Who will run business after Mukesh Ambani?

Mukesh Ambani, who recently became the world’s fourth richest man, is setting up a ‘family council’. It will be used to implement a collective governance structure to manage the family’s thriving business empire, two people aware of the discussions told Mint.The family council will provide equal representation to all family members, including the three Ambani siblings who are expected to take over the reins of Reliance. “The move is part of succession planning of Reliance (RIL) and will include an adult member of the family, the three children, and possibly external members who will act as mentors and advisors,” said one of the two people.

“The council will play an important role in decision making at RIL. This forum will provide representation to each branch in the agreed manner and help take critical decisions that relate to the family or its businesses,” he said, adding that Ambani, now worth more than $80 billion, aims to complete the succession planning process by the end of next year.Through the council, Ambani plans to ensure the family has a shared vision for RIL’s future and a common forum where conflicts can be resolved. Ambani is possibly drawing lessons from his rivalry with his brother after the death of their father, Dhirubhai, who founded RIL in 1973.