'Will be among top 10 business conglomerates of world': Mukesh Ambani wants RIL to emerge as pioneer AI developer for India

Reliance Industries Chairman Mukesh Ambani said on Thursday that he wants the conglomerate to pioneer artificial intelligence solutions for India's urgent priorities including healthcare, education, agriculture and employment.

The 66-year-old billionaire said as Reliance reinvents itself to become a new age technology company it needs "to be at [the] forefront of using data, with AI as an enabler for achieving a quantum jump in productivity and efficiency".

Ambani said Reliance Industries will grow to be among the top 10 business conglomerates of the world and said RIL will be a global leader in digital platforms, data and AI adoption.

"As India races ahead to become world's third largest economy, an unprecendented opportunity awaits Reliance. Reliance can and Reliance will grow to be among the top 10 business conglomerates of the world," he said at the Reliance Family Day.

Mukesh Ambani has led the transformation of Reliance from a traditional energy and material business company into a technology company over the last decade with the launch of its telecom and digital services.

Reliance, which was started by Mukesh's father Dhirubhai Ambani in 1957, now operates in telecoms, digital services, retail, oil and gas and new energy with a market value of more than $200 billion.

To supports its AI ambitions, in September Reliance signed a deal with US chip firm Nvidia to develop cloud infrastructure and language models, as well as generative applications.

In his year-end address to employees on Thursday, Mukesh Ambani urged them to bring AI-led transformation across the company's key growth engines including digital services, retail, oil and chemical business as well as health and life science by 2024.

"We need to be at the forefront of using data, with AI as an enabler for achieving a quantum jump in productivity and efficiency. All our growth engines of Reliance -- Digital Services, Green and Bio-Energy, Retail and Consumer Brands, O2C and Materials business and Health and Life Sciences -- will have to complete this transformation by the time we meet next year," said Ambani to his employees.

Ambani also gave leadership lesson to young leaders. "Do not waste your energy on conducting a post-mortem of past mistakes. Rather, learn not to repeat the same mistakes. More importantly, be bold, courageous and adventurous in pursuing your present and future goals," he said.

Also on Thursday, Reliance rival Adani Group said that it had formed a joint venture with a unit of Abu Dhabi-based International Holding Co. (IHC) for deployment AI, Internet of Things (IoT) and blockchain products. The joint venture aims to tap $175- billion India digitisation opportunity.