The Solar Energy Corporation of India (SECI) has debarred Reliance Power and its subsidiary Reliance NU BESS Limited from participating in future tenders for the next three years due to a fake bank guarantee submitted by the companies in a recent bid for a battery storage project. SECI has also extended the debarment to Reliance Power and its subsidiaries, citing their close relationship and influence on the bidding process. The move is a significant setback for Anil Ambani's business interests.
Reliance Industries Ltd. (RIL) is preparing for the highly anticipated IPO of its telecommunications subsidiary, Jio Platforms Ltd., with plans for a listing by 2025. The valuation of Jio is currently estimated at over $100 billion, with analysts predicting a potential IPO valuation of $112 billion. The IPO will allow existing investors to exit, while RIL's chairman Mukesh Ambani aims to list Jio as a subsidiary structure rather than demerging it. In 2020, Jio secured investments from several strategic partners, including Meta and Google, and recently announced a partnership with Nvidia to develop AI data centers in India.
According to sources, Mukesh Ambani, the chairman and managing director of Reliance Industries, has set a target to list the group's telecom business, Jio, next year with a valuation of over USD 100 billion. The conglomerate also plans to launch the IPO of its retail unit at a later time. Ambani had previously announced a timeline of five years for Reliance Jio and Reliance Retail to go public, but the company has now firmed up plans to launch the Jio IPO in 2025, indicating confidence in its stable business and revenue stream as India's top telecom player.
Indian billionaire Mukesh Ambani plans to launch the IPO for his telecom business Jio in 2025 with a target valuation of over $100 billion. Ambani, who hasn't updated his IPO timelines since 2019, has successfully raised $25 billion from investors for his digital, telecom, and retail ventures in recent years. However, the IPO for his retail unit is not expected until after 2025 as the company needs to address some internal business and operational challenges.
As the festival of lights approaches, Reliance Industries, led by Mukesh and Nita Ambani, has again made headlines with their generous gesture of gifting specially curated boxes to their employees. The box, adorned with festive decorations and filled with an assortment of dry fruits, symbolizes prosperity and fosters a sense of community within the organization. This Diwali gift is yet another example of Reliance's commitment to valuing and appreciating their hardworking employees, ensuring a positive and inclusive work environment.
During the recent Nvidia AI Summit 2024 in Mumbai, Reliance's Mukesh Ambani and Nvidia's Jensen Huang had a conversation on AI and India's role in it. In the chat, Ambani praised Mark Zuckerberg for making Meta's Llama AI model open source. He also added that this move "will be written in history" and give everyone an opportunity to participate in the AI revolution.
In a bold move, a Delhi-based app developer purchased the domain name "jiohotstar.com" and tried to negotiate a deal with Reliance, hoping to use the profits to fund his studies at Cambridge. However, after being denied by Reliance, the developer shared updates on social media, revealing that the company has threatened legal action. This news adds to the speculation surrounding a possible merger between Jio and Disney's Hotstar platform, which has recently been approved by the Competition Commission of India. In the midst of this, Nita Ambani is rumored to be the chairperson of the newly formed entity, further solidifying Reliance's dominant position in the Indian OTT space.
At the Nvidia Summit 2024 in Mumbai, Nvidia CEO Jensen Huang met with Reliance chairman Mukesh Ambani to discuss India's potential to become a center of AI. With Reliance's strong resources and investments in AI infrastructure and Nvidia's interest in utilizing the country's fast-growing digital economy, India has become a key player in global AI ambitions. This partnership could lead to significant rewards for both companies, as India's emergence as a top player in the AI race opens new opportunities and access to a vast user base and dataset for training AI models.
NVIDIA has reaffirmed its partnership with Reliance Industries to develop an advanced AI infrastructure in India. At the company's AI summit, CEO Jensen Huang emphasized India's potential in AI and its collaboration with Reliance, while company chairman Mukesh Ambani highlighted the crucial role of Jio's infrastructure in making India a global AI hub. The partnership would also train developers in India and develop a large language model tailored for Indian needs. This move comes as India aims to become a world leader in semiconductor manufacturing and AI through public-private partnerships.
In a groundbreaking partnership between two major companies, Reliance Industries and Nvidia are set to collaborate on developing artificial intelligence infrastructure in India. This comes as a result of the growing demand for AI technology in the country, with RIL Chairman Mukesh Ambani emphasizing on India's large population of computer engineers. With the backing of Prime Minister Narendra Modi and Nvidia's advanced computing system, the country is poised to become a major player in the global AI market.