Mukesh Ambani completes 20 years at helm of Reliance
The Hindu
Reliance has set a target to become Net Carbon Neutral by 2035, contributing to India's net carbon zero mission.
Mukesh Ambani, who took over the reins of Reliance Industries Ltd (RIL) after the sudden demise of his legendary industrialist father Dhirubhai Ambani, completes 20 years at the helm during which the company saw a 17-fold jump in revenues, 20-times surge in profit and has become a global conglomerate.
Following Dhirubhai's death in 2002, Mr. Mukesh and his younger brother Anil assumed joint leadership of Reliance. While the elder brother took over as the chairman and managing director, Mr. Anil was named vice chairman and joint managing director.
The brothers, however, feuded over control, leading to a split with Mr. Mukesh assuming control of the gas, oil, and petrochemicals units as RIL, while Mr. Anil got telecommunications, power generation, and financial services units through a demerger.
In 20 years that Stanford University-drop out Mr. Mukesh, 65, has been at the helm of RIL, the company has re-entered the telecom business, diversified in retail and new energy, and raised a record ₹2.5 lakh crore selling minority interests during the Covid lockdown.
* Market capitalization grew at an annualized rate of 20.6% in the last 20 years from ₹41,989 crore in March 2002, to ₹17,81,841 crore in March 2022.
* Revenues grew at an annualized rate of 15.4% from ₹45,411 crore in FY 2001-02, to ₹792,756 crore in FY 2021-22.
* Net profit grew at an annualized rate of 16.3% from ₹3,280 crore in FY 2001-02, to ₹67,845 crore in FY 2021-22.
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