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Wednesday, December 1, 2021
HomeBusinessMukesh Ambani serious about sharing his 'massive' wealth

Mukesh Ambani serious about sharing his ‘massive’ wealth

Mumbai: Asia’s richest man, 64-year-old tycoon and chairman of Reliance company, Mukesh Ambani is planning to share his $208 billion empire, for which he has been readying a blueprint for the next stage, that seeks to avert the succession warfare that’s torn apart so many wealthy clans – including his own.

Studying ways in which billionaire families, from the Waltons to the Kochs, passed on what they’d built to the next generation, Mukesh Ambani is considering moving his family’s holdings into a trust-like structure that will control the Mumbai-listed flagship Reliance Industries Ltd., the people said, asking not to be identified on a topic they’re not authorized to discuss publicly.

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Ambani, his wife Nita, and three children will have stakes in the new entity overseeing Reliance and be on its board, along with a few of Ambani’s long-term confidantes as advisers. Management, though, will largely be entrusted to outsiders, professionals who will handle the day-to-day operations of India’s influential company and its businesses that span oil refining and petrochemicals to telecommunications, e-commerce and green energy.

In his desire to manage the next stage, Ambani is not alone.

A generation of aging tycoons across Asia is grappling with the transition from creating wealth to passing it on. Products of the region’s explosive post-Second World War growth, these empire-builders founded industries, turbo-charged development and made unprecedented fortunes, with close to $1.3 trillion set to change hands between Asia’s first-generation founders and their heirs over the next decade, according to Credit Suisse Group AG.

Ambani, who has a net worth of $94 billion, is still considering his options and is yet to make a decision, some of the people said. Representatives for Reliance and Ambani didn’t respond to a detailed email requesting comment for this story sent Oct. 27, nor did they respond to multiple follow-up phone calls from Bloomberg News.

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