Reliance Industries bets big on AI infrastructure as Jio files India's largest IPO

Reliance 3.0: Mukesh Ambani is preparing for a brave post-Jio world

In a pivotal shift towards innovation, Reliance Industries unveils Reliance 3.0, moving away from its conventional oil and consumer business operations. The company is laying the groundwork for a robust infrastructure supporting artificial intelligence, data centers, and sustainable energy. This strategy reflects its prior success with Jio, indicating a forward-looking approach to foster growth in AI and green technologies, ultimately shaping economic trends worldwide. Reliance Industries (RIL) has never stayed still for too long. Over the past five decades, the company has repeatedly morphed itself, moving from textiles to petrochemicals, from refining to telecom and retail. Each transition has reshaped not just Reliance's business model but often entire industries. The biggest and boldest reinvention, call it Reliance 2.0, began roughly a decade ago when Chairman Mukesh Ambani launched Jio and expanded Reliance Retail at an unprecedented scale. That transformation altered the group's earnings profile and reduced its dependence on the cyclical oil-to-chemicals business. Today, consumer businesses contribute nearly half of Reliance's EBITDA. Also Read: Rs 35,000 crore Jio IPO may not be a jackpot for Reliance investors. Here's why Now the contours of another transformation, Reliance 3.0, are beginning to emerge. A series of developments over the past two years, ranging from artificial intelligence (AI) and data centres to satellites, battery technologies and green energy, suggest Reliance is quietly assembling the building blocks of what may become its next growth engine. The vision outlined at the company's recent AGM was not the start of this journey. It was the clearest indication yet that Reliance 3.0 is taking shape. The company that keeps rebuilding itselfFew large conglomerates have demonstrated the ability to reinvent themselves as much as Reliance. Reliance 1.0 was built around manufacturing, refining and petrochemicals. These businesses generated the cash flows that turned the company into India's largest private-sector enterprise. For years, the group's fortunes were closely linked to refining margins, energy prices and global industrial demand. But by the middle of the last decade, Ambani had started preparing for a future in which data would become as important as oil. The launch of Jio in 2016 marked the beginning of Reliance 2.0. What followed was one of the most disruptive business transformations in Indian corporate history. Jio changed the economics of India's telecom sector, while Reliance Retail expanded into an increasingly dominant consumer platform. They shifted the centre of gravity away from traditional energy businesses. The results are evident today. Consumer-facing businesses have become major contributors to revenue, profits and valuation. Jio and Retail are no longer side businesses. They are core pillars of the group. The question now is what comes next. Also Read: 11,983% profit! HFCL promoter's Rs 10 Jio bet may turn into Rs 5,800 crore windfall Reliance needs another growth storyTelecom and retail continue to have significant growth potential. Yet they are no longer the disruptive opportunities they were ten years ago. Jio is India's largest telecom operator. Reliance Retail has become the country's biggest retailer, leading in several segments. Growth will continue, but the scale of future value creation is unlikely to come from simply adding more subscribers or opening more stores. Large conglomerates need new engines of expansion before existing businesses mature. That reality appears to be driving Reliance's latest strategic pivot. The company is increasingly positioning itself around some of the biggest themes likely to shape the global economy over the next decade, such as artificial intelligence, digital infrastructure, clean energy, advanced materials and next-generation connectivity. These may appear to be separate initiatives, but they look increasingly like a coordinated attempt to build the next phase of Reliance. The building blocks of Reliance 3.0The clearest sign of this shift is that Reliance's recent investments are no longer concentrated in a single sector. Artificial intelligence has emerged as a major focus area. At the AGM, Ambani unveiled Reliance Intelligence, a broad AI initiative built around the idea of creating affordable AI infrastructure and services for India. The company is building sovereign AI capabilities in Jamnagar with computing power equivalent to more than two lakh H100 GPUs. But AI is only one part of a larger puzzle. Reliance has also been expanding its presence in digital infrastructure through data centres and cloud-related capabilities. The company has been exploring partnerships and investments aimed at strengthening its role in India's emerging AI ecosystem. Recent discussions around data-centre collaborations and AI infrastructure have reinforced the perception that Reliance wants to become a foundational player in the country's digital economy rather than merely a telecom operator. At the same time, Jio is moving into satellite-based broadband services. The company's plans in low-earth-orbit satellite connectivity indicate that it is preparing for a future in which connectivity extends far beyond traditional telecom