AT LAST YEARS’S annual general meeting, Reliance Group chairman Mukesh Ambani said next-generation leaders are taking over businesses of Reliance Industries. He said Akash, Isha and youngest son Anant, who took charge as director of new energy business, are “first among equals. In June 2022, when Akash Ambani was appointed chairman of Reliance Jio Infocomm Ltd. (RJIL), the mobile telephony business was preparing a financial war chest for 5G. Soon, Jio bought close to half the airwaves in the auction at ₹88,078 crore and spent ₹1.3 lakh crore to build 5G network. In fact, it was Akash Ambani who first came up with the idea of data-focused telecom business when his twin sister Isha complained about poor telecom connectivity in Indian networks with their father Mukesh Ambani in 2011. This paved the way for the birth of Reliance Jio.
According to insiders, Akash has created a next-gen team. “Senior Ambani has been impressed with the way he explored trends in technology and deputed people to chase opportunities,” says an executive. Though RJIL spent lavishly on 5G, Akash, a graduate in economics from Brown University, is particular about return on investment, he says.
Akash also led tie-ups for technology sourcing and acquisitions. In August 2022, RJIL partnered with Qualcomm to develop 5G solutions for India. The company, through a subsidiary, acquired Anil Ambani’s bankrupt firm Reliance Infratel for ₹3,725 crore for its tower and fibre assets in December. Akash was also part of negotiations to raise ₹1.52 lakh crore from investors like Facebook and Google in Jio Platforms (JPL), the holding company of digital and telecom businesses. JPL, which has a customer base of 440 million, posted a profit of ₹19,124 crore on revenue of ₹1.15 lakh crore in FY23. — Nevin John