Mukesh Ambani opens up about succession of Reliance Industries for the first time
Mumbai/IBNS: Reliance Industries Chairman, Mukesh Ambani has opened up about succession for the first time. The 64-year-old richest Indian said he wants to accelerate the process of leadership transition with the seniors including him making way for the new generation.
On Wednesday, speaking at the Reliance Family Day , which marked the birth anniversary of the group's founder Dhirubhai Ambani, he revealed that the most valuable company of India is "now in the process of effecting a momentous leadership transition."
“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. I would like this process to be accelerated. All Seniors —myself included — should now yield to the highly competent, extremely committed and incredibly promising young leadership talent at Reliance,” he said.
The RIL chairman said he attaches special importance in getting the “right people” and “right leadership” to achieve the impossible-looking goals.
While asserting on the value of family culture and generational living, he underscored that the older generation should “guide them, enable them, encourage them and empower them……and sit back and applaud as they perform better than us.”
He spoke of building an organisation 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. I can see and feel their passion, commitment, and devotion to the cause of Reliance every day,” he remarked.
Ambani said that he sees in them the same spark and potential that 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 emphasised.
As he spoke of change in leadership, he pointed out how the company transformed its oldest business to become the largest growth engine for Reliance.
“We have completely re-engineered our energy business.…Now Reliance is poised to become a global leader in clean and green energy and materials,” he stated.
Energy business was originally confined to refining, petrochemicals, fuel retailing and natural gas production.
Underscoring Reliance Retail’s performance, he said it has revolutionized the organized retail sector in India.
“In the past one year alone, we have onboarded nearly one million small shopkeepers and created nearly one lakh new employment opportunities,” he said. “This growth engine will continue to create significant societal value by providing unlimited opportunities for our partners and employees.”
Jio has gained over 120 million subscribers and brought fiber to nearly 4 million homes and commercial establishments, Ambani said, noting the success of RIL’s telecom wing, adding that “it has laid the foundation for making India the world’s premier digital society.”
“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.
Now is the time to lay the foundation for Reliance’s future growth over the coming decades by seizing this humungous opportunity, he said.
“Just as Dhirubhai had laid a robust foundation for today’s Reliance at the beginning of the 1990s. Given our existing portfolio, growth engines and our strong balance sheet availability of finance and opportunities will be unlimited,” he noted.
Ambani sounded a word of caution against becoming complacent over the company’s past achievements as one of the three imperatives that Reliance must embrace.
“Companies that become laid-back because of their previous achievements become footnotes in a history book. Only those become the subject of an entire and forever unfinished book who achieve perpetual growth through constant renewal and re-invention perennial paranoia for improving capability and competency and for always upping their game,” he stated.
He said he would like the story of Reliance to be told in that book which has no final chapter……… and one which is continually updated with records of bolder initiatives and more glittering successes.
He envisions Reliance as a company where successive generations create even greater societal value and contribute to India’s growth.
“This is the only way for today’s and tomorrow’s leaders to earn the right to call themselves the true inheritors of the legacy of Dhirubhai Ambani,” he said.
He stressed on being forever innovative and ready to take bold initiatives in the fast-changing world.
“As Reliance grows bigger and becomes more global, we must be even more committed to these guiding values and principles,” he stated.
He asserted that the continuously revisit, iterate, re-iterate and communicate the common philosophy of 'We Care' that guides and inspires Reliance; and self-growth.
"Now, a semblance of normality is slowly returning. But this normalcy is still clouded by uncertainty," he said. "Which is why we simply cannot afford to lower the guard."
Covid, he said, has taught important lessons, including that health is true wealth, safety first and family first.
"Earning and retaining this wealth and good health is in our own hands. The ingredients are healthy food, good thoughts, good deeds, yoga, meditation, sports, exercises," he said.
"During the pandemic, work from home has enabled all of us to spend more quality time with our children, spouse and parents. In future, technology will offer even more exciting ways of hybrid and virtual work."
Ambani said for him "Reliance as a Happy Family" is as important as the 'Reliance as a Super-Successful Company'.