Billionaire Mukesh Ambani’s conglomerate plans to invest up to 10 trillion rupees (US$110 billion or $139.22 billion) over seven years in artificial intelligence (AI)-related infrastructure, participating in the global surge into the sector's fastest-expanding field.

According to Ambani at the India AI Impact Summit in New Delhi on Thursday, this investment from Reliance Industries Ltd and its telecom division, Reliance Jio Infocomm Ltd, aims to reduce the cost of AI.

"India cannot bear to lease intelligence. Consequently, we will lower the expense of intelligence as significantly as we did with the cost of data," Ambani stated at the event, alluding to Reliance Jio's groundbreaking launch in 2016 with extremely low data prices and free calls that transformed the price structure of the industry.

The statement from Asia's wealthiest individual comes after a $100 billion commitment to AI investment made by fellow countryman Gautam Adani earlier this week, along with Tata Group's intentions to collaborate with OpenAI Inc. earlier today.

India's biggest conglomerates — historically recognized for aligning their corporate strategies with national priorities — are intensifying efforts as Narendra Modi's administration promotes India as a center for AI and cloud computing.

India launched one of the largest AI conferences this week, attracting major industry figures like Alphabet Inc’s Sundar Pichai and OpenAI’s Sam Altman. The nation anticipates drawing over $200 billion in AI-related investments in the coming two years, reflecting the worldwide trend of trillions being invested in an unparalleled AI hardware competition.

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“We will demonstrate that AI does not eliminate jobs. Instead, it will generate new high-skill jobs,” Ambani stated, easing prevalent concerns that the onset of the AI age will lead to job losses.

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Reliance will collaborate with India’s top industrial conglomerates to integrate AI into manufacturing, logistics, energy, finance, retail, agriculture, and healthcare, he mentioned.

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Reliance additionally outlined additional fields where it is incorporating AI. JioHotstar aims to launch a bot utilizing OpenAI’s ChatGPT, designed to suggest content and engage with users in various local languages on India’s biggest streaming service, as per reports.