In India, a real-life succession plan involving billions of dollars is making headlines.

Mukesh Ambani, Asia’s richest man and head of Reliance Industries, has appointed his three children to the board of his $220bn (£173bn) retail-to-refining conglomerate.

Following shareholder approval, twins Isha and Akash, 31, and Anant, 28, will join the board. The combination of the experience of senior leaders and the ambition of new leaders will create new and exciting chapters in Reliance’s ever-growing book of achievements, Mukesh Ambani said in a statement.

With this transition, the company enters its third generation of family leadership, perhaps the most anticipated succession plan in corporate India.

The Ambanis own a sprawling business empire spanning oil, telecommunications, chemicals, technology, fashion, and even food. Everything they do has been subject to intense public interest in India.

It’s going to be a tough task for the children.

In partnership with global firms, the group plans to enter the health insurance market. It plans to introduce 5G wireless broadband to 200 million homes and develop 2,000 megawatts of AI-ready computing power. In addition to the change in leadership, the Ambani empire’s dominance has been challenged by the rise of coal and infrastructure tycoon Gautam Adani, who briefly overtook him as Asia’s richest man last year. Increasing competition between the two for India’s renewable energy market is closely watched in India’s business circles.

According to Mr Ambani, he will remain chairman and managing director for five more years, mentoring his children “to enable them to provide collective leadership and take Reliance to new heights”.

According to Nerlekar, Mr Ambani has a good team who has been with him for years and will help define future growth strategies.

Only time will tell how the children will handle it and the next few years will be crucial.

Mr Nerlekar says he will use this plan to identify the right leader after Mr Ambani. But he doesn’t seem to be rushing.