networks. Meanwhile, Reliance has entered battery manufacturing and plans a battery-swapping initiative, while accelerating investments across the clean-energy value chain. All these bets are pieces of a much larger strategic architecture. Tectonic shiftOne way to understand Reliance's latest pivot is to compare it with the Jio story. When Reliance entered telecom, it did not simply launch a mobile service. It built massive infrastructure before demand fully materialised. It invested in fibre networks, spectrum and digital ecosystems at a scale that competitors struggled to match. A similar pattern is visible today. The infrastructure of the AI era is not telecom towers. It is data centres, computing power and energy. The infrastructure of the digital economy is no longer just connectivity, but compute capacity. Reliance appears to be applying the same playbook that worked with Jio. It is investing heavily in foundational infrastructure ahead of what it believes will be a surge in demand. The difference is that this time the opportunity is potentially much larger and far more global. AI-energy convergenceOne of the more interesting aspects of Reliance's strategy is the way its AI ambitions are being linked with its energy investments. Globally, artificial intelligence is creating an enormous appetite for electricity. Large AI models require vast computing resources. Those computing resources need power-hungry data centres. This is where Reliance's strategy begins to look distinctive. The company is simultaneously building AI infrastructure, data-centre capacity and renewable-energy assets. The massive new-energy complex at Jamnagar is intended to support solar manufacturing, battery production and green hydrogen development. At the same location, Reliance is also creating the infrastructure required for its AI ambitions. In effect, the company is trying to build the energy backbone and the computing backbone together. Few companies possess the financial resources, engineering capabilities and industrial scale to attempt such integration. Reinventing the legacy business before it peaksAnother important aspect of Reliance 3.0 is what it plans to do with its traditional businesses. The company has made it clear that its Oil-to-Chemicals segment is being reimagined as an integrated oil-to-chemicals-and-new-materials platform. This reflects a broader recognition that future industrial growth may increasingly come from advanced materials and specialised products rather than conventional refining alone. Reliance has followed a similar approach before. Instead of waiting for existing businesses to stagnate, it has historically used strong cash flows from mature operations to fund future growth engines. The transition from refining to telecom followed that logic. The shift from refining and telecom toward AI and new energy appears to be following the same pattern. Jio IPO is a new beginningThe decision to initiate the Jio Platforms IPO process may also be viewed through the lens of this broader transformation. For years, investors have struggled to assign a standalone value to Jio within the larger Reliance structure. A public listing would provide greater transparency and potentially unlock significant value. More importantly, it would highlight how far the company has travelled from its origins. A decade ago, Jio was a disruptive newcomer. Today it is becoming the foundation upon which Reliance hopes to build AI services, cloud infrastructure, digital applications and next-generation connectivity. The IPO therefore represents more than a capital-market event. It symbolises the maturation of Reliance 2.0 even as Reliance 3.0 begins to emerge. Can Reliance create another Jio moment?That remains the central question. The opportunities in artificial intelligence and clean energy are immense. They are also far more competitive than telecom was when Jio entered the market. Global technology giants, energy majors and specialist startups are all chasing the same opportunities. Yet Reliance enters this race with advantages that few competitors possess. It has one of the world's largest consumer digital platforms through Jio. It has an unmatched retail distribution network. It has deep expertise in building large-scale industrial infrastructure. And it has the financial capacity to invest patiently in long-gestation opportunities. Those strengths do not guarantee success. But they do make Reliance one of the few companies capable of attempting a transformation of this scale. The next Reliance decadeThe recent AGM attracted attention because it formally articulated Reliance's ambitions in AI and new energy. But the more important story lies beyond the announcements themselves. For the first time since the launch of Jio, a coherent picture is emerging of what Reliance's next phase could look like. A decade ago, the company reduced its dependence on oil by betting on consumers, connectivity and digital services. Today it is laying the groundwork for a future built around data, computing power, artificial intelligence and clean energy. Whether these businesses ultimately create value on the scale of Jio remains to be seen. But the direction is becoming increasingly clear. Reliance is once again preparing for a future that looks very different from the one that made it successful. And if history is any guide, that is usually when the company is at its most consequential.

