Mukesh Ambani, while speaking at the virtual Annual General Meeting (AGM) of Reliance Industries on Monday, announced daughter Isha Ambani as the “leader” of the group’s retail business.
This obvious decision came as a strong hint that the billionaire was slowly handing over key firm duties in the conglomerate to the upcoming generation. “At a time when a bright future is beckoning Reliance, what gives me optimism is our huge reservoir of young, dynamic and best-in-class talent. Our next-gen leaders are confidently taking over the reins across businesses,” Mukesh Ambani announced.
The business magnate also specified the direction which the younger members of the leading business clan were set to head.
“Akash and Isha have assumed leadership roles in Jio and Retail respectively. They have been passionately involved in our consumer businesses since inception. Anant has also joined our New Energy business with great zeal. In fact, he is spending most of his time in Jamnagar,” Mukesh Ambani said in front of shareholders.
He further went on to say that all three were being “mentored” on a daily basis by senior leaders, including himself and those on the board of directors.
Earlier this year, son Akash Ambani was held as chairman of the Reliance’s telecom arm Reliance Jio Infocomm.
Speaking at the AGM, Isha Ambani said that Reliance Retail will start an FMCG (Fast Moving Consumer Goods) business this year.
“The objective of this FMCG business is to develop and deliver products that solve every Indian’s daily-needs with high quality products at an affordable pricing,” Isha Ambani mentioned.
In her speech, she mentioned how Reliance Retail had served over 200 million registered customers through brick and mortar stores as well as digital platforms.
“Our digital commerce platforms continued their growth with nearly six lakh orders being delivered every day, an increase of 2.5 times over last year. JioMart, delivering in over 260 towns, was rated India’s number one trusted brand for online grocery,” she underlined.
JioMart functions on a hyperlocal delivery model, and is India’s largest set of omni-channel responsibilities. “We invested in acquisitions and partnerships during the year to enter new categories, strengthen our service capabilities, and extend our reach to new markets. We continue expanding our reach to more customers through addition of store network and merchant partners,” she announced.
Reliance Retail has established a record of Rs 2 lakh crore turnover and an EBITDA of Rs 12,000 crore is one of the Top-10 retailers in Asia.
(With Inputs from ANI)