Reliance Industries Ltd (RIL) wrapped up its 48th Annual General Meeting on Friday with a sweeping set of announcements across digital, retail and energy. Chairman Mukesh Ambani confirmed Jio will file for its IPO by the first half of 2026. He also unveiled Reliance Intelligence, a new AI subsidiary to build green energy-powered data centres and deliver AI services at national scale. Reliance Jio Infocomm Chairman Akash Ambani introduced JioPC, a cloud-powered virtual computer, alongside other AI-enabled products and platforms.
Reliance Retail Ventures Ltd Executive Director Isha Ambani outlined a 20 percent-plus CAGR growth path for Reliance Retail and expansion of Reliance Consumer Products into a global FMCG powerhouse. Reliance Industries Ltd Executive Director Anant Ambani detailed giga-scale investments in solar, hydrogen, and bioenergy, reaffirming the group’s Net Carbon Zero 2035 goal. He said these projects position Reliance to lead India’s clean energy transition.
In his closing remarks, Mukesh Ambani said the New Energy business could surpass the Oil-to-Chemicals segment within 5–7 years, and reiterated Reliance’s commitment to more than double EBITDA by 2028.
Three tech breakthroughs to define new era: He identified Clean Energy, Genomics, and AI as converging forces set to define a 21st-century age of “super-abundance and super-affordability” for all.
Reliance to lead in AI, clean energy, and genomics: Ambani said Reliance is treating these as immediate opportunities, not distant possibilities -- developing AI across all businesses, building an advanced clean energy ecosystem, and expanding into digital health and life sciences.
Push for an India-first development model: Calling for an India-specific path to growth, he advocated a model that harmonises “technology with democracy” and “spirituality with science,” led by deep tech and inclusive prosperity.
Reliance becomes India’s first $125 billion revenue company: Ambani reported that in FY25, Reliance crossed $125 billion in annual revenue, with EBITDA of Rs 1.83 lakh crore and net profit at Rs 81,309 crore.
Rs 2.1 lakh crore contribution to exchequer in FY25: Reliance remained the largest corporate contributor to the national exchequer and one of the country’s top job creators, with a workforce of nearly 6.8 lakh.
Jio crosses 500 million users: Ambani announced that Jio has surpassed 500 million customers as it enters its 10th year, calling it a symbol of public trust in India’s digital transformation.
Jio IPO planned for first half of 2026: Mukesh Ambani announced that Reliance is making all arrangements to list Jio by the first half of 2026, subject to regulatory approvals. He said the IPO will showcase Jio’s ability to create value comparable to global peers.
Five achievements that transformed India’s digital landscape: Ambani listed five “previously unimaginable” milestones by Jio: free nationwide voice calls, making video and digital payments habitual, laying the foundation for India’s digital public infrastructure, fuelling India’s unicorn ecosystem, and executing the world’s fastest 5G rollout.
Five-point vision for Jio’s future: Looking ahead, Ambani said Jio’s growth will rest on five pillars:
Akash Ambani, Chairman of Reliance Jio Infocomm, says Jio now serves over 500 million customers: This is more than the combined population of the US, UK and France. He highlighted Jio’s transformation into a deep tech company with home-grown technology, rapid expansion of JioAirFiber to over a million homes per month, and AI-led services powering 220 million True 5G users, adding that Jio will take its technologies global in the next phase of growth.
Akash Ambani unveils JioPC: JioPC is a cloud-powered, AI-ready computer that transforms any TV or screen into a full virtual PC.
Akash Ambani introduced JioPC, a cloud-powered virtual computer that can turn any TV or screen into a full AI-ready PC by simply connecting a keyboard to the Jio Set-Top Box.
JioPC requires no upfront investment, runs entirely from Jio’s cloud, and allows users to remotely upgrade memory, storage and computing power on demand.
Akash Ambani also unveils JioFrames: JioFrames is an AI-enabled wearable supporting multiple Indian languages with voice assistance, HD capture and instant cloud storage.
RIYA voice assistant launched: Akash Ambani introduced RIYA, a voice-enabled AI assistant on Jio platforms that curates content instantly by voice command, eliminating the need for scrolling or searching.
AI-powered Voice Print unveiled: JioHotstar will offer AI voice cloning and lip-sync technology through Voice Print, enabling viewers to watch sports and films in their own language with stars’ original voices and natural lip-sync.
