Why family empires dominate business in India

Reliance’s annual meeting last month was a decidedly duller affair. Gone were the thronging crowds; the event was held online. Reading from scripted remarks was Mukesh Ambani (pictured), who now leads the conglomerate after a bitter feud with his brother following their father’s death in 2002. At 67, Mr Ambani is rumoured to have suffered a serious illness in the past three years (which the company denies). Those who do business with Reliance say that after him, the most important person there is Manoj Modi, a long-time employee who keeps a low profile (and is no relation of the prime minister’s). When Mr Ambani eventually steps away, many expect that control of India’s most valuable company will shift to a hired hand such as Mr Modi, with Mr Ambani’s children accorded ceremonial roles. In India, such transitions are slowly becoming more common.