Business News: Reliance Industries, under the leadership of Chairman Mukesh Ambani, is undergoing a major transformation to position itself as a deep tech company. At the company’s 47th Annual General Meeting (AGM), Ambani highlighted the significant role of artificial intelligence (AI) in driving this shift, noting its potential to tackle global challenges. The company’s strategic move towards deep tech and advanced manufacturing is expected to elevate Reliance into the ranks of the top 30 global companies soon.

Ambani expressed confidence in the company’s future, stating, “Our future is far brighter than our past.” He emphasized that Reliance has evolved into a net producer of technology, driven by breakthrough innovations that have always been key wealth creators for nations and corporations. This ethos, termed the ‘Vikas Mantra,’ has been embedded in Reliance’s growth journey.

As part of this transformation, Reliance is enhancing its deep tech capabilities and advanced manufacturing. Its subsidiary, Jio, has already established itself as a leader in deep tech innovation. Ambani described AI as a pivotal point in human evolution, offering solutions to complex global issues.

To bolster its deep tech capabilities, Reliance has significantly invested in research and development, spending over Rs 11,000 crore (USD 1.5 billion) in the past four years. These investments have resulted in numerous patents in areas like bio-energy, solar energy, high-value chemicals, and digital technologies. In FY2023-24, Reliance filed over 2,555 patents, mainly focusing on innovations in bio-energy, solar and other green energy sources, and high-value chemicals.

Ambani assured shareholders that this ongoing tech-driven transformation will usher Reliance into a new era of hyper-growth, significantly enhancing its value in the years to come.