Reliance to partner world leaders for new businesses, says Mukesh Ambani

Bullish on adding further financial muscle to energy-to-retail conglomerate led by him, Mukesh Ambani on Friday said Reliance Industries will partner world leaders for entering new businesses in the country.

Although he was silent on specific details for the future course of action of RIL's entry into financial services and telecom businesses, Ambani said that a partnership-led transformation would be one of the top agenda going forward.

"... transformation is at the top of the Reliance agenda for a renewed organisation that will deliver continuous growth," Ambani said.

Addressing shareholders at the company's 37th AGM here, Ambani listed among the top agenda "a partnership transformation that will enable Reliance to partner with world leaders to enter new business domains in India". He also promised "a business transformation that will fundamentally strengthen the constitution and character of the organisation".

Ambani said Reliance was endowed with a strong balance sheet and it was reinforcing its constitution with the business transformation initiative. "Reliance is forging new partnerships to pursue new growth opportunities," he said, while adding that the group was determined to improve its ranking among global businesses.

Ambani went on to talk about a talent transformation to help it attract best talent in the country and abroad, an innovation-led technology transformation to explore new businesses and a market-transformation to help Reliance explore new consumer markets.

The RIL Chairman and MD said Reliance has transformed many sectors and redefined the way industries operate and has always been able to foresee changes in business trends.

Ambani said the focused efforts would be undertaken to transform Reliance into a "renewed and refreshed organisation prepared for opportunities and challenges of a 21st century world". He said the year 2010 presented the company with opportunities in market growth and for investments across each of its businesses.

At the same time, RIL also had to confront challenges arising out of high commodity and input prices and inflationary trends, he added.

Still, RIL added significantly to its financial strength and its enterprise value has grown to over USD 75 billion, Ambani said.