Mukesh Ambani — the richest man in India with a real-time net worth of a colossal Rs 9.2 lakh crore — has already put into gear the succession plan for Reliance Industries, entrusting his and Nita Ambani’s children with individual subsidiary ownership. While Akash Ambani is heading Reliance Jio, Isha Ambani is heading Reliance Retail and Anant Ambani is heading Reliance Energy.
Under Isha Ambani’s leadership, Reliance Retail has been one of the most successful subsidiaries of Reliance and continues to grow each year, especially in the luxury sector. Like her father has his right hand Manoj Modi, the heiress, too, has a key person who helps her run her company…
Meet Isha Ambani’s right hand
Isha Ambani’s right hand is Darshan Mehta, President and CEO of Reliance Retail. According to the Economic Times, RRVL’s (Reliance Retail Ventures Limited) pre-money equity valuation stands at Rs 8.3 lakh crore as of August 2023. Darshan Mehta was the first employee of Reliance Brands, founded in 2006. According to LinkedIn, Mehta has been the President and CEO of the retail company since 2008.
According to the company website, Reliance Retail has brought 85 international brands to India including Burberry, Valentino, Versace, Bottega Veneta, Balenciaga, Marks & Spencer, Tiffany & Co., Jimmy Choo, Pret a Manger, Pottery Barn, and more. According to DNA India, Darshan Mehta is the man behind bringing brands like Tommy Hilfiger, Nautica and Gant to India alongside introducing Ermenegildo Zegna, Brooks Brothers and Diesel to the country.
More details about Darshan Mehta
Darshan Mehta, according to Financial Express, is a Chartered Accountant who started his career in advertising. He previously worked at Trikaya Grey Advertising, now acquired by WPP, as a senior executive. According to Reliance Retail’s filings and DNA India, Mehta’s salary for the year 2020-2021 was Rs 4.89 crore. Interestingly, Darshan Mehta was also awarded the Fashion Business Award at the first-ever GQ Style Awards, back in 2018, for his undeniable influence over fashion business in India.
According to Reliance Retail’s website, the company reported a Rs 2.6 lakh crore turnover for FY 2022-2023. The retail business operated 18,040 stores (3300 stores opened in 2023, according to DNA India) across 7000 towns, as of March 2023. Mukesh Ambani-owned Jio World Plaza is home to Reliance Retail-backed luxury brand, which opened its doors in November 2023.
Notably, Reliance Retail received an investment of a towering $1 billion (approximately Rs 8290 crore) from the Qatar Investment Authority. The investment was converted into a 0.99% stake in unlisted Reliance Retail (on a fully diluted basis), which gave the Indian company a valuation of almost $100 billion (approximately Rs 8.291 lakh crore).
