Reliance Industries Chairman Mukesh Ambani announced a series of major developments at the company’s annual general meeting, led by plans to list Reliance Jio platforms in what could become one of India’s largest initial public offerings, while also outlining ambitious expansion plans across artificial intelligence, retail, and new energy.
The proposed listing aimed at unlocking value within Jio Platforms.
Sources familiar with the matter told Reuters that Jio Platforms is targeting fundraising of around ₹360 billion ($3.81 billion), representing approximately 2.9% of its post-issue equity.
The company said it would issue up to 270 million new shares.
The company statement provided limited details on the offering, though Ambani said the draft red herring prospectus would be filed with the Securities and Exchange Board of India (SEBI) on Friday.
“The Jio IPO is described as the most important value creation milestone this year,” Ambani said.
Reliance reports strong FY26 financial performance
Opening the AGM, Ambani highlighted the group’s financial performance for FY26.
He said EBITDA had doubled over the past five years, rising from ₹97,580 crore in FY21 to ₹2,07,911 crore in FY26.
Net profit for the year reached ₹95,754 crore, up 17.8%.
Ambani also noted that Reliance had invested ₹6,48,428 crore, or more than $68.4 billion, in capital expenditure over the last five years.
According to him, this represents the highest investment by any Indian company during the period and accounts for nearly one-third of the total capital expenditure undertaken by India’s top 50 corporates.
Jio growth and AI expansion
Akash Ambani, Managing Director of Jio Platforms, said the telecom and digital services business continued to expand rapidly.
He reported that Jio’s subscriber base had crossed 524 million, while its 5G subscriber count reached 268 million.
Jio AirFibre has connected 13 million homes and has become the world’s largest fixed wireless broadband operator, according to Akash Ambani.
Jio Platforms generated revenue of ₹1,46,885 crore, growing 14.6%, while profit after tax crossed ₹30,000 crore for the first time.
Akash Ambani also unveiled plans to integrate artificial intelligence directly into phone calls.
He said the service would be available across all Indian languages for Jio’s more than 500 million subscribers without requiring users to download an application.
The executive further outlined plans for a sovereign low-Earth orbit satellite constellation and related infrastructure aimed at connecting remote villages, island communities, and border regions.
On AI infrastructure, he said Reliance Intelligence is developing a sovereign AI backbone at Jamnagar, powered entirely by renewable energy from the Kutch platform.
The first 120 MW phase is expected to be commissioned by the end of 2026.
He added that partnerships with Google and Meta are already operational, and Gemini-powered AI services are available free to Jio users.
Isha Ambani, Executive Director of Reliance Retail, said the company crossed 20,000 stores during the fourth quarter of FY26, covering 78 million square feet.
RCPL products are now sold in more than 40 countries.
Green energy platform gains momentum
Anant Ambani outlined progress on Reliance’s green energy initiatives, centred around the Dhirubhai Ambani Green Energy Giga Complex in Jamnagar.
He said nearly 1 GW of heterojunction technology (HJT) solar modules had already been produced.
The company’s 40 GW battery gigafactory remains on track for commissioning this year, with plans to eventually expand annual lithium iron phosphate battery capacity to 120 GW.
The Kutch renewable energy hub, spread across 550,000 acres, is designed to generate more than 40 billion units of green electricity annually.
A major commercial milestone was the signing of a $3 billion long-term green ammonia supply agreement with Samsung C&T.
Anant Ambani said discussions were also underway with potential customers in Japan, South Korea, and Europe.
He added that the new energy business is expected to begin making a meaningful contribution to Reliance’s financial performance from FY27 and could generate 200,000 green jobs through projects in Jamnagar and Kutch.
Social infrastructure and succession plans
Nita Ambani, Chairperson of Reliance Foundation, announced three major social infrastructure projects: a 410-acre private university at Dronagiri, a 1,500-bed Seven Hills Hospital in Mumbai, and a 130-acre coastal road garden in Mumbai.
Concluding the AGM, Mukesh Ambani reaffirmed his confidence in more than doubling Reliance’s consolidated EBITDA over the next five years.
He also introduced the group’s “5S” framework: Succession, Systems, Standards, Spirit, and Sustainability.
Ambani said the transition of day-to-day management responsibilities to the next generation is nearly complete, with Isha, Akash, and Anant Ambani now leading the group’s key business verticals while he continues as chairman.
“This is a deeply emotional moment for me, for the entire Reliance family and for millions of its shareholders,” Ambani said while discussing the Jio IPO, which he described as a major milestone in the company’s next phase of growth.
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