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<ul><li>Reliance Capital said that it repaid as much as ₹72.6 crore in loans. </li><li>RCap is holding its annual general meeting today. </li><li>The company’s stock dropped by 13% today to trade at ₹24 per share. </li><li>The total debt of RCap stands at ₹46,000 crore. </li></ul> On the day of its annual general meeting, <keyword id="9171" type="PERSON" weightage="20" keywordseo="Anil-Ambani">Anil Ambani</keyword>’s company Reliance Capital said that it repaid as much as ₹72.6 crore on September 27 and 30. This amount includes the payment the company has made in both interest and principal. “This is across a range of instruments including non-convertible debentures, term loans and inter-corporate deposits. The company is current on all its repayment obligations,” the company told the stock exchanges today. The total debt of RCap <a href="http://businesstoday.in/current/corporate/japan-nippon-completes-acquisition-of-75-stake-anil-ambani-rnam/story/381767.html">stands at </a>₹46,400 crore. The company’s stock dropped by 13% today to trade at ₹24 per share as of 12:26 pm. On Friday (September 27), the Anil Dhirubhai Ambani Group company said that it completed the sale of its 21.5% stake in Reliance Nippon Life Asset Management for ₹3,030 crore or for $430 million. “Based on the above, and other asset monetisation deals presently underway, Reliance Capital expects to reduce its debt by at least ₹12,000 crore ($ 1.7 billion) or 70%, in the current financial year,” the company said in a statement on Friday. As it closes the Nippon transaction, Reliance Capital said that it old entire stake in its wholly owned subsidiaries like Reliance Capital Trustee and Reliance Capital AIF Trustee. All of Anil Dhirubhai Ambani Group companies like Reliance Capital, Reliance Infrastructure, Reliance Power, Reliance Home Finance and Reliance Communications are holding their annual general meetings today. The shareholders of RCom which is currently undergoing bankruptcy proceedings will be presided by a debt resolution professional.

Anil Ambani’s Reliance Capital repays ₹72.6 crore loans; stock tanks

<ul><li>Akash <keyword id="10924" type="General" weightage="80" keywordseo="ambani" source="Orion">Ambani</keyword> was appointed as the chairman of the <keyword id="6354504" type="General" weightage="50" keywordseo="reliance-jio" source="Orion">Reliance Jio</keyword> board after <keyword id="3820" type="General" weightage="50" keywordseo="mukesh-ambani" source="Orion">Mukesh Ambani</keyword> stepped down from the role.</li><li>Isha Ambani, Akash’s twin, will lead the retail business, he announced at the AGM.</li><li>Anant Ambani, the youngest of Ambani siblings will head the new energy business.</li><li>Mukesh Ambani will continue to provide hands-on leadership to RIL as before.</li><li>Mukesh Ambani also urged the shareholders to judge him and his leadership team by their performance.</li></ul><keyword id="6355199" type="General" weightage="50" keywordseo="reliance-industries" source="Orion">Reliance Industries</keyword>’ (RIL) chairman Mukesh Ambani today announced a succession plan for the company, almost two months after son Akash Ambani was named chairman of <keyword id="10926" type="General" weightage="100" keywordseo="reliance" source="Orion">Reliance</keyword> Jio. Isha Ambani, Akash’s twin, will lead the retail business while Anant Ambani, his youngest son, will head the new energy business that will be based out of Jamnagar, Gujarat. “All three of them have the mindset of the founder (Dhirubhai Ambani),” said the 65-year-old Mukesh Ambani at his company’s 45th annual general meeting (AGM) today. Calling them the Young leaders of Reliance, Mukesh Ambani sought the blessings of the shareholders for them. “They are part of a young team of leaders and professionals who are already doing amazing things at Reliance. All of them are being mentored on a daily basis by RIL’s senior leaders, including the chairman and the board of directors,” he said. The company is building a fully integrated new energy manufacturing ecosystem at Jamnagar. “Anant, in fact, spends most of his time at Jamnagar,” said the senior Ambani. Mukesh Ambani also urged the shareholders to judge him and his leadership team by their performance. ‘Will make the company robust, resilient, purpose-driven &amp; truly future-ready’ Even as Mukesh Ambani continues to provide hands-on leadership to RIL as before, he said that he will dedicate himself to making the company more robust, more resilient, more purpose-driven, and truly future-ready. A succession plan at the Reliance group was one of the most anticipated announcements from the AGM, along with a timeline of the demerger and public issue of telecom and retail businesses. While no timeline on fund raising plans was announced, today’s announcement however is a step ahead in the direction. Akash Ambani is a Brown University graduate who has been a part of multiple announcements of Jio, including the launch of its operations in 2016. He is also known to have played a part in forging a deal with Facebook, now called Meta, in 2020. Isha Ambani is Stanford-educated and like her twin, has been a part of many retail announcements over the years, including the collaboration with WhatsApp c AGM. She also announced the launch of an FMCG business this year. Isha and Akash are on the board of directors of the retail and telecom businesses, while Anant is a director of the group’s solar business. Isha is believed to have been the brains behind the signing of many brand partnerships in the retail business over the years and has also helped launch its lifestyle portal, Ajio. In 2005, the erstwhile Reliance Industries, founded by Dhirubhai Ambani, was divided between the brothers Mukesh and Anil Ambani, where the former retained the right to use the company’s name. However, cracks had started to build up even before the division, which culminated in a long and public fight that landed the companies in courts. The founder of Reliance Industries, Dhirubhai Ambani passed away in 2002, without leaving a will. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/jio-set-to-launch-true-5g-services-this-2022-diwali/articleshow/93854727.cms">Jio set to launch True 5G services across major Indian cities this Diwali</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/ecommerce/news/flipkarts-asias-largest-fulfilment-centre-to-process-a-million-shipments-a-day-during-bbd/articleshow/93851477.cms">Flipkart's Asia’s largest fulfilment centre to process a million shipments a day during BBD</a>

