Billionaire Ambani Sets Targets For Kids In Succession plan

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Billionaire Ambani Sets Targets For Kids In Succession plan

| Updated: December 29, 2022 14:00

Mukesh Ambani, the business tycoon, completed 20 years at the helm of Reliance Industries Ltd this week, growing the homegrown behemoth 42 times larger in market cap than when he took over. Mukesh Ambani took over as CEO of RIL after his father, Dhirubhai Ambani, died in 2002.

With Mukesh Ambani’s retail and telecom ventures, Reliance diversified from an energy and textiles behemoth to a consumer business behemoth under his leadership. His most recent venture into renewable energy is equally ambitious, costing Rs 75,000 crore.

Reliance Industries’ market capitalisation increased from Rs 42,000 crore in 2002 to Rs 17.81 lakh crore in 2022, growing at a compound annual growth rate (CAGR) of 20.6 percent during his tenure as CEO. Almost all of this – Rs 17.4 lakh crore – was added during Mukesh Ambani’s tenure.

Revenues increased 17-fold, from Rs 45,411 crore to Rs 792,756 crore. Over a 20-year period, the CAGR is 15.4%. Meanwhile, net profit increased 20 times, rising at a 16.35% CAGR from Rs 3,280 crore to Rs 67,845 crore.

Mukesh Ambani stated on the occasion of his 20-year anniversary with the company that Reliance Industries will continue to grow like the proverbial banyan tree. He said during the webcast, “Years will roll by and decades will pass, Reliance will continue to grow bigger and bigger like the proverbial banyan tree. Its branches will grow wider, its roots will grow deeper, and it will touch the lives of an ever-growing number of Indians, enriching, empowering, nourishing, and caring for them.”

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