Reliance can and will grow to be among the top 10 business conglomerates of the world, Mukesh Ambani said on Thursday, even as he highlighted the importance of focusing on AI and data to become a new-age technology company and expanding the talent pool of youth. In a speech at the Reliance Family Day celebration, the chairman and managing director of Reliance Industries Limited reflected on the legacy of the company’s founding chairman, Dhirubhai Ambani, and outlined a compelling vision for the future.
“With the passage of time, our family is becoming bigger and bigger. But we will always remain Dhirubhai’s family. We will always cherish his timeless family values. These are — integrity, excellence, empathy, the spirit of cooperation, and the commitment to make every tomorrow better than every today for one and all,” he said. “These values are encapsulated in Reliance’s We Care philosophy. We care for the planet and humanity. We care for our Mother India and every single Indian.”
Today, the domestic and global environments for business are changing very fast, Ambani said.
“There is simply no room for complacency. Reliance was never complacent in the past, and Reliance will never be complacent in future. We are known for disrupting the market through constant innovation and reinvention. We have shown the courage to set the bar high, and the ability to jump even higher to create new records,” he said.
As India races ahead to become the world’s third-largest economy, an unprecedented opportunity awaits Reliance, said Ambani. “Reliance can and Reliance will grow to be among the top 10 business conglomerates of the world. We must always provide extreme value to our customers. We must unfailingly exceed their expectations, through collaboration and systems improvement,” he said.
Ambani also shared three more key messages for the New Year. “Let me summarise them as Three Consolidations. One: Let us consolidate Reliance’s place among global leaders in digital platforms, data and AI adoption. Two: Let us consolidate Reliance’s place among global leaders in talent enrichment. Three: Let us consolidate Reliance’s place among global leaders in institutional culture.”
As Reliance reinvents itself to become a unique new-age technology company, said Ambani, it needs to boldly embrace data and AI to become better at decision-making and resource utilisation.
“In the era of digital platforms, data has become a new factor of production along with talent and money. We need to be at the forefront of using data, with AI as an enabler for achieving a quantum jump in productivity and efficiency,” he said. “All our growth engines of Reliance — digital services, green and bio-energy, retail and consumer brands, O2C and materials business, and health and life sciences — will have to complete this transformation by the time we meet next year. Furthermore, we should accelerate our efforts to become a pioneer in developing AI to address, at scale, India’s urgent national priorities in education, healthcare, agriculture, and employment creation.”
The RIL chairman added that to make Reliance an AI-immersive tech company, there is a need to further build the necessary talent, skill sets, and competencies at all levels within the organisation. “We should expand and deepen our talent pool to be amongst the best in the world. Investment in talent brings higher returns than investment in machines. Therefore, let us execute talent enrichment at all levels in Reliance on a mission mode, on a project mode, the way we always do, and do so well,” he said.
The most important tenet of Reliance’s Institutional Culture is to work with the founder’s mindset, said Ambani. “It means working with the ownership mindset. Each and everyone of you becomes an owner of Reliance when you own the founder’s purpose and passion. I am so happy to see that our young colleagues in the 30-plus age group have been working with the same enthusiasm and determination to succeed, which our founder and his colleagues had at the inception of Reliance,” he added.
Ambani said that he deeply appreciates that all the senior and middle-level leaders in Reliance are now discharging their responsibility of trusting the young, empowering the young, and mentoring the young.
“Young leaders will commit mistakes. That’s for sure. But my advice to them is simple: do not waste your energy on conducting a post-mortem on past mistakes. Rather, learn not to repeat the same mistakes,” he said. “More importantly, be bold, courageous and adventurous in pursuing your present and future goals. In doing so, always support one another. For what we can achieve together is always immensely greater than what one can achieve individually and in isolation. There are also fewer chances of committing mistakes when we work together. At a time when Reliance is undergoing a generational transition, I attach immense importance to further strengthening this unique institutional culture.”
The RIL chairman pointed out another principle to be followed. “We must keep Reliance forever young, by ensuring that the average age of all our talented teams remains in the 30s. Let me reiterate: the future of Reliance belongs to Akash, Isha, Anant and their generation.”
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