STRATEGY AND theory are important but what makes the difference is actual implementation, opined Reliance Industries Limited (RIL) member board and executive director Hital R Meswani. He was delivering the keynote address about the success of the Jamnagar oil refinery on the third day of ‘SBI-IRIS-06’ at Indian Institute of Management, Indore (IIM-I), on Saturday.
Meswani said that Reliance develops and depends on its work force and follows the strategy of getting ordinary people to do extraordinary work.
It is the vision that is required to transform any flagging industry into a flag-bearer and the Jamnagar refinery proves so by incorporating almost all spheres of commerce including core production, ports, transport, housing, power, water and sewage treatment and even agriculture spread over 200 acres having a mango plantation, fruits of which are exported.’
The golden age of Asian refinery has arrived, he said. There is an approximate four per cent increase in energy needs/annum and the automobile industry growing at a rate of about 22 per cent is fuelling demand for oil. However, when Reliance stepped into this sector the scenario was completely different doomsayers had a field day.
In order to grow a most unique production model in terms of flexibility was adopted and the product range was diversified from petroleum products, petro-chemicals, aromatics, polypropylene and energy amongst others. The drawing up and execution of a task of such gigantic proportions has made history and the story is now quoted in international boardrooms as a successful model.
‘‘Reliance did not limit its efforts to just production but also set up a supply chain of Reliance filling stations and corresponding A1plazas thereby setting up the largest hospitality chain in the country.’’ Meswani said business should be focused on fulfilling market demands. Following life cycle approach, global scale, flexibility, dogged determination and high spirits were given as strategy tips to be followed in all businesses.
‘‘India has truly taken off and growth is going to explode providing opportunity for value creation. The consumption level is rising thanks to our youthful demographic profile. The classical income pyramid is getting fatter with an increasing middle class having disposable income and this figure would reach almost 600 million by 2009-10. There has been a paradigm shift in general perception and consumption of luxury articles and other such relatively expensive commodities is no longer considered taboo. The average Indian today is becoming more and more brand conscious.’’
‘‘This shift in attitudes, social mores and real time economic statistics has led to the success of the telecom revolution and fuelled IT boom. As the divide between urban India and rural Bharat closes it opens up manifold opportunities by exposing a vast, untapped market and hence the boom in retail and entry of major players including Reliance.
RIL group president Dr V V Bhatt was also present on the occasion. IIM-I director Dr S P Parashar welcomed the guests and described Meswani as the new face of emerging India.