New Delhi: India’s Reliance Group announced a $110 billion investment over the next seven years during an artificial intelligence summit in New Delhi, with billionaire head Mukesh Ambani calling it “nation-building capital”.
The firm and its telecoms unit Jio will invest the money “over the next seven years, starting this year”, Ambani said, adding that India “cannot afford to rent intelligence”. He said Reliance was building a “multi-gigawatt, AI-ready data-centre park” in Jamnagar in Gujarat state, site of what the conglomerate says is world’s largest crude oil refinery, as well as a vast zoo run by his son. Ambani pointed to Reliance’s push to produce 10 gigawatts of energy, including solar plants in Gujarat and Andhra Pradesh.
He did not give further details of the investment — or if any of it had been pledged previously. But he promised to “reduce the cost of intelligence as dramatically as we did the cost of data”. US and Indian companies have rushed to announce deals and investments as world leaders gather at this week’s AI Impact Summit.
“This is not a speculative investment... This is patient, disciplined, nation-building capital designed to create durable economic value and strategic resilience,” Ambani said.
The announcement came after India’s Adani Group said Tuesday it planned to invest $100 billion by 2035 to develop “hyperscale AI-ready data centres” — a boost to India’s push to become a global AI hub. — AFP
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