since the October 7, 2023, Hamas attacks, is the first chance for voters to deliver a verdict on the worst security failure in generations and the wars on multiple fronts that followed.

With Netanyahu already at the helm of the most right-wing government in Israeli history, politics have shifted even further to the right. Nearly all Jewish-led parties, including that of the hawkish Eisenkot, now oppose the “two-state solution” that underpinned decades of peace negotiations with the Palestinians.

But many voters say the divisive politics of Israel’s longest-serving leader make the country weaker. Polls suggest Netanyahu’s Likud Party will lose seats, potentially depriving his coalition of right-wing, far-right and ultra-Orthodox parties of its narrow majority.

Eisenkot and an array of opposition parties ranging from the rump of the centre-left to the right, also have no clear path to unseat him.

Netanyahu, 77, is an unrivaled master of political survival: the only time since 2009 that opponents managed to wrest him briefly from the premiership, it took four inconclusive elections within two years to get him out. He was back 18 months later.

Neither side planned major public events for Monday. But both posted on social media, drumming on the election’s major themes: for Netanyahu, that he is the only leader with the mettle to face down Israel’s enemies; for his opponents, that his divisive politics have weakened the country.

Netanyahu shared an AI-generated video on Monday of Iran’s Supreme Leader Ayatollah Mojtaba Khamenei, whose father Ali Khamenei was killed on the first night of US-Israeli strikes on Iran in February. Lying in a hospital bed, the younger Khamenei says his own vote would be “definitely not Bibi. Another term like this and I will be meeting my father sooner than expected.”

On Sunday Netanyahu posted a computer-generated photo of a mushroom cloud over Tel Aviv, saying Israel was in existential danger from Iran.

Eisenkot responded by accusing him of “relying on a campaign of fear-mongering, lies, and threats – including images of nuclear bombs in the heart of Tel Aviv. This time, it won’t work for him.”

Trump’s endorsement of Netanyahu carries its own political risks a week before a legislative election in which his own Republicans are seeking to hold onto power.

The Iran war is deeply unpopular in the United States, blamed for a surge in prices especially for fuel. Major fighting has been suspended for months after ceasefire negotiations held without Israeli participation.

Source: Reuters & RNZ

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