Reliance Industries to consider issuing 1:1 bonus shares on Sept 5

Tribune News Service

Chandigarh/New Delhi, Aug 29

Reliance Industries Chairman Mukesh Ambani today made string of announcements such as proposal for bonus shares, plans to be among the world’s top 30 companies up from its current position among the world’s top 50, and granular timelines for the new energy business including a green energy-powered data centres for AI in Jamnagar.

The company, in a notice to the stock exchanges, said its board of directors would meet on September 5 to consider and recommend a bonus share issuance of a 1:1 ratio.

Addressing Reliance Industries’ 47th Annual General Meeting (AGM) in Mumbai, Ambani announced that the company would make efforts to ‘democratise’ artificial intelligence (AI) by building AI-ready data centres in Gujarat’s Jamnagar. “Reliance’s vision and mission is to make India a global leader in green and clean energy, which is indeed mankind’s energy future,” he said.

“I am proud to say that by 2025, Jamnagar will also become the cradle of our New Energy business. The Dhirubhai Ambani Green Energy Giga Manufacturing Complex will be the world’s largest, most modern, modular, and integrated ecosystem at a single location. We are on track to fully commit and invest up to Rs 75,000 crore to establish this manufacturing ecosystem, extensively enabled by all emerging technologies including AI, IoT, Machine Learning, and Robotics,” he said.

He also mentioned that to support investments, the company is committed to partnering with leading global technology companies, building world class, state-of-the-art R&D capabilities, and expanding our large, dynamic talent pool of PhDs, technologists, and engineers from various nationalities.

He also noted that the advent of artificial intelligence (AI) presents new opportunities to tackle the complex challenges facing humanity. Ambani also made some key announcements and projections for the company, including Reliance Jio’s aim to target 100 million home broadband customers with 30 million additions every month, creating the world’s lowest AI inferencing cost, setting up gigawatt-scale AI-ready data centres at Gujarat’s Jamnagar among other things.

Shortly before the AGM, Reliance Industries announced it would consider issuing bonus shares to shareholders during a board meeting scheduled for September 5.

NOT HOARDING WEALTH: Ambani

“We are not in the business of pursuing short-term profit and hoarding wealth. We are in the business of creating wealth for India and enhancing the quality of life of every Indian, every single day,” Mukesh Ambani said at the meeting. Ambani told shareholders Reliance was working for the energy security of India and has turned into a net producer of technology.