Ambani touts AI, bonus stock but stays silent on units’ IPOs

Reliance Industries to ‘democratise’ AI by offering powerful AI at affordable prices, Mukesh Ambani said in shareholders’ address

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Mukesh Ambani, chairman of Reliance Industries. Photo: Reuters

Published: 1:11am, 30 Aug 2024Updated: 1:48am, 30 Aug 2024

Billionaire Mukesh Ambani unveiled ambitious plans for Reliance Industries to develop cutting-edge artificial intelligence tools, but gave no details on the much-awaited listings of its telecoms and retail units in his annual shareholders’ address.

The conglomerate wants to “democratise” AI by offering models and services to ordinary Indians at affordable prices, he said, giving no investment outlay in the marathon two-hour speech that mentioned AI more than 80 times.

The energy-to-entertainment conglomerate also plans to set up “gigawattscale AI-ready data centres” powered by green energy in Jamnagar in Gujarat – home for all of the group’s big businesses from oil refining to green energy, he added.

Ambani’s daughter, Isha, who helms the retail business of the group, told shareholders that Reliance will partner Shein, marking the fast fashion giant’s return to India after four years.

Mukesh Ambani (left) with his wife Nita (right) and daughter Isha (centre). Photo: AFP

Founded in China and headquartered in Singapore, Shein was among a slew of Chinese apps banned by New Delhi following deadly border skirmishes with China in 2020. The tie-up will help Reliance compete with rival Tata Group whose retail unit Trent is outperforming Indian fashion rivals.

“The Reliance Group is well on track to more than double in size before the end of this decade and grow faster in the decades ahead,” chairman Ambani said.