Billionaire Mukesh Ambani Begins Putting Succession Plan in Place at Reliance Industries

India’s richest man, Mukesh Ambani, took the first step toward putting in place a succession plan for his family-run conglomerate Reliance Industries Ltd., handing over the reins of a prominent group company to his eldest son.

Akash Ambani, 30, was elevated from a director to chairman of the board of Reliance Jio Infocomm Ltd., India’s largest wireless-network provider, according to a regulatory filing on Tuesday, while Mukesh Ambani resigned from the board.

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