Reliance Industries to witness "momentous leadership change". Mukesh Ambani says time to make way for younger leaders

MUMBAI: India's most valued company by market capitalisation Reliance Industries Ltd (RIL) may soon witness change at its helm. Weeks of speculation that RIL Chairman Mukesh Ambani is busy making succession plans for his children to take over his $208-billion empire that spans from energy to telecom, seemed more credible when Ambani spoke of "leadership transition" on Tuesday.

"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.

However, the RIL CMD did not elaborate on the transition process or whether Ambani himself will quit completely or continue to occupy key roles at the company.

Ambani said he wants the process to be accelerated with the older generation, including him, making way for the younger generation. Asia's richest man made the comments while speaking at the Reliance Family Day, an annual event that marks the birth anniversary of the group's founder Dhirubhai Ambani.

He also said that India will become one of the top three economies in the world and RIL will become one of the strongest and most reputed Indian multinational companies in the world.

"We must never become complacent of what we have achieved in the past. Companies that become laid-back because of their previous achievements become footnotes in a history book.

"I 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 and where successive generations create even greater societal value and contribute to India's growth," Ambani said.

"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 added.

"We must continuously revisit, iterate, re-iterate and communicate the common philosophy of 'WE CARE' that guides and inspires Reliance," Ambani said on the second imperative.

"This common purpose creates a shared identity for every old and new member of Reliance Family. It strengthens their sense of belonging and their feeling of pride in working for one of the world's great companies," he added.

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