Indian biz tycoon to discuss network, AI ties with Samsung head: sources

The head of Indian conglomerate Reliance Industries plans to visit Korea next week to discuss cooperation in network and artificial intelligence (AI) industries with Samsung Electronics Chairman Lee Jae-yong, sources said Wednesday.

According to the sources, Mukesh Ambani, chairman of Reliance Industries, plans to pay a two-day visit to Korea starting Tuesday for a meeting with Lee, with the two business groups set to discuss cooperation in a wide array of areas.

Reliance Industries is a major Indian conglomerate with a business portfolio covering petrochemicals, steel, telecommunications, retail and finance.

Jio Platforms, a telecom arm of Reliance Industries, boasts 500 million users, with Samsung Electronics previously supplying equipment for the mobile carrier's fourth-generation network.

Industry watchers say the two business leaders may discuss potential cooperation in the fifth-generation network.

Ambani is the richest business tycoon in India, with his assets estimated at $116 billion.

In July last year, Lee attended a wedding ceremony for Ambani's youngest son in India.