Reliance of the future – in the hands of Akash, Isha and Anant

From Ambanis and <keyword id="261423" type="COMPANY" weightage="100" keywordseo="Adanis">Adanis</keyword> to <keyword id="3686670" type="UNKNOWN" weightage="20" keywordseo="premjis">Premjis</keyword> and <keyword id="242899" type="ORGANIZATION" weightage="20" keywordseo="Khorakiwalas">Khorakiwalas</keyword>, several generation-next leaders of India's leading family-run businesses have joined crorepati club when it comes to their salaries and other perks. 
 
With a number of corporate houses promoting sons and daughters of their promoters to leadership positions, many of these companies have begun giving hefty remuneration packages to them for their "increased responsibilities" and "active involvement" in exploring new business opportunities, as per a news report by an agency. 
 Still, the annual pay of these next-generation leaders remains relatively low, as against the overall average payout of over Rs 20 crore for CEOs of India's top-listed companies forming part of <keyword id="6484188" type="CITY" weightage="20" keywordseo="Sensex">Sensex</keyword> and only a fraction of the same in the US at close to $20 million (about Rs 130 crore). 
 <keyword id="6369979" type="COMPANY" weightage="20" keywordseo="Gujarati">Gujarati</keyword> industrialist <keyword id="111343" type="PERSON" weightage="20" keywordseo="Gautam-Adani">Gautam Adani</keyword>'s son <keyword id="443" type="ENTERTAINMENT" weightage="20" keywordseo="Karan">Karan</keyword>, who was appointed CEO of <keyword id="1016113" type="UNKNOWN" weightage="20" keywordseo="Adani-Ports-and-Special-Economic-Zone-Ltd">Adani Ports and Special Economic Zone Ltd</keyword>, did not draw any remuneration from the company for fiscal 2015-16, but the board has approved an annual remuneration for him of up to Rs 1.5 crore, including salary, perks and other benefits, with effect from September 1, 2016. 
 
As Chairman and Managing Director of the company, Gautam Adani got total remuneration of Rs 2.8 crore in 2015-16, while Whole Time Director Malay Mahadevia got Rs 10.7 crore. 
 In case of <keyword id="9171" type="PERSON" weightage="20" keywordseo="Anil-Ambani">Anil Ambani</keyword>'s son <keyword id="141180" type="PERSON" weightage="20" keywordseo="Anmol">Anmol</keyword>, who was recently appointed as Director on the board of the group's financial services arm <keyword id="6360090" type="CITY" weightage="20" keywordseo="Reliance-Capital">Reliance Capital</keyword>, the company has proposed a salary of Rs 10 lakh per month. 
 Reliance <keyword id="36749" type="ORGANIZATION" weightage="20" keywordseo="capital">Capital</keyword> will seek shareholders' approval on the upcoming AGM on September 27 for various proposals, including <keyword id="3591294" type="PERSON" weightage="20" keywordseo="Anmol-Ambani">Anmol Ambani</keyword>'s appointment as Executive Director for a period of five years as well as for the remuneration to be paid. 
 
