Reliance Industries emphatically denied a media report that its chairman Mukesh Ambani is readying a succession plan by setting up a family council that gives equal representation to his three children, Isha, Akash and Anant. 'Not true,' a company spokesperson said when asked about the report. A senior group executive, too, dismissed it as 'pure speculation'. According to a business daily, the ‘family council’ will provide a collective governance structure to manage the retail to telecom and petrochemicals conglomerate. RIL recently raised over Rs 2 lakh crore from marquee investors by diluting equity in Jio Platforms along with a rights issue at RIL. The moves were part of a deleveraging exercise. Mukesh, who had a contentious separation from his younger brother Anil after the death of their father Dhirubhai, who died intestate, is seen to be keen to ensure a smooth transition. The newspaper report said that the proposed family council will 'include an adult member of the family, the three children, and possibly external members who will act as mentors and advisers'. It also said that the 63-year-old is planning to complete the succession planning process by the end of the year.