Reliance Industries shares in focus as Jio files DRHP for India's largest IPO

Reliance Industries shares are in focus after Jio Platforms filed its DRHP for what could be India's largest IPO. The issue will be entirely a fresh offer, with no OFS component. At the AGM, Mukesh Ambani outlined growth plans across AI, new energy, O2C operations, and retail expansion. Shares of Reliance Industries will be in focus heading into trade on Monday after Jio Platforms filed its DRHP with Sebi for India's largest initial public offer (IPO). Billionaire Mukesh Ambani-led Reliance Industries remains firmly in control with a 66.43% stake in the company. Speaking at the company's 49th Annual General Meeting (AGM) on Friday, Ambani said the IPO will unlock great value for Reliance Industries (RIL) shareholders and offer an attractive investment opportunity to others. Jio's IPO will comprise entirely a fresh issue of up to 27 crore shares with no offer for sale (OFS) component. This means all of the IPO proceeds will go to the company. Up to 50% of the offer size will be reserved for Qualified Institutional Buyers (QIB), while at least 35% will be kept for retail individual investors. The company is yet to announce what portion of the issue will be reserved for eligible Reliance Industries (RIL) shareholders and employees. RIL AGM AI emerges as a new growth pillar: Reliance Intelligence is moving from the planning stage to execution, with the Jamnagar sovereign AI hub targeting commissioning of its first 120MW capacity by the end of FY26E. The venture remains an early-stage opportunity that requires significant capital investment, with monetisation yet to be established. Reliance plans to focus on affordable, multilingual AI solutions for consumers, enterprises and government clients. New Energy gains momentum: Reliance has already commissioned its solar cell and module facilities, while the first phase of its 40GWh battery gigafactory is scheduled to go live this year. The New Energy business is expected to generate its first revenues from FY27E. The company's green energy strategy is further supported by a nearly USD 3 billion green energy supply agreement with Samsung C&T, strengthening its green molecules roadmap. O2C biz growth: Reliance is increasingly integrating digital technologies across its O2C operations to improve efficiency and productivity. Its proprietary AI-powered feedstock optimisation platform is helping identify the most efficient processing mix across the complex. The company has also developed an in-house digital logistics platform that has streamlined chartering and supply chain management. In addition, AI-enabled smart contract execution tools are enhancing the speed and accuracy of customer transactions. Reliance is also working towards building the world's first fully autonomous refinery, a milestone that could shape the next phase of evolution in the global refining industry. Reliance Retail and RCPL set for next phase of expansion: Reliance Retail is preparing for its next major growth phase alongside RCPL, according to Mukesh Ambani. To drive this expansion, the company plans to build two key growth engines: an advanced manufacturing platform and an exports platform. As part of its manufacturing strategy, Reliance is creating an integrated platform spanning categories such as beverages, daily essentials, and fresh fruits and vegetables, one of the country's most fragmented and unorganised segments. The initiative aims to address challenges around wastage, hygiene and food safety while improving efficiency across the value chain. The company is also expanding its presence in the garments segment, with a focus on delivering better-quality products to consumers at highly competitive prices. Reliance Industries shares are currently about 17% below their 52-week high, with volatility in the Gulf region weighing on sentiment around Reliance's key refining business. Here are the key announcements investors will be watching for at the AGM. (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

