'Personal, Family Wealth Hold No Importance for Me': At Reliance AGM, Mukesh Ambani Says He's 'Simply A Trustee'

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The RIL chairman said as Reliance takes on new and greater challenges, we will need an ever-expanding pool of capable leaders

Reliance Industries Limited (RIL) Chairman Mukesh Ambani, while addressing the 47th Annual General Meeting in Mumbai on Thursday, said personal or family wealth holds no importance for him, and he, along with his family and other senior members of the management, are simply trustees of the great institution.

“I firmly believe that my family and I, and also other senior members of the management team, are simply trustees of this great institution. Personal or family wealth holds no importance for me. What truly matters for me is our responsibility to pass on this precious institution to the next generation on a solid foundation,” he said, adding that: “This will enable them to elevate Reliance to even greater heights of success.”

The RIL chairman said: “In my previous addresses, I have discussed our philosophy and plans to enrich our institutional culture and perpetuate our value system, especially as Reliance navigates this period of generational transition. We are executing these plans with utmost dedication.”

“As Reliance takes on new and greater challenges, we will need an ever-expanding pool of capable leaders — leaders who are fully committed to the purpose, philosophy, passion, and pioneering spirit of our Founding Chairman. I am personally devoting the largest part of my time to this task, along with our esteemed board members and senior colleagues. I am pleased to report that we have made tremendous progress in these efforts.”

In his speech, Ambani also said Reliance is focused on long-term value creation rather than short-term gains or wealth accumulation. “We are not in the business of short-term profit and hoarding wealth… in business to create wealth, energy security for the nation,” he said.

Ambani also made some key announcements and projections for the company, including Reliance Jio’s aim to target 100 million home broadband customers with 30 million additions every month, creating the world’s lowest AI inferencing cost, setting up gigawatt-scale AI-ready data centres at Gujarat’s Jamnagar among other things. He also announced the ‘Jio AI Cloud Welcome’ offer, under which the company will offer 100 GB of free cloud storage to Jio customers.