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Mukesh Ambani introduces daughter Isha as leader of Reliance's retail business
Reliance AGM: The announcement - made at RIL's 45th Annual General Meeting - is seen as another sign of succession planning for one of the continent's (and world's richest) families.
Reliance Industries Limited (RIL) chairman Mukesh Ambani Monday introduced daughter Isha Ambani as the new leader of his conglomerate's retail business - a firm he said had achieved a record ₹2 lakh crore turnover and is among Asia's top 10 retailers.
The announcement - made at RIL's 45th Annual General Meeting - is seen as another sign of succession planning for one of the continent's (and world's richest) families.
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Isha, 30, was at the AGM and gave a presentation on placing grocery orders and making payments using WhatsApp. "This year, we will launch our FMCG goods business," she said.
Reliance Retail will also start marketing goods produced by Indian artisans.
"As part of our commitment to India's rich culture and heritage, we will soon start marketing quality goods produced by tribals and other marginalised communities across India."
Reliance Retail reported EBITDA (earnings before interest, taxes, depreciation and amortisation) of ₹12,000 crore. The firm has opened over 2,500 stores this year alone to take its count to over 15,000, spanning an operational area of 42 million square feet.
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"During the year we strengthened our own brands' presence by launching several new products... we launched our WhatsApp-JioMart partnership," Isha - an alumnus of Yale University - said.
Ambani, 65, has three children - twins Akash and Isha, and Anant.
Isha Ambani’s promotion follows that of her twin brother, who was Tuesday appointed as chairman of telecom unit Reliance Jio.
Reliance Retail and Reliance Jio are subsidiaries of the family’s oil-to-telecom conglomerate, of which the $217 billion Reliance Industries Ltd. is the flagship firm. Mukesh Ambani is chairman and managing director of Reliance Industries.
(With agency inputs)
