Richest Indian Mukesh Ambani spoke on Tuesday of the leadership transition in his energy-to-retail conglomerate, saying he wanted the process to be speeded up with seniors, including himself, ceding to the younger generation.
Ambani, 64, who has never spoken of succession plans at the country’s most valuable company, said Reliance was “now in the process of making a momentous leadership transition.”
Ambani has three children: twins Akash and Isha, and Anant.
Speaking on Reliance Family Day, which marks the anniversary of the group’s founder, Dhirubhai Ambani, he said Reliance Industries Ltd will become one of the strongest and most reputable Indian multinational companies in the world in years to come, propelled by forays into the clean and green energy sector as well as retail and telecommunications reaching unprecedented heights.
“Achieving big dreams and seemingly impossible goals is all about finding the right people and the right leadership. Reliance is now making a momentous leadership transition … from the seniors of my generation to the next generation of young people. leaders, “he said.
And this process, he would like “to be accelerated”.
The speech was reported by Ambani-owned outlet, News18.com.
The company did not immediately respond to an email seeking comment on Ambani’s remarks regarding the estate.
“All seniors – myself included – should now give way to the highly skilled, extremely engaged and incredibly promising young leadership talents at Reliance,” Ambani said. “We have to guide them, help them, encourage them and empower them… and sit down and applaud because they do better than us.”
He did not develop.
Reliance now has three verticals: the energy sector comprising the Jamnagar oil refineries in Gujarat, petrochemical plants and new energy plants, the retail business consisting of physical stores and an e-commerce unit online at JioMart, and telecom and digital companies hosted at Jio.
Ambani said an organizational culture must be built at Reliance that outlasts its leaders. “I have no doubt that Akash, Isha and Anant, as next generation leaders, will take Reliance to even greater heights.”
In them he saw “the same spark and the same potential” that the legendary industrialist and his father had “to make a difference in millions of lives and help grow India”.
“We wish them all the best of luck in their mission to make Reliance even more successful with even more transformative initiatives and by earning even more accolades for our Reliance,” he said.
At the start of the speech, he also mentioned the wives of Isha (Anand Piramal) and Akash (Shloka) as well as Radhika, who would be Anant’s bride-to-be. He also mentioned Prithvi, one year old son of Akash and Shloka.
Ambani said now is the time to “lay the foundation for Reliance’s future growth over the next several decades” by seizing this huge opportunity.
He seemed prudent not to let his guard down by saying that while normalcy slowly returns after the pandemic, it is still clouded by uncertainty about 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 business looks brighter than ever. I can confidently make two predictions. First, India will become one of the top three economies in the Second, Reliance will become one of the strongest and most reputable Indian multinational companies in the world, ”he said.
Ambani said that despite the pandemic, Reliance has completely redesigned its energy business.
Previously, energy activities were limited to petroleum refining, petrochemicals, fuel retailing, and natural gas production. Today, he is investing billions of dollars in building clean energy factories.
“Now Reliance is on its way to becoming a global leader in clean, green energy and materials,” he said. “This transformation of our oldest company will provide us with the greatest growth engine for Reliance and yet another opportunity for many of you to do things that will be the first in the world.”
With a presence in both online and physical store formats, Reliance Retail has revolutionized organized retail in India.
“In the past year alone, we have integrated nearly a million small traders and created almost a lakh of new job opportunities. This growth engine will continue to create significant societal value by providing unlimited opportunities to our partners and employees, ”he said.
The Jio telecom branch has gained over 120 million subscribers and brought optical fiber to nearly 4 million homes and commercial establishments. “This laid the foundation for making India the world’s leading digital company,” he said.
Stating that it was time to lay the groundwork for Reliance’s future growth, just as his father Dhirubhai laid for today’s Reliance in the early ’90s, he said, given the portfolio existing, growth engines and a strong balance sheet, the availability of finance and opportunities will be unlimited.
“What we need to focus on is imperative to build an organizational culture capable of translating the opportunity into reality,” he said.
He went on to list imperatives that should not be missed: never become complacent in achieving perpetual growth through constant renewal and reinvention; constantly revisiting, reiterating, reiterating and communicating the common philosophy of “We Care” which guides and inspires Reliance; and self-growth.
“Now a semblance of normality is slowly returning. But this normality is always clouded by uncertainty,” he said. “That’s why we just can’t afford to let our guard down.”
Covid, he said, taught important lessons, including that health is great wealth, safety first and family first.
“Gaining and maintaining this wealth of good health is in our hands. The ingredients are healthy eating, good thoughts, good deeds, yoga, meditation, sports, exercise,” he said. “During the pandemic, working from home has allowed us all to spend more quality time with our children, spouses and parents. In the future, technology will provide even more exciting ways of hybrid and virtual work.”
Ambani said to him that “trust as a happy family” is as important as “trust as a super-successful business”.