Disney CEO Bob Iger hails partnership with Reliance: Disney CEO Bob Iger, addressing the RIL AGM, said India is among Disney’s most important markets globally and praised the JioStar venture for delivering entertainment and sports at unprecedented scale.
Moneycontrol Pro among top global platforms: Mukesh Ambani said Moneycontrol is India’s largest business news and markets platform. It has over one million paid subscribers. Moneycontrol Pro now ranks among the world’s top 15 subscription platforms, alongside the WSJ and NYT.
CNBC-TV18 to expand global reach: Ambani noted CNBC-TV18’s leadership in business news for over two decades. With CNBC-TV18 Prime and Access, it is reaching CXOs and decision-makers nationwide. The channel is now looking beyond India for global mindshare, market share and revenue share.
Reliance Intelligence launched: Mukesh Ambani announced the creation of Reliance Intelligence, a new wholly owned subsidiary to drive AI-led transformation. It will build gigawatt-scale green energy-powered data centres, unite global tech partners and open-source communities, deliver AI services for consumers and enterprises, and foster world-class talent in India.
AI at national scale: Ambani said Reliance Intelligence will power training and inference at national scale, positioning India to build and deploy AI solutions for consumers, businesses and sectors of strategic importance.
Reliance-Google deepen AI partnership: Mukesh Ambani announced an expanded AI partnership with Google, including a dedicated Jamnagar Cloud region powered by Reliance’s clean energy and Jio’s network. Google CEO Sundar Pichai said Google Cloud will support AI adoption across all Reliance businesses.
Reliance-Meta form AI joint venture: Mukesh Ambani unveiled a new joint venture with Meta to deliver sovereign, enterprise-ready AI for India. Meta CEO Mark Zuckerberg said the partnership will use Meta’s open-source AI models like Llama with Reliance’s scale to empower businesses, entrepreneurs, and creators nationwide.
Reliance bets on humanoid robotics: Mukesh Ambani said Reliance is investing in AI-powered humanoid robotics to transform factories, supply chains and healthcare, aiming to make India a leader in human-centric robotics and create new industries, jobs and opportunities.
AI as Reliance’s next growth engine: Ambani said AI now represents as large an opportunity as digital services did a decade ago. With Reliance Intelligence, partnerships and green infrastructure, the company aims to deliver “AI everywhere for every Indian” over the next decade.
Reliance Retail sets 20%+ CAGR target: Isha M. Ambani, Executive Director, Reliance Retail Ventures Limited, said Reliance Retail is poised for “super growth,” aiming to deliver more than 20 percent CAGR, propelled by omni-channel strength, AI-driven supply chains, and expansion across grocery, fashion, beauty, and electronics. “We have the market, the model, the means, and the winner’s mindset to make it happen,” she said.
RCPL to drive Reliance’s consumer play: Reliance Consumer Products Ltd (RCPL) will become a direct subsidiary of RIL, consolidating all consumer brands into one entity. Isha Ambani outlined a near-term ambition to hit Rs 1 lakh crore revenue within five years and a long-term goal to be India’s largest FMCG company with a global footprint. She said RCPL will leverage India’s $2 trillion consumption opportunity, a growing middle class, and accelerating rural demand.
Campa, Independence, and exports gain traction: RCPL’s revenues reached Rs 11,500 crore last year, making it India’s fastest-growing FMCG company. Campa Cola now commands double-digit market share in many states, Independence has crossed Rs 1,000 crore in sales, and RCPL has entered West Asia, Sri Lanka, and Nepal, with exports to West Africa and plans for 25 countries in the next 12 months, said Isha Ambani.
Retail scale continues to expand: Reliance Retail posted FY25 gross revenue of Rs 3.3 lakh crore with EBITDA of Rs 25,094 crore. The business added 2,659 new stores, taking the total to 19,340, while its customer base grew 15 percent to 349 million. Online channels, now a high single-digit share of revenues, are projected to cross 20 percent in three years, said Isha Ambani.
Record energy performance, strong E&P growth: Anant Ambani said Reliance’s Exploration & Production business delivered record EBITDA of Rs 21,188 crore in FY25, contributing nearly 30 percent of India’s natural gas output. He highlighted deep-tech adoption in operations, setting new benchmarks in safety, reliability, and efficiency.
