MUMBAI — Reliance Industries Chairman Mukesh Ambani revealed plans Thursday for the conglomerate and its Jio unit to pour 10 trillion rupees, or $110.13 billion, into new projects over the next seven years.

Ambani made the announcement as India hosts a major AI summit this week. Tech executives and government leaders from around the world have converged on New Delhi. Organizers aim to boost emerging economies’ influence in AI development.

The timing highlights India’s push to become a hub for technology investment. Reliance, India’s largest company by market value, operates in energy, retail, telecom and digital services. Jio dominates the mobile market with over 470 million subscribers.

Ambani did not detail the spending breakdown. Past investments have fueled Jio’s rapid expansion and Reliance’s shift toward green energy and digital infrastructure. The company already committed $10 billion to solar manufacturing last year.

India’s investment boom in tech infrastructure gained steam this week. On Tuesday, rival Adani Group, a powerhouse in energy and logistics, pledged $100 billion for large-scale data centers by 2035. Adani officials said the outlay will support AI computing needs.

Such announcements reflect fierce competition for data center dominance. India trails the U.S. and China but offers cheap power and a vast talent pool. Government incentives, including tax breaks, sweeten deals for investors.

The AI summit, running through Friday, features speeches from Microsoft CEO Satya Nadella and Google DeepMind’s Demis Hassabis. Prime Minister Narendra Modi will address the closing session. Discussions cover AI ethics, regulation and equitable access for developing nations.

Reliance has deepened AI ties. Jio launched AI-enabled services last year and partners with Nvidia for GPU cloud computing. Ambani called AI a ‘force multiplier’ for India’s economy in a recent speech.

Analysts view the investments as bets on India’s 1.4 billion population and rising digital demand. Reliance shares rose 1.2% in Mumbai trading Thursday after the news. Adani Enterprises gained 0.8%.

Challenges loom, however. India grapples with unreliable power grids and data privacy laws still in draft. Water scarcity also threatens data center growth in parched regions.

Still, the pledges signal confidence. Reliance and Adani together represent over $250 billion in planned tech spending. That rivals commitments from U.S. giants like Amazon Web Services.

Economy Minister Nirmala Sitharaman welcomed the moves at the summit. She said they align with India’s goal to hit $1 trillion in digital economy output by 2028.

Ambani’s vision positions Reliance at the forefront. The tycoon, with a net worth over $110 billion, built his fortune on petrochemicals before pivoting to telecom and renewables.