Reliance serious on Innovation

October 12, 2007

In a shareholders meeting recently Reliance Industries Chairman, Mr. Mukesh Ambani proposed five shifts in the strategy of Reliance Industries in future, surprisingly one of the major one is, shift in innovation. Traditionally, Reliance has grown on the strength of licensing technologies. This strategy has limitations in its play in the context of technology-driven opportunities and global competitors harboring India aspirations, he said. Reliance therefore has an imperative to invest in innovation. RIL will be building a Reliance Centre for Technology at Navi Mumbai and will also creating an Innovation Council at Pune.This Council will have several Nobel Prize winners and global thought leaders, quoted the Chairman.

So now India's biggest Petrochemical company becomes serious for owning IP in the line of Exxon Mobil and Shell.

Cheers