In photos: Who will lead Reliance next? Asia's richest man Mukesh Ambani starts 5-year succession plan

Mukesh Ambani (66), Asia'a richest man, is determined to set a clear path forward for his legacy. The business tycoon said he will spend the next five years of his chairmanship of India's most valuable company preparing his children to take Reliance to greater heights.

Ambani's plans will take away the probability of history repeating itself in the family. Reliance's founder, Dhirubhai Ambani, died without a will in 2002, triggering an ugly and very public clash between Mukesh and his younger brother, Anil, who were both involved in the business at that time.

The tussle eventually snowballed and their mother was forced to intervene and divvy up the businesses between the two brothers. Yuonger brother Anil Ambani ran his own division of financial enterprises but declared bankruptcy in London in 2020. [Pictured: Anil Ambani]

Mukesh Ambani has since built Reliance into India's largest company by market value and is now attempting to diversify the oil-to-chemicals powerhouse into consumer and technology businesses, as well as renewable energy.

Mukesh Ambani and his wife have three children - Akash, Isha and Anant. In the company statement released on Monday, it was announced that all three had been appointed as non-executive directors, while his wife, Nita, would step down from the board.

Nita Ambani (59) would "devote more of her time to the Reliance Foundation" charity, the statement added.

Mukesh Ambani with Isha Ambani: Isha Ambani (31) will lead the retail arm of Reliance - based on what Mukesh Ambani said to shareholders this week.

Akash Ambani with wife Shloka Mehta: 31-year-old Akash, Isha's twin brother, is set to lead Reliance's popular telecom vertical Jio though Mukesh Ambani continues to be at the helm of the enterprise.

Anant Ambani with spouse Radhika Merchant: The youngest child of the Ambanis, 28-year-old Anant, will lead the upcoming renewable energy vertical of Reliance - a key element in the future plans for the group.

Mukesh Ambani added, "I shall especially mentor Akash, Isha and Anant so that they can provide collective leadership and dependably take Reliance to greater heights of growth and value in the decades ahead."