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
A trust that holds Indian billionaire Mukesh Ambani’s fiber-optic assets is raising 397.1 billion rupees ($5.4 billion) through borrowings and stake sales to units and investment firms of the tycoon’s conglomerate Reliance Industries Ltd., according to a filing.
Digital Fibre Infrastructure Trust will raise about 147.1 billion rupees by issuing units and also raise 250 billion rupees through a loan from group companies to reduce existing debts and fund business expansion, according to the filing to the Securities and Exchange Board of India. The billionaire’s group had been in talks with overseas funds for the capital, local media had reported earlier.
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
Reliance Industries Ltd. has asked local suppliers to ramp up production capacity in India so they can make as many as 200 million smartphones over the next two years, according to people familiar with the matter, a potentially enormous boost for the country’s technology ambitions and a warning shot to rivals such as Xiaomi Corp.
India’s most valuable company is in talks with domestic assemblers to make a version of its Jio phone that would run on Google’s Android and cost about 4,000 rupees ($54), said the people, asking not to be identified since the plans are private. The inexpensive phones will be marketed with low-cost wireless plans from Reliance Jio, the parent company’s carrier, they said.
Reliance Chairman Mukesh Ambani is aiming to remake the country’s smartphone industry much like he did in wireless services, where his aggressive prices and simple plans quickly made him the dominant force. The