Isha Ambani to head Reliance Retail, knocks FMCG market doors
What's the story
Reliance Industries Limited (RIL) Chairman & MD Mukesh Ambani introduced his daughter Isha Ambani as Reliance Retail's new director at the conglomerate's 45th Annual General Meeting (AGM) on Monday.
Soon after, Isha announced Reliance Retail would enter the fast-moving consumer goods (FMCG) business this year.
Ambani also posited his youngest son, Anant Ambani, as leader of Reliance's new energy business.
Here are more details.
Context
Why does this story matter?
To recall, Akash Ambani was appointed as the head of Reliance's telecom wing Jio InfoComm in June 2022.
Pushing forth the succession plan for the empire, Mukesh Ambani last year said that his children would play significant roles in the business.
As a progression from last year, the latest announcements are being touted as the next phase of leadership transfer within the oil-to-telecom conglomerate.
Details
JioMart-WhatsApp partnership for online grocery store: Isha
Isha Ambani has delivered a presentation, announcing the partnership of JioMart with WhatsApp for an online grocery store. It will allow users to place orders and make payments on WhatsApp itself.
Notably, Reliance Retail opened over 2,500 new stores this year, taking the total count to 15,000.
They also plan to market goods produced by Indian artisans, tribals, and other marginalized communities, Isha said.
Corporate milestones
First Indian conglomerate to cross $100B in annual revenues
Ambani has said RIL created a record 2.23 lakh jobs across businesses in FY22, with Reliance Retail emerging as one of India's biggest employers.
He added RIL became the first Indian conglomerate to cross $100B in annual revenues—its consolidated earnings rose by 47% to $104.6B—in FY22.
Isha, meanwhile, noted that Reliance Foundation has impacted over 63 million lives across 60,000 villages and urban locations.
Life and experience
Yale and Stanford alumna, Isha joined Reliance Retail in 2014
Isha (30) studied Psychology and South Asian Studies at Yale University and went on to do an MBA from Stanford Graduate School of Business.
To recall, she joined Reliance Jio and Reliance Retail in 2015. Later, Isha launched the fashion website Ajio, under Reliance Retail, at the Lakme Fashion Week 2016.
She's married to Anand Piramal, son of Piramal Group's Ajay and Swati Piramal.