Addressing the shareholders at the 47th Annual General Meeting of Reliance Industries Limited on Thursday, 29th August 2024, Mr Mukesh Ambani, Chairman & Managing Director, laid out RIL’s roadmap for Deep-Tech transformation and how that will propel its future rapid growth.
“Breakthrough technologies and innovation have always been the greatest wealth creators for nations, as well as for corporates. Reliance internalised this Vikas Mantra at every stage of our growth. In recent years, this mantra is transforming Reliance into a Deep-Tech company with Advanced Manufacturing capabilities,” said Mukesh Ambani
Reliance is embedding innovative technologies in every single business, it is incubating several critical technological innovations in-house, and it has built an AI-native digital infrastructure for all Reliance businesses, with its own software stack. These Atmanirbhar efforts, will accelerate India’s transformation into a Deep-Tech Nation.
Reliance spent over ₹3,643 crore (US$ 437 million) in FY24 towards R&D, taking its spend on research to over ₹11,000 crore (US$ 1.5 billion) in the last four years alone. It has more than 1,000 scientists and researchers working on critical research projects across all the businesses.
Last year Reliance filed over 2,555 patents, mainly in the areas of bio-energy innovations, solar and other green energy sources, and high-value chemicals.
Digital is another principal area of the company’s in-house research. It has filed patents in 6G, 5G, AI-Large Language Models, AI-Deep Learning, Big Data, Devices, Internet of Things, and Narrowband-IoT.
While assuring shareholders that the tech-driven transformation will propel Reliance into a new orbit of hyper-growth, Mukesh Ambani said, “Our future is far brighter than our past. For example, Reliance took over two decades to be amongst the Top 500 companies globally. The following two decades saw us joining the league of the world’s Top-50 most valuable companies. With our strategic adoption of Deep-Tech and Advance Manufacturing, I can clearly see Reliance earning a place in the Top-30 League in the near future.”
Mukesh Ambani explains how RIL’s Deep-Tech transformation will propel it to the world’s Top 30
