Reliance not pursuing short-term profit, says Mukesh Ambani

Mumbai, Aug 29: Asia's richest man Mukesh Ambani on Thursday said his oil-to-telecom-and-retail conglomerate is not seeking short-term profit but is in the business of creating wealth for the nation.

Speaking at the company's annual shareholder meeting, he said all businesses of Reliance Industries Ltd continue to be key drivers of the Indian economy and have become a success story.

"We are not in the business of pursuing short-term profit and hoarding wealth. We are in the business of creating wealth for India," he said. "We are in the business of providing the highest quality products and services that improve efficiency, productivity, and ease of living for Indian consumers."

Reliance is on a mission to provide energy security to the country and make the world cleaner and greener for future generations.

Ambani, chairman and managing director of Reliance Industries Ltd, said the board of the company will meet on September 5 to consider issuing bonus shares in the ratio of 1:1. "When Reliance grows, we reward our shareholders handsomely."

Reliance, he said, has now become a net producer of technology and is transforming into a deep-tech company with advanced manufacturing capabilities in three seminal ways - embedding innovative technologies in every single business, incubating several critical technological innovations in-house to enhance product and service offerings, and building an AI-native digital infrastructure for all Reliance businesses.

Reliance spent over Rs 3,643 crore in FY24 towards R&D, taking its spend on research to over Rs 11,000 crore in the last four years alone.

"Advance manufacturing, I can clearly see Reliance earning a place in the Top-30 League in the near future," he said.

Ambani said the world today is witnessing revolutionary breakthroughs in science and technology - especially in artificial intelligence, computing, robotics, and life sciences - which promise a future of unprecedented prosperity and well-being for all of humanity.

"The birth of AI, perhaps the most transformative event in the evolution of the human race, has opened up opportunities to address a number of complex problems facing mankind," he noted.

But alongside, multiple geopolitical conflicts threaten global peace, stability, and even economies of nations.

"It is also no longer possible, nor acceptable, to ignore the stark developmental disparities amid rising aspirations for a better life in the Global South," he said. "However, even in these uncertain times, there is one absolute certainty. And that certainty is the continued Rise of New India as it marches confidently towards the goal of Viksit Bharat in Amrit Kaal."

With unmatched demographics and relatively lighter debt burdens, India is one of the biggest growth engines, and not just a carriage in the global economic train.

The IMF forecasts that by 2027 India is set to emerge as the world's third-largest economy, surpassing Japan and Germany.

"Irrespective of the volatile times globally, India remains the brightest beacon of hope for the world. With its rich cultural heritage, empowered population, surging economic power, and age-old advocacy of peace, our nation will play a pivotal role in changing the world for the better," he said.