Net Carbon Zero by 2035: Ambani reaffirmed Reliance’s 2035 Net Carbon Zero pledge, calling it a “strategic transformation” that positions the company ahead in evolving energy markets. The SEZ refinery was recognised as the world’s most energy-efficient, while clean fuel adoption and circular economy initiatives are driving sustainability as a competitive advantage.
Massive new capex pipeline: Reliance is investing Rs 75,000 crore in new projects across PVC, PTA, specialty polyester, and carbon fibre, alongside developing an autonomous refinery at Jamnagar. These investments are designed to meet India’s rising demand and expand Reliance’s advanced materials footprint.
Jio-BP to scale green fuels, EV infra: He said Jio-BP is among India’s fastest-growing fuel and mobility players. The business is expanding its fuel retail network, EV charging and swapping infrastructure, and will introduce new green fuels including biofuels and hydrogen to support India’s mobility transition.
Reliance to build world’s most integrated New Energy ecosystem: Ambani said Reliance is creating an unmatched ecosystem spanning solar, battery storage, hydrogen, and green chemicals. AI-driven giga factories will deliver round-the-clock renewable power and produce green fuels such as ammonia, methanol, and SAF, making Reliance the only fully integrated global player in New Energy.
Jamnagar Giga Energy Complex: He gave a first glimpse of the Dhirubhai Ambani Giga Energy Complex at Jamnagar, under construction at record pace, with scale four times Tesla’s Gigafactory. Over 50,000 workers and extensive automation are being deployed on the site.
Scaling solar, battery, and electrolyser factories: Ambani said Reliance has produced its first 200 MW of high-efficiency HJT solar modules and is scaling to 20 GW capacity. A 40 GWh battery factory (expandable to 100 GWh) and a 3 GW electrolyser facility will be operational by 2026, enabling cost-competitive green hydrogen at global scale.
Kutch mega solar-hydrogen project: Reliance is developing a 5.5 lakh acre solar site in Kutch, Gujarat—three times the size of Singapore. The site could supply nearly 10 percent of India’s electricity within a decade and will export green hydrogen derivatives globally, making India a hub for low-cost clean fuels.
Bioenergy and agrivoltaics push: Ambani said Reliance is building 55 compressed biogas plants this year, scaling to 500+ by 2030. Agrivoltaics will combine CBG and solar on the same land, capturing CO₂ to make green chemicals. “This creates triple value for farmers – green gas, green electricity, and higher rural incomes,” he said.
Reliance Foundation at 15 years: Reliance Foundation Chairperson Nita Ambani said Reliance Foundation has impacted over 87 million Indians across all states and 91,500 villages. Its rural transformation initiatives alone reached 1.5 million people in 55,000 villages this year.
Healthcare, education, and sports initiatives: She announced a new 2,000-bed medical city in Mumbai with AI-powered diagnostics and a transformative medical college, alongside the Jeevan paediatric oncology wing at Sir H. N. Hospital. The Foundation’s education and sports programmes have reached 23 million children, while Mumbai Indians now field seven teams across four continents, winning 13 titles globally.
Ambitions for the future: Reliance Foundation aims to reach 400 million Indians by 2035, providing quality education to 300 million children, transforming the lives of 100 million women, and empowering 50 million rural households. Nita Ambani also highlighted the Vantara wildlife initiative, the Coastal Road Gardens project in Mumbai, and Reliance’s support for India’s bid to host the 2036 Olympics.
New energy to surpass O2C: Mukesh Ambani said Reliance’s New and Clean Energy business will be built at global scale to make India self-sufficient in energy. Within 5-7 years, it has the potential to grow as big as, or even bigger than, Reliance’s Oil-to-Chemicals business.
Retail and Jio to drive hyper growth: Ambani said Jio, with 500 million subscribers moving to 5G and eventually 6G, and Reliance Retail -- now among the world’s top 25 retailers -- will continue multi-fold growth through omni-channel expansion.
Two new growth engines launched: Ambani highlighted Reliance Consumer Products Ltd (RCPL) and Reliance Intelligence as the group’s newest engines of expansion, each with potential to outgrow existing segments. He said Gartner has ranked Reliance among global tech superpowers alongside Microsoft, Amazon, Google, Meta, and Alibaba.
Reliance to double EBITDA by 2028: Reiterating his 2022 promise, Ambani said Reliance will more than double its EBITDA by the end of its “Golden Decade” in 2028, from Rs 1.25 lakh crore at the time.
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