Succession at Asia’s richest family, the Ambanis: Can the Ambani heirs rise to the challenge, or 'burn everything down'?

With interests spanning oil, telecoms, chemicals, technology, fashion, and even food, the Ambanis preside over a vast business empire that makes them Asia’s richest family.

Nearing 70, Mukesh, whose fortune was pegged at US$106 billion by Forbes India in April, is charting a course for Reliance Industries that emphasizes clean energy and artificial intelligence, in line with India’s national priorities.

Alongside this pivot, he is laying the groundwork for a leadership transition to his three children, who are expected to oversee this transformation.

Shaken by the family dispute that erupted after his own father’s passing, Mukesh has been meticulous in managing the transition, hoping to prevent the kind of conflict he once endured, according to the Hindustan Times.

(From L) Indian billionaire Mukesh Ambani, his son Anant's fiancée Radhika Merchant, his son Anant, his wife Nita, his daughter Isha, Isha's husband Anand Piramal, his son Akash's wife Shloka, and his son Akash pose during Anant's engagement ceremony in Mumbai on Jan. 19, 2023. Photo by AFP

In 2023, he announced plans to spend the next five years training the next generation. That same year, his children were appointed to Reliance’s board, with the conglomerate’s three main businesses now clearly divided among them.

His youngest daughter, 33-year-old Isha Ambani, brings an MBA from Stanford University and experience working at consulting firm McKinsey & Co. to her role leading Reliance Retail, where she has been driving its expansion and brand acquisitions.

With an economics degree from Brown University, her twin brother, Akash Ambani, has been at the helm of telecom business Reliance Jio Infocomm since June 2022, when he was appointed chairman.

The youngest of the siblings, 30-year-old Anant Ambani, heads the conglomerate’s energy arm and has been focused on its green push. He has served on the boards of Reliance New Energy and Reliance New Solar Energy since 2021, according to Fortune.

Anant, a Brown graduate like his brother, made headlines globally with his opulent wedding last year, which drew high-profile guests including Bill Gates, Mark Zuckerberg, and the Kardashians.

The Ambani siblings have started appearing more frequently in public, though their exposure remains tightly controlled and largely insulated from critical questioning.

Both Isha and Akash now speak at Reliance’s online annual meetings, a role Anant has yet to take on, though a person familiar with the company says he is expected to address shareholders in the next session.

Their roles were chosen by themselves based on their individual interests, according to their mother, Nita Ambani.

"All of them are so passionate about what they do," she told Bloomberg in an interview earlier this year. "And I sometimes just have to watch them fly to their own dreams."

The Ambanis occupy a constant place in India’s public consciousness, with the family’s every move drawing widespread attention and speculation.

The transition marks the entry of the third generation of family leadership at Reliance and arguably corporate India’s most closely watched succession.

Yet behind the scenes, multiple people familiar with the company express quiet doubts about whether Mukesh’s children possess his sharp instinct for business or the same relentless ambition, according to the Financial Times.

One company owner, who heads a local business association in Jamnagar, where Reliance has deep roots, recalls the now-legendary stories of the Ambanis’ rise from modest beginnings.

The businessman, who invests in Indian stocks but has steered clear of Reliance shares, points to a local adage about how the first generation builds wealth while the second lives in riches.

The third generation—by implication referring to the twins and Anant—"will burn everything down," as the saying goes.

Mukesh, often described as an "inscrutable" figure, was raised poor and prefers to stay out of the spotlight. His children, by contrast, were raised in luxury, growing up in mansions, flying on private jets, and engaging with celebrities.

"I’m not sure what to make of the Ambani kids," one fund manager says. "They appear in public but they don’t say enough for us to make an independent assessment of their capabilities."

One Indian executive, who believes that Mukesh’s "phenomenal missionary zeal" is hard to emulate, puts it bluntly: "It will be a tough generational transition."

Akash is seen as someone who understands his role as a steward rather than a power-seeker, according to an investor at Jio. At a tech conference in Mumbai earlier this year, he acknowledged that he does not frequently speak in public and thanked his family in the audience for giving him confidence.

During his remarks, Akash cited his father’s tireless work ethic as a source of inspiration, noting, with some awe, that the tycoon regularly clears his email inbox by 2 a.m.

"Now myself, Isha and Anant are trying to continue to build [Reliance’s] legacy," he said. "No doubt they are big shoes to fill."

Isha, meanwhile, is described as deeply involved in the family’s cultural ventures and known for her passion for the arts. Though she has referred to herself as an "introvert," she moves comfortably in social circles that include Bollywood A-listers.

But most of the public’s speculation has been on Anant, who, unlike his siblings, holds an executive director position at Reliance.

A consultant who has worked with Reliance says Anant’s appearances at high-profile political events, including Indian Prime Minister Narendra Modi’s swearing-in and meetings with state chief ministers, have led to comparisons with his grandfather, Dhirubhai Ambani, the shrewd late founder of the family empire.

In the lead-up to his 30th birthday in April, Anant undertook a 170-kilometre pilgrimage on foot from Jamnagar to the sacred city of Dwarka. Along the way, he came across a truck loaded with chickens, purchased the entire flock for a wildlife sanctuary, and was later spotted cradling one of the birds.

"It does not bode well for the future of the group when people see one of the next heads walking around holding a chicken," an analyst familiar with Reliance and its top management said.

Despite speculation and skepticism surrounding the trio, many have also spoken in favor of the heirs.

Sandeep Nerlekar, who leads succession advisory firm Terentia Consultants, believes Mukesh and his wife Nita have spent years preparing their children for leadership roles.

"They did not inherit the business just because they're Mukesh Ambani's children, it's a well-thought-out strategy," he says, as quoted by BBC. "He has taken time to plan a succession, very clearly identifying business vertical based on their strengths."

Harshraj Aggarwal, an analyst at Yes Securities in Mumbai, describes the siblings as "proactive" and "well-versed in the business."

Executives within Reliance say the heirs are actively involved in the businesses and decision making. They work closely with senior leadership and are supported by a team of well-established business leaders.

Whether they can match Mukesh’s extraordinary track record remains an open question. But the patriarch himself has voiced faith in the next generation.

"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," he said in a 2023 statement.