- Thursday, October 31, 2024
Ambani said the ongoing tech-driven transformation of Reliance will propel the company into a new orbit of hyper-growth
By: Shajil Kumar
RELIANCE is transforming itself into a deep tech company, Chairman Mukesh Ambani said on Thursday as he termed AI as a transformative event in the evolution of the human race that is opening up avenues to address complex problems facing mankind.
Addressing the 47th AGM of RIL, Ambani said the ongoing tech-driven transformation of Reliance will propel the company into a new orbit of hyper-growth and multiply its value for years to come.
The strategic adoption of deep tech and advanced manufacturing will propel Reliance to secure a place in the global top-30 league in the near future, Ambani said promising that the future is far brighter than the past. Jio today stands as a true deep tech innovator, he noted.
Describing the birth of AI as perhaps the most transformative event in the evolution of the human race, Ambani said it had opened up opportunities to address a number of complex problems facing mankind.
“As I told you last year, Reliance has now become a net producer of technology. Breakthrough technologies and innovation have always been the greatest wealth creators for nations, as well as for corporates. Reliance internalised this ‘Vikas Mantra’ at every stage of our growth,” he said.
Reliance is transforming itself into a deep tech company with advanced manufacturing capabilities in various ways.
He informed that last year Reliance filed over 2,555 patents, mainly in the areas of bio-energy innovations, solar and other green energy sources, and high-value chemicals.
“Digital is another principal area of our in-house research. We have filed patents in 6G, 5G, AI-Large Language Models, AI-Deep Learning, Big Data, Devices, Internet of Things, and Narrowband-IoT,” he said and assured that the ongoing tech-driven transformation of Reliance will propel the company into a new orbit of hyper-growth and multiply its value for years to come.
“Our future is far brighter than our past. For example, Reliance took over two decades to be amongst the top 500 companies globally. The following two decades saw us joining the league of the world’s Top-50 most valuable companies. With our strategic adoption of deep tech and advanced manufacturing, I can clearly see Reliance earning a place in the Top-30 League in the near future” .
Solar giga-factory
Reliance plans to commission its first solar giga-factory this year as part of a pivot towards green energy, its chairman Mukesh Ambani said on Thursday.
The solar giga factory will include the manufacturing of PV modules, cells, wafers and ingots, polysilicon, and glass at a single location. The modules convert sunlight into electricity.
Addressing the annual shareholders meeting, he said the first train of 20GW solar PV (photovoltaic) manufacturing “will commence production” by the end of this year.
It is also targeting industrialising sodium-ion cell production at the MW level in 2025 and the first 50 MWh a year lithium battery cells pilot in 2026.
Reliance Retail
The country’s leading retailer, Reliance Retail, which crossed the ₹3 trillion revenue mark in FY24, is aiming to double its business in the next 3-4 years, Reliance Industries Director Isha Ambani said on Thursday while addressing the company’s AGM.
Now, three of Reliance Retail’s private labels have crossed ₹20 billion crore in annual sales, and a few are lined up above ₹10 billion, Isha said, adding that its registered customer base crossed a milestone of 300 million.
Reliance Retail, which crossed a valuation of $100 billion, has plans to enter the “luxury jewellery segment with a curated, design-led experience and is exploring the fashion jewellery and accessories segment”, she said.
“With strong foundation we have built, I am confident that we will achieve our goal of doubling our retail business in the next 3-4 years,” Isha said.
Reliance Industries Chairman Mukesh Ambani said Reliance Retail, which operates over 18,836 stores across the country, has become among the top-5 global retailers in terms of the number of stores.
In terms of market capitalisation, Reliance Retail is among the top-10 retailers globally and top-30 in terms of revenues, he added. (PTI)