Reliance bets big on AI at the annual general meeting 2026: Key takeaways

Reliance Industries is aggressively pursuing artificial intelligence, aiming to lead India's AI revolution with a focus on sovereign infrastructure and Indian languages. The company announced a significant Jio IPO, positioning it as a key value creation milestone. Reliance's retail arm is experiencing robust growth, particularly in quick commerce, while its digital platforms are integrating AI for enhanced services and content creation. Reliance Industries chairman Mukesh Ambani said artificial intelligence (AI) is becoming a multi-trillion-dollar business globally at its 2026 annual general meeting and that Reliance aims to lead this segment in India. "The infrastructure for it is being built at breakneck speed, and it will fully operationalise over the next couple of years," Ambani added. Here are the key takeaways from the annual meet: 'AI for India, by India' Reliance outlined an India-focused AI strategy anchored in sovereign infrastructure, language-led innovation and large-scale network integration positioning AI as central to the country's digital future. "What we are building is AI for India, AI by India, and AI that will one day serve the world," Akash Ambani said, adding that Jio is developing AI in Indian languages to make it more accessible and relevant. Reliance Intelligence, the group's AI initiative, aims to make AI affordable by the end of the decade while building foundational infrastructure within India. "Reliance Intelligence is building a sovereign AI backbone in Jamnagar," he said, with the first 120 MW phase expected to be commissioned by end-2026. The company is also deploying advanced Nvidia GB300 GPUs as part of its initial infrastructure build-out. Jio IPO ahead RIL on Thursday confirmed a key step toward the public listing of its telecom and digital arm Jio Platforms, with chairman Mukesh Ambani announcing that the company's board has approved the filing of its draft red herring prospectus (DRHP) with the market regulator Sebi. "The Jio IPO is the most important value creation milestone for Reliance this year and is expected to unlock significant value for Reliance shareholders while offering an attractive investment opportunity to new investors," he said. He also outlined the leadership overseeing the process. "Akash Ambani, Isha Ambani and Anant Ambani are heading the Jio IPO process and will lead the next generation of value creation opportunities," he said. Quick commerce push The retail business reported strong growth across metrics in FY26, with revenue rising to Rs 3,70,026 crore and quick commerce emerging as a key expansion driver, director Isha Ambani said. The company's scale continues to expand, with its registered customer base reaching 387 million, up 11% year-on-year. "We processed 1.93 billion transactions, up 39% year on year," she said. Highlighting the growing role of rapid delivery, she said, "Quick commerce is adding a promising layer of growth to large basket shopping." JioMart has scaled into one of India's largest quick commerce networks, with over 3,100 stores serving more than 1,200 cities across 5,100 pin codes. Category growth remained strong, with the home and personal care segment growing at "five times the industry rate," she said. Jio's AI revamp Jio is embedding AI into its core network infrastructure to deliver intelligent services at scale. The network currently carries around 20 billion minutes of voice traffic, "making it one of the largest voice carriers in the world," he said. Mukesh Ambani reinforced the strategic direction, saying, "India should not be a mere consumer of AI created elsewhere. It should be a creator, adopter and global leader in AI." The telecom and digital arm also unveiled a suite of AI-led products and platforms, including Jio Teleframe for AI agents and a network-integrated voice assistant. Content boom The company also highlighted scale across its digital platforms. Reliance's media and entertainment arm, JioStar reported 451 million monthly active users, while it commands a 34.7% television share and reaches 389 million daily viewers. The company launched JioStar GenAI Media Studio (JAMS), an end-to-end, AI-native content production pipeline that spans the full journey from ideation and storytelling to image, audio, video and final production workflows.

