RIL Names Ambani Kids to Retail, Telecoms Unit Boards

NDTV Profit Desk

12 Oct 2014, 01:50 PM IST

Mukesh Ambani (right) with his son Akash (left), daughter Isha (second from left), wife Nita (centre) and mother Kokilaben, befo

Mumbai: Energy conglomerate Reliance Industries Ltd said two of chairman Mukesh Ambani's children had been appointed to the boards of the company's telecoms and retail businesses.

The appointment of twins Isha and Akash Ambani was approved by the boards of Reliance Jio Infocomm and Reliance Retail Ventures Ltd on Saturday, the company said in a statement.

Reliance, controlled by the country's richest man, operates the world's biggest refinery complex and is India's third most valuable company with a market valuation of about $51 billion.

It has been expanding into consumer-focused services like retail and telecommunications and is in the middle of its largest ever capital investment plan - a three-year, $30 billion investment cycle ending March 2016.

The company's retail unit has turned around after seven years of losses and is now the biggest retail chain in the country, while the 4G telecoms venture, Reliance Jio, is expected to launch commercial services next year.