In the shareholders' notice, the company said his salary would be Rs 10 lakh per month. 
 In addition to the salary, perquisites and allowances, he will also be entitled to receive commission based on next profit of the company. Anmol,24, has been working in various financial services businesses within Reliance Capital since 2014 and has a degree from <keyword id="174907" type="ORGANIZATION" weightage="20" keywordseo="Warwick-Business-School">Warwick Business School</keyword> in the UK. 
 Salaries of <keyword id="3820" type="PERSON" weightage="20" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword>'s children -- <keyword id="8372" type="PERSON" weightage="20" keywordseo="Akash">Akash</keyword> and <keyword id="2464" type="PERSON" weightage="20" keywordseo="Isha">Isha</keyword> -- could not be ascertained, though they are said to be playing key roles in <keyword id="6355199" type="CITY" weightage="20" keywordseo="Reliance-Industries">Reliance Industries</keyword> group's telecom and retail ventures. 
 <keyword id="267060" type="PERSON" weightage="20" keywordseo="Sudarshan-Venu">Sudarshan Venu</keyword>, son of TVS Motor's <keyword id="130465" type="PERSON" weightage="20" keywordseo="Venu-Srinivasan">Venu Srinivasan</keyword>, got annual remuneration of Rs 9.59 crore for 2015-16, while the company last month sought shareholders' approval for revising his remuneration as Joint Managing Director. 
 
Explaining the proposal, the company said in its AGM notice, "The board reviewed the remuneration payable to him after taking into consideration his active involvement in all spheres of management for exploring business opportunities both in India and abroad and felt that, JMD can be compensated by way of enhanced commission. 
 
"The board was of the opinion that the existing remuneration was considerably inadequate, when compared with the industry norms and similarly placed senior management personnel of the company."

The new generation of Ambanis
and Adanis joins the crorepati club

When the Ambani brothers split their father’s business in two parts in 2005, <keyword id="3820" type="PERSON" weightage="100" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword> had a hard time letting go of the telecom company <keyword id="3618184" type="COMPANY" weightage="100" keywordseo="Reliance-Infocomm">Reliance Infocomm</keyword>, since mobile telephony was all set to grow in leaps and bounds. He had anticipated the growth and had almost made it his personal project, but <keyword id="9171" type="PERSON" weightage="100" keywordseo="Anil-Ambani">Anil Ambani</keyword> walked away with it, renaming it to Reliance Communications (<keyword id="6368075" type="CITY" weightage="100" keywordseo="RCom">RCom</keyword>). 
 
It’s been more than a decade to the split, and Mukesh, who meanwhile became <a href="http://www.businessinsider.in/Indias-richest-man-just-launched-the-worlds-largest-4G-LTE-network/articleshow/53967346.cms">India's richest man</a> with an estimated net worth of $23 billion, is all set to relive his long-kept passion. He has re-entered the Indian telecom industry and how. 
 
Also read: <a href="http://www.businessinsider.in/Mukesh-Ambanis-AGM-speech-on-Jio-prices/articleshow/53959501.cms">How Mukesh Ambani's AGM speech cost other telcos thousands of crores in 45 minutes</a> 
 
The ambitious project, called Jio, might look dreamy, but it’s a dream that the elder Ambani has been seeing for almost six years, asking his team, including his children Isha and Akash, to be careful about the mistakes made in 2002, with Reliance Infocomm. Though this led to Jio being delayed several times, Ambani was okay with the delays, but not with mistakes. 
 
Also read: <a href="http://www.businessinsider.in/Reliance-Jio-has-triggered-tariff-battle-Idea-Vodafone-to-strike-back-with-attractive-pricing/articleshow/53975089.cms">Reliance Jio has triggered tariff battle; Idea, Vodafone to strike back with attractive pricing</a> 
 
Jio is arguably Ambani’s most ambitious and personal venture after he commissioned the world's largest integrated refinery in Jamnagar, almost two decades back. 
 
"He likes to do things on a large scale which will have large impact. In the initial years, when he had joined Reliance, he was involved in the setting up of the company's refinery, which was the largest project in the country then. During Dhirubhai's times, he was always behind the chair, involved in execution and operations. He had a big hand in creating the giant Reliance," Hemendra Kothari, a doyen of investment banking, told <a href="http://economictimes.indiatimes.com/magazines/panache/from-jamnagar-to-jio-mukesh-ambani-is-reliving-his-passion-for-telecom/articleshow/53974030.cms">ET</a>. 
 
<a href="http://www.economytrivia.com/wp-content/uploads/2016/09/jio-mukesh-ambani.jpg">Image source</a>

Reliance Jio has been Mukesh Ambani's 'dream unfulfilled' for decades

Ever since <keyword id="6355199" type="CITY" weightage="20" keywordseo="Reliance-Industries">Reliance Industries</keyword> Chairman <keyword id="3820" type="PERSON" weightage="20" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword> launched <keyword id="6354504" type="UNKNOWN" weightage="20" keywordseo="Reliance-Jio">Reliance Jio</keyword>, there have been numerous questions about the viability of a host of offers, why he took so much time to commercially launch the services and how he is going to tackle competition from top telcos like Airtel and Idea. 
 
Through Reliance Jio, Ambani realised his telecom dream and also upped the telecom war with the pricing and tariff data. 
 
