After telecom and e-commerce, India’s richest man has now put his weight behind artificial intelligence (AI).
Mukesh Ambani, chairman of India’s most valued private company Reliance Industries, believes that AI is “indispensable” to India for achieving its “digital destiny.”
“The time is ripe, and the tools are ready to make India a world leader in artificial intelligence, and to make AI work for all Indians,” Ambani said at the Responsible Artificial Intelligence for Social Empowerment summit (RAISE 2020) yesterday (Oct. 5).
The 63-year-old second-generation businessman, who has started dabbling in all things internet over the last few years, said AI could help India achieve its goals across economic growth, agriculture modernisation, affordable healthcare, and world-class education.
Ambani’s push for AI comes at a time when his digital business vertical, Jio Platforms, has been emerging as one of the youngest and fastest-growing tech firms in
(Reuters) – Indian oil-to-telecoms conglomerate Reliance Industries Ltd said on Saturday Singapore sovereign wealth fund GIC and global private equity firm TPG Capital invested a combined 73.50 billion rupees (about $1 billion) in its retail unit.
Reliance, controlled by Asia’s richest man Mukesh Ambani, has secured more than $2 billion in investments from global investors, including KKR & Co, Abu Dhabi state fund Mubadala and Silver Lake Partners, in Reliance Retail Ventures Ltd over the past few months.
GIC will invest 55.12 billion rupees for a 1.22% stake, while TPG Capital Management will invest 18.38 billion rupees to own a 0.41% equity stake in the retail arm, the company said.
The investments in Reliance Retail values the company at a pre-money equity value of 4.285 trillion rupees ($58.47 billion), Reliance said.
This is TPG Capital’s second investment in Reliance. In June, the firm invested $598 million in Reliance’s digital unit
Reliance Jio is reportedly developing a Rs. 4,000 (~$54) smartphone.
It’s expected to come bundled with affordable data and calling plans.
Jio is also planning to make around 200 million phones in the next two years.
India’s biggest telecom carrier Reliance Jio is all set to launch one of the world’s cheapest Android smartphones in the country. Google’s huge $4.5 billion investment in Jio could soon yield fruit in the form of a Rs. 4,000 (~$54) smartphone running Android. Bloomberg reports that Jio has been working on prototypes for the phone in secret for the past two years.
Jio is expected to bundle the low-cost Android phone with affordable data and calling plans. The company has also reportedly asked local component suppliers to amp up production so it can make up to 200 million phones in the next two years.
This should go a long way towards fulfilling the telco’s