Asia's richest man Mukesh Ambani on Thursday said his oil-to-telecom conglomerate is not in the business of making short-term profit and hoarding wealth and instead focused on wealth creation for the nation.

Speaking at the annual shareholder meeting of Reliance Industries Ltd, he said the company is working for the energy security of the country.

Reliance, he said, has now become a net producer of technology, transforming into a deep tech company.

The birth of AI has opened up opportunities to address complex problems facing humans, said Ambani, chairman and managing director of RIL.

Painting a rosy picture of the country's economy, he said India is one of the biggest growth engines in the world and no longer just a carriage.

Except for the headline, this story has not been edited by The Telegraph Online staff and has been published from a syndicated feed.