Reliance to consolidate group functions into one unit

A senior Reliance executive said Mr Ambani first articulated the idea to the senior management in October this year, and has personally been involved with the project, which will “eliminate talent and competency overlap” in the management of all group companies. The details are still emerging, with two global consulting firms working on the blueprint for consolidating core functions of group companies like Reliance Industries, Reliance Petroleum, Reliance Lifesciences and Reliance Retail, besides a host of subsidiary and associate companies. “The group’s expanding businesses, including forays into new sectors, saw considerable duplication of core support functions. The shared service centre as envisaged will lead to substantial cost savings,” another executive said.