In an interview to <a href="http://timesofindia.indiatimes.com/business/india-business/I-wish-I-were-30-years-old-today-Mukesh-Ambani/articleshow/54122922.cms">The Times of India</a>, Ambani spoke about his dreams, giving way to his children in the business and what made him announce everything free. 
 
Venturing into telecom has been his dream forever and when asked about obsession, he said it was technology. 
 
“I have always believed that technology drives human civilization's endeavour and progress. So if you ask what is my obsession, it is technology. In the 1970s it was technology in chemical engineering-- the whole question of building Reliance from a textile company to an energy major. I wanted to pursue chemical engineering, because I thought it was the future. It's the thought of future that drives me. My obsession is with technology and how it can improve human life,” said Ambani, adding “I wish I was 30 years old today. The opportunity in front of us today is huge.” 
 
India’s richest man, Ambani, said 50 years from now when history will be written, one technology that would have changed human civilization is going to be the mobile internet. 
 
“We saw mobile internet as the winning horse before anybody else did. The mobile internet has won the world over. Companies that had bet on mobile internet have created the largest value in the last 10 years,” said Ambani. 
 
“We are not an old world telecom company,” said Ambani. 
 
Talking about the Indian telecom industry, Ambani said Indians should not accept the fact India is 155th in the world out of 230 countries in broadband and mobile internet access. 
 
“For us and the next generation, this has to be unacceptable. The important thing is to figure out what we can do to correct the situation today. Jio will enable India to be among the top 10 countries in broadband and internet access within the next few years,” said Jio. 
 
When asked about what had changed from the time he had launched a telecom brand to Jio, Ambani said, “We will do everything that we can to create customer value. That is why we have made a commitment that 90% of Indians should be able to access Jio services over the next few months--by around March next year. I think it just depends on how much value we create for the customer. If we create value for you, we deserve to be a brand.” 
 
During his AGM, Ambani had nudged top telecom players to provide an interconnection point. Lately, the operators like Airtel, Idea said they are not obliged to do so. 
 
“We have an opportunity to lead India into this digital world. I have the greatest respect for Airtel, Vodafone, Idea and all other operators who have connected the entire country. Today the Jio network is experiencing call failures. It's essential that incumbent power is not used to deny new technology to consumers. It's like saying that because you are a dominant person, you violate traffic lights. You can be let off once or twice, maybe. But in the long run, you cannot take violation of legal license obligations lightly,” said Ambani. 
 
That said, how is he going to provide free calls? The idea struck when at a Brown University function, he met the CEO of Verizon and he had said, "Oh in your country you still charge for voice? We stopped doing that long ago." This was 2014. 
 
“I believe that if you create societal value, if you create customer value and employee value, and if you focus on these, then shareholder and economic return is a by-product. I don't chase businesses for profits. I chase businesses for value and that's why I look at technology. I don't want to speculate (on revenues and profits) primarily due to governance standards. We cannot tell any one individual about our financial projections. So, we are looking at a high teens return on our capital. And high teens is pretty good at this size. We are pretty confident we will achieve that,” he said. 
 
One of the questions that dominated everyone’s mind was the delay in launching Reliance Jio. 
 
“We needed the 850 MHz spectrum, which we got only in end of July. It took us a few weeks to optimize the spectrum. That gave us flawless indoor coverage across the cities,” he said. 
 At the AGM, Ambani also said his children, Isha and <keyword id="6361416" type="UNKNOWN" weightage="20" keywordseo="Akash-Ambani">Akash Ambani</keyword>, will be the future. 
 
“I spoke about them in the context of the next generation at RIL. It's our endeavour to keep average age of leadership at RIL in the mid-40s and the average age of employees at 30. We are extremely excited about the hunger of young talent we are bringing into the company. I think that generation, of which Isha and Akash are part of, is 10x better than mine. We need to give them an opportunity to realize their full potential,” said Ambani. 
 We should not forget that Anil Ambani is heading <keyword id="46907" type="CITY" weightage="20" keywordseo="Reliance-communications">Reliance Communications</keyword> and there can be a possibility of Jio sharing the same level with his brother’s company. 
 
“I am personally happy that we have put the past behind us and our relationship on the family level is very cordial. As far as businesses, we are separate, and fundamentally, we would work with all players. We're doing the same with Bharti, Vodafone and Idea,” said Ambani.

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Anil Ambani’s Reliance Capital repays ₹72.6 crore loans; stock tanks

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Reliance of the future – in the hands of Akash, Isha and Anant

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The new generation of Ambanis and Adanis joins the crorepati club

BI India Bureau

Reliance Jio has been Mukesh Ambani's 'dream unfulfilled' for decades

BI India Bureau

Mukesh Ambani talks about his obsession with tech; competition with Airtel, Idea and why he took so much time to launch Reliance Jio

BI India Bureau

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