Jio Platforms DRHP: 9 AI Developments Disclosed Ahead of IPO

* Jio Platforms DRHP can be accessed here. Jio Platforms Limited (JPL) filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on June 19, 2026, ahead of its initial public offering (IPO). Here is every artificial intelligence (AI) development the filing discloses: 1. Jio plans to sell JioBrain to other telecom operators. JioBrain is Jio's in-house AI platform that runs its network. Jio describes it as an "agentic" system, meaning AI that can act and make decisions on its own rather than only respond to prompts. The filing states that Jio will "extend our digital connectivity platform capabilities, which includes JioBrain, autonomous network capabilities, AI powered customer services, to other global telecom companies and other industry verticals." 2. JioBrain runs Jio's network autonomously. JioBrain is embedded across multiple layers of Jio's network. According to the DRHP, it handles: * Capacity allocation, deciding how much network resource each area receives, along with fault prediction and real-time network optimisation. * Anomaly detection and forecasting, identifying unusual network behaviour before it causes outages. * Churn prediction, flagging customers likely to leave, and spam detection. * Energy management and battery lifecycle monitoring across towers. * Automatic antenna tilt optimisation on every cell tower, allowing the network to adjust each tower's coverage and load without human intervention. Jio is targeting Level 4 on the TM Forum's Autonomous Networks scale, an industry benchmark that ranges from Level 0 (fully manual) to Level 5 (fully autonomous). Level 4 means AI systems can predict, decide, and act with minimal human involvement. 3. Jio flags its own AI as a regulatory risk. In its risk factors section, Jio states that its AI models could produce "inaccurate or biased outputs" and that "regulatory frameworks governing AI are evolving rapidly across jurisdictions." The company warns that new AI-specific regulations could require it to "modify AI/ML systems, incur additional compliance costs, or restrict certain use cases." It also states that there is "no assurance" that its current safeguards, including model validation, human oversight for critical decisions, and data quality controls, will remain sufficient. This applies at scale: AI runs across network infrastructure serving 524.4 million users, processes facial data through JioAICloud, and makes autonomous decisions, including spam filtering and customer churn prediction. 4. JioAICloud runs face grouping on 58 million users' photos. JioAICloud, Jio's consumer cloud storage service launched in 2024, integrates "AI-based functionalities such as face grouping and editing of photos." Face grouping automatically sorts photos based on the people appearing in them, which involves processing facial data. The filing does not disclose what consent Jio obtains for this feature or whether users can opt out of facial processing while continuing to use the storage service. Under the Digital Personal Data Protection (DPDP) Act, 2023, the same consent and notice requirements apply to facial data as to any other personal data, since the Act does not classify biometric data as a separate, higher-protection category. Additional details disclosed in the filing: * 58 million registered users as of March 31, 2026. * 60% of downloads came through the MyJio App, which had 215.9 million average monthly active users in FY2026. 5. Google AI Pro is bundled free into Jio 5G plans. Through Reliance Intelligence Limited, a wholly owned subsidiary of Reliance Industries Limited (RIL), Jio offers the Google AI Pro plan free for 18 months to Jio Unlimited 5G users. * Jio's 268.5 million 5G subscribers form the distribution base for Google's AI product. * The DRHP describes the Indian AI productivity tools market, including Google Gemini, Meta Llama, OpenAI ChatGPT, and Perplexity, as being in the "early stages of monetisation," with projected growth at a 22% compound annual growth rate (CAGR) through FY2031. * The filing does not specify what user data flows between Jio and Google or how the DPDP Rules, 2025, apply to such transfers. 6. JioFrames AI smart glasses are in development. The DRHP lists JioFrames, described as "hands-free AI-powered wearable smart glasses that customers can use to view and record content and analyse information in real time." No launch date or technical specifications are provided. 7. JioPC brings cloud computing to connected screens. Jio launched JioPC in 2025, a virtual personal computer (PC) that runs in the cloud and streams to a screen rather than operating from a physical device. It runs on any television through the Jio Set-top Box and is billed on a pay-as-you-go basis. The DRHP positions it as an access product, noting that less than 10% of Indian households own a computer, compared with 95% in the United States and 50% in China. 8. AI runs across the enterprise product stack. For enterprise customers, the DRHP lists AI across: * Private 5G deployments, dedicated 5G networks built for a single organisation. * Managed Wi-Fi and Internet of Things (IoT) solutions, enabling connected devices and sensors to communicate over the internet. * Unified communications and cloud services. * An "AI enterprise suite" listed as an active product category. * AI-assisted customer service tools and AI-driven operational dashboards across its business-to-business (B2B) offerings. 9. The Meta-Reliance enterprise AI joint venture is confirmed. The DRHP confirms Reliance Enterprise Intelligence Limited, the previously announced joint venture between Reliance Intelligence Limited and a subsidiary of Meta Platforms Inc. The venture is intended to distribute enterprise AI products to Indian businesses through Jio's network. The filing lists the joint venture as a 2025 corporate milestone.

Reliance AGM 2026: AI Push, Jio IPO Plans, and Data Center Expansion

Reliance AGM 2026 showcased the company's AI ambitions, new Jio-powered services, expanding data center infrastructure, progress on the Jio IPO, and continued investments in retail, renewable energy, battery manufacturing, and green hydrogen projects. Reliance Industries used its AGM 2026 platform to outline an aggressive expansion strategy centered on artificial intelligence, digital infrastructure, telecom, retail, and clean energy. Chairman Mukesh Ambani said the company is building a full-stack AI ecosystem for India, with investments spanning data centers, cloud computing, enterprise tools, and consumer applications. The move marks Reliance's biggest technology push since the launch of Jio.

Reliance AGM 2026 Key Takeaways: Jio IPO, AI, satellite connectivity, JioTeleFrame & more; 10 biggest announcements from Ambani's vision for the future

Reliance AGM 2026 Key Takeaways: Reliance Industries unveiled ambitious plans at its AGM 2026, including the approval of Jio Platforms' IPO and the development of India's sovereign AI backbone. The company also announced plans for satellite connectivity, AI-powered services in 22 Indian languages, and expansion in manufacturing and retail. Reliance Industries Chairman Mukesh Ambani and the next generation of Reliance leadership unveiled a series of major announcements at the company's Annual General Meeting (AGM) 2026, outlining ambitious plans spanning telecommunications, artificial intelligence, satellite connectivity, manufacturing and retail. Among the biggest announcements were the approval of Jio Platforