For months, the world has been captivated by the last season of Succession, the Emmy-winning TV drama on the lives of the corporate élite.
But in India, a real-life succession plan, involving a fortune of billions of dollars, is making news.
The three children of Mukesh Ambani, Asia’s richest man and head of Reliance Industries, have now taken seats on the board of his expansive $220bn (£173bn) retail-to-refining conglomerate.
Twins Isha and Akash, 31, and Anant, 28, will join the board following shareholder approval. “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,” Mukesh Ambani said in a statement on Monday.
With a sprawling business empire which ranges from oil, telecoms, chemicals, technology, and fashion to even food – the Ambanis are a ubiquitous presence in India, and everything the family does has been the subject of intense public fascination.
The children have their task cut out.
The group plans to enter general and health insurance possibly in partnership with global firms. It is planning to introduce 5G wireless broadband services in 200 million homes and develop 2,000 megawatts of AI-ready computing capacity.
It plans an ambitious wind energy business and a solar giga factory. The firm’s ambitious retail arm has revived a popular 1970s soft drink, Campa Cola, and is planning to take it global.
Sandeep Nerlekar, who runs succession advisory firm Terentia Consultants, says that Mr Ambani and his wife Nita have been grooming their children for this moment for years.
“They did not inherit the business just because they’re Mukesh Ambani’s children, it’s a well-thought- out strategy. He has taken time to plan a succession, very clearly identifying business vertical based on their strengths.”
Mr Ambani has been described as an “inscrutable” man who was raised poor and prefers to maintain a low profile. His children grew up in utmost luxury. They were raised in mansions, frequently traveling on private planes and mingling with celebrities.
Unlike Mr Ambani, who had to drop out of Stanford to look after his father’s business, twins Isha and Akash graduated from Yale and Brown, respectively. Together, they routinely make appearances in corporate events and adorn the covers of magazines. Both of them have married into other wealthy industrialist families, with the lavish ceremonies graced by stars from across the world, including Beyoncé.
Mr Nerlekar says the entire family, including Mr Ambani, has been “under the radar” for various reasons including their spends on luxury, weddings and properties. The fact that the children are still young heightens the excitement around their lives and could now put them under more spotlight – but “they know what they are doing and have been groomed well”.