Reliance is now in the process of effecting a momentous leadership transition… from seniors belonging to my generation to the next generation of young leaders
Reliance Industries (RIL) Chairman Mukesh Ambani on Tuesday mentioned about leadership transition at his energy-to-retail conglomerate, saying he wants the process to be accelerated with seniors, including him, yielding to the younger generation.
Ambani, who has previously not spoken about succession plans at the country’s most valuable company, said Reliance is “now in the process of effecting a momentous leadership transition.” Ambani has three children — twins Akash and Isha, and Anant.
Speaking at the Reliance Family Day, which marks the birth anniversary of the group’s founder Dhirubhai Ambani, Mukesh Ambani said Reliance Industries Ltd will become one of the strongest and most reputed Indian multinational companies in the world in the coming years, propelled by forays into the clean and green energy sector as well as retail and telecom business reaching unprecedented heights. “Achieving big dreams and impossible-looking goals is all about getting the right people and the right leadership. Reliance is now in the process of effecting a momentous leadership transition… from seniors belonging to my generation to the next generation of young leaders,” he said.
“All seniors — myself included — should now yield to the highly competent, extremely committed, and incredibly promising young leadership talent at Reliance,” Ambani said. “We should guide them, enable them, encourage them and empower them… and sit back and applaud as they perform better than us.” He did not elaborate. Reliance now has three verticals — the energy business comprising of oil refineries at Jamnagar in Gujarat, petrochemicals plants and new energy factories, the retail business made up of physical stores, and an online e-commerce unit in JioMart, and telecom and digital business housed in Jio.
Ambani said an organisational culture must be built at Reliance that outlasts its leaders. “I have no doubt that Akash, Isha and Anant as the next-gen leaders will lead Reliance to even greater heights.” In them, he saw “the same spark and potential” that legendary industrialist and his father had “for making a difference to millions of lives and contributing to India’s growth.” “Let us all wish them good luck in their mission to make Reliance ever more successful with even more transformative initiatives and achieving even greater accolades for our Reliance,” he said.
Ambani said the time is now to “lay the foundation for Reliance’s future growth over the coming decades” by seizing the humungous opportunity. He sounded cautious over not letting the guard down saying while normalcy is slowly returning after the pandemic, it still is clouded by uncertainty over the spread of the new variants.
“As we enter the second half of Reliance’s Golden Decade, I can tell you that the future of our company looks brighter to me than ever before. I can confidently make two predictions. First, India will become one of the top three economies in the world. Second, Reliance will become one of the strongest and most reputed Indian multinational companies in the world,” he said. Ambani said despite the pandemic, Reliance has completely re-engineered its energy business.
Energy business previously was confined to oil refining, petrochemicals, fuel retailing, and natural gas production. Now, it is investing billions of dollars in setting up clean energy factories. “Now, Reliance is poised to become a global leader in clean and green energy and materials,” he said. “This transformation of our oldest business will provide us the largest growth engine for Reliance and yet another opportunity to many of you to do things that will be first in the world.” With a presence in both online and physical store formats, Reliance Retail has revolutionized organised retail in India.
“In the past one year alone, we have onboarded nearly one million small shopkeepers and created nearly one lakh new employment opportunities. This growth engine will continue to create significant societal value by providing unlimited opportunities for our partners and employees,” he said. Telecom arm Jio has gained over 120 million subscribers and brought fiber to nearly 4 million homes and commercial establishments. “It has laid the foundation for making India the world’s premier digital society,” he said.