(Bloomberg) — High above the shimmering waters of Lake Lucerne in the Swiss Alps, one of the world’s wealthiest families convened in early September.
Mukesh Ambani, India’s richest and most powerful private citizen, retreated with his wife, three grown children and their partners to the Bürgenstock resort at a key moment for their sprawling business empire, Reliance Industries Ltd.
The coronavirus pandemic had gutted the global economy and Mumbai—where the family lives in a 27-story skyscraper named Antilia—was in the midst of a surge in infections. But in the preceding weeks Ambani, 63, had struck deals with some of the world’s leading tech giants to sell stakes in Reliance’s digital unit. The next blizzard of fundraising announcements in his retail arm was just days away.
The tycoon was transforming his refinery-led conglomerate into a technology titan, but investors had begun asking a key question—who’ll take over?
For months, media in India had speculated about a possible new structure that Ambani was working on, whereby his immediate family—including twins Isha and Akash, and their younger brother Anant—would be granted equal representation to enable succession planning. The children, all educated at top-tier universities in the U.S., have been taking on increasing responsibility within the family business.
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