Ambani eyes advanced mfg space

Advance manufacturing, I can clearly see Reliance earning a place in the Top-30 League in the near future - Mukesh Ambani

Mumbai: Asia’s richest man Mukesh Ambani on Thursday said his oil-to-telecom-and-retail conglomerate is not seeking short-term profit, but is in the business of creating wealth for the nation. Speaking at the company’s annual shareholder meeting (AGM), he said all businesses of Reliance Industries Ltd (RIL) continue to be key drivers of the Indian economy and have become a success story.

Reliance, he said, has now become a net producer of technology and is transforming into a deep-tech company with advanced manufacturing capabilities in three seminal ways - embedding innovative technologies in every single business, incubating several critical technological innovations in-house to enhance product and service offerings, and building an AI-native digital infrastructure for all Reliance businesses. Reliance spent over Rs3,643 crore in FY24 towards R&D, taking its spend on research to over Rs11,000 crore in the last four years alone.