Mukesh Ambani talks succession for the first time for his $200 billion Reliance empire

Richest Indian Mukesh Ambani in a first, mentioned about leadership transition at his energy-to-retail conglomerate, saying he wants the process to be accelerated with seniors, including him, yielding to the younger generation.

Ambani, 64, who has previously not spoken about succession plans at the country's most valuable company, said Reliance is "now in the process of effecting a momentous leadership transition." Ambani has three children -- twins Akash and Isha, and Anant.

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Speaking at the Reliance Family Day, which marks the birth anniversary of the group's founder Dhirubhai Ambani, he said "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...And this process, he would like "to be accelerated." The speech was reported by Ambani-owned news outlet News18.com.

"All seniors -- myself included -- should now yield to the highly competent, extremely committed, and incredibly promising young leadership talent at Reliance," Ambani added. "We should guide them, enable them, encourage them and empower them... and sit back and applaud as they perform better than us." He did not elaborate.

Mukesh Ambani said an organisational culture must be built at Reliance 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.

Reliance now has three verticals -- energy business comprising of oil refineries at Jamnagar in Gujarat, petrochemicals plants and new energy factories, the retail business made up of physical stores and online e-commerce unit in JioMart, and telecom and digital business housed in Jio.

Bloomberg had reported in November that India's richest man Mukesh Ambani is eyeing a plan that resembles the Walmart Family - the Walton's. The 64-year-old Indian tycoon is reportedly considering moving his family’s holdings into a trust-like structure that will control the Mumbai-listed flagship Reliance Industries as per sources to Bloomberg.

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