Ambani touts AI, bonus stock but stays silent on units’ IPOs

Billionaire Mukesh Ambani unveiled ambitious plans for Reliance Industries to develop cutting-edge artificial intelligence tools, but gave no details on the much-awaited listings of its telecoms and retail units in his annual shareholders’ address.

The conglomerate wants to “democratise” AI by offering models and services to ordinary Indians at affordable prices, he said, giving no investment outlay in the marathon two-hour speech that mentioned AI more than 80 times.

The energy-to-entertainment conglomerate also plans to set up “gigawattscale AI-ready data centres” powered by green energy in Jamnagar in Gujarat – home for all of the group’s big businesses from oil refining to green energy, he added.

Ambani’s daughter, Isha, who helms the retail business of the group, told shareholders that Reliance will partner Shein, marking the fast fashion giant’s return to India after four years.

“The Reliance Group is well on track to more than double in size before the end of this decade and grow faster in the decades ahead,” chairman Ambani said.

Asia’s richest person took the dais minutes after Reliance informed stock exchanges that its board will consider a bonus share issue for the first time in seven years next week – a sweetener for shareholders while they continue to await clarity on the initial public offerings of Reliance Jio Infocomm and Reliance Retail.

Ambani’s focus on mega data centres will also pitch him against compatriot and Asia’s second-richest person, Gautam Adani, who’s doubling down too on this business.

Shares closed 1.5 per cent up at 3,041.85 rupees (US$36.269), pushing this year’s advance to almost 18 per cent. While the shares surged as much as 2.6 per cent on Thursday after the unexpected bonus issue