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RIL signs Rs 60,000 cr of MoUs at 'Magnetic Maharashtra'

Business Finance

IANS  |  Mumbai 

Mukesh Ambani-led Reliance Industries Ltd (RIL) has signed 25 MoUs at the ongoing 'Magnetic Maharashtra: Convergence Summit 2018' with various global giants with an investment of Rs 60,000 crore over 10 years to create 100,000 jobs, it was announced on Tuesday.

The MoUs are part of the Fourth Industrial Revolution sweeping the world, on which Ambani spoke in detail at the inauguration of the investement summit on Sunday.

According to RIL, the time has now come to transform Mumbai from India's financial capital to its 'fin-tech capital', and with this objective and in partnership with the World Economic Forum, RIL will set up a centre for Fourth Industrial Revolution in Mumbai.

This will be the first such centre outside Silicon Valley, US and only the second in the world, which will allow policy-makers and thought leaders in India to stay ahead of the curve through unique insights about new ways of governance, new applications and innovations.

RIL signed 25 MoUs with top global giants like Cisco, Siemens, HP, Nvidia, Nokia, EMC, Canon, Sumitomo, etc to partner in development of the proposed centre.

For the project, RIL alone would invest Rs 60,000 crore over 10 years and help create 100,000 jobs, marking a major stride towards Maharashtra's aspiration to emerge as the first trillion-dollar economy in India and become a leader in new manufacturing.

Digital opportunities, such as Blockchain technology and Internet of Things, offer significant applications in finance, trade and commerce in ways like never before, said a company official.

There is a global race to harness Artificial Intelligence, Robotics, Nanotech, Big Data, Cloud Computing, 3D Printing, Cyber Security, Blockchain, Internet of Things, Next-Generation Virtual and Augmented Reality, Life Sciences, New Materials and New Sources of Energy and other futuristic technologies, which will bring about exponential transformations across every sphere.

"The company will make Maharashtra the birthplace and cradle of the Fourth Industrial Revolution in India, which is a convergence of disruptive technologies in the physical, digital and biological spheres. It is going to transform the world and our society in unimaginable ways," Ambani said at the summit, which was inaugurated by Prime Minister Narendra Modi.



(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Tue, February 20 2018. 21:40 IST