Tech3 | Mukesh Ambani outlines AI ambitions; RBI Deputy Guv asks fintechs to build trust; and more

One quick thing: Amitesh Jha takes helm at Instamart as CEO, co-founder Phani Kishan leads Swiggy One?

In today’s newsletter:?

• Mukesh Ambani outlines AI ambitions?
• RBI Deputy Guv asks fintechs to build trust
• Fintech firms gear up for IPOs

Mukesh Ambani outlines AI ambitions

For a moment, it would have been easy to mistake RIL chief Mukesh Ambani's address at the company's annual general meeting for a keynote event by SoftBank or a Silicon Valley giant like Nvidia.

• While unveiling the conglomerate’s deep tech plans, Ambani mentioned AI (artificial intelligence) at least 50 times

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Driving the news: Reliance is on an AI overdrive, with plans to offer AI cloud services, build data centres, create a skilling programme for AI talent, and more.

?"We plan to establish gigawatt scale AI-ready data centres in Jamnagar, powered entirely by Reliance's green energy, reflecting our commitment to sustainability and a greener future,” said Ambani.

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Deeptech transformation: The RIL supremo highlighted the group’s efforts to transform into a deep tech company — with elevated R&D spends, filing of patents in areas like AI and telecom, and hiring top-notch technology talent.

• Ambani said that the deep tech strategy would help RIL become one of the world’s top 30 most valuable companies in the near future

• It spent over Rs 3,643 crore ($437 million) in FY24 towards R&D, taking its spend on research to over Rs 11,000 crore ($1.5 billion) in the last four years

The conglomerate has more than 1,000 scientists and researchers working on critical research projects across businesses.

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