Ambani sets targets in succession plan for telecom, retail and new energy business

Billionaire Mukesh Ambani has set targets for his three kids whom he has identified for takeover of telecom, retail and new energy business.

Speaking at his father Dhirubhai's anniversary, celebrated as Reliance Family Day, he said the oil-to-telecom-to-retail conglomerate Reliance industries Ltd has embarked on a journey of comprehensive self-transformation.

"The end of 2022 is when Reliance will have crossed the half-way mark of its Golden Decade. In five years from now, Reliance will complete its fifty years," he said in a speech on Wednesday evening.

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His speech was released to the media on Thursday.

"Let me spell out my expectations from the leaders and employees in all our businesses and initiatives," he said.

His elder son Akash, is being groomed to take over the telecom business, and his twin Isha for retail. Youngest son Anant is being groomed for the new energy business.

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"Under Akash's chairmanship, Jio is rolling out the world's best 5G network across India… at a pace, which is faster than anywhere in the world," Ambani said. "Jio's 5G deployment will be complete in 2023."

He wanted Jio Platforms to provide unique digital products and solutions to both domestic and international markets.

Under Isha, he said, Retail business has grown rapidly.

"It has emerged as one with the widest and deepest reach in India, across all product baskets," he said. "But I know that all of you in the Retail team are capable of chasing even more ambitious targets and goals."

Ambani said Reliance continues to build its oil-to-chemical business.

"New Energy is Reliance's newest start-up business with a potential to transform not just the company or the country, but the entire world," he said. "With Anant joining this upcoming Next-Gen business, we are making rapid progress in getting our Giga Factories in Jamnagar ready."

From being India's largest and most valuable corporate, Reliance is now well on its way to also becoming India's 'Greenest' corporate, he said.

"The goals before our New Energy team are crystal clear. Enable India to achieve security and self-sufficiency in energy by reducing the dependence on imports. And remember, you can do so only by remaining agile and ahead of the technology curve," he added.