Mukesh Ambani identified his youngest son Anant as the head of the new energy business in the Reliance succession plan. Akash and Isha have previously taken on leadership roles at Jio and Retail, respectively. Reliance Industries Ltd will invest Rs 75,000 crore over the next five years to expand petrochemical capacity. Mukesh Ambani said the investments will go towards building a PTA plant, expanding polyester capacity, tripling vinyl chain capacity and a chemical plant in the UAE. Isha Ambani announced the company’s foray into the fast moving consumer goods (FMCG) industry. Reliance Retail is India’s largest retailer with 15,196 stores selling everything from grocery to high quality fashion and lifestyle items.
- Partnerships between Qualcomm and Meta
Ambani said Reliance will work with Qualcomm to provide cloud-based 5G network solutions for businesses and with Meta Platform Inc to integrate his group’s online shopping platform JioMart with WhatsApp to let users browse and buy groceries and other household products without leaving the popular messaging app. Reliance will add a fifth Giga-Factory dedicated to power electronics, in addition to the four Giga-Factories announced last year for solar panels, energy storage, electrolyzers and fuel cells. Ambani has diversified the powerhouse conglomerate beyond its fossil fuel-led businesses into technology and renewable energy.