Reliance Industries Ltd. invested over Rs 3,642 crore in research and development last year, Chairman Mukesh Ambani announced at the company's 47th annual general meeting.
Ambani said RIL is the first Indian company to reach Rs 4 lakh crore in annual revenue and has become a net technology producer. He highlighted India's progress and potential, citing its strength and confidence amid global uncertainty and the transformative power of artificial intelligence.
Here are the top 10 highlights from Ambani's speech from the RIL AGM 2024:
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Jio's Technological Edge: Jio aims to boost its competitiveness by investing in deep tech, leveraging its position as one of India’s largest patent holders and offering data prices significantly lower than international standards.
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Technology Integration: The company has become a net producer of technology, integrating AI across its businesses and filed over 2,500 patents last year.
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Developing renewable power plans: The company is building a fully automated electrolysers manufacturing facility on India’s west coast, set to be completed by 2026.
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Investment in Jamnagar: The company plans to invest up to Rs 75,000 crore in Jamnagar, aiming to establish it as the hub for their new energy business.
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Expansion in Bioenergy: Investments in bioenergy will continue, with plans to set up compressed biogas plants by 2025 and the world’s largest bioenergy R&D centre.
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AI Advancements: The company plans to launch advanced AI tools in India, aiming to reduce AI inferencing costs and benefit sectors like agriculture, education, healthcare, and small businesses.
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Profitability Timeline: The company’s new energy business is expected to become as profitable as its oil-to-chemicals operations within five–seven years.
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Solar PV Production: The company will commence production of solar PV modules by the end of this year.
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KG Basin Fields: The KG Basin fields have reached peak production and the company has commissioned six deepwater fields, establishing itself as a leading deepwater operator.
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Future Growth: Reliance aims to drive its growth through deep tech and advanced manufacturing, targeting to be among the top-30 global companies in the near future.
RIL AGM Highlights: Board Mulls Bonus Issue; Jio, Retail Business To Double In Four Years, Says Mukesh Ambani. Read more on Business News by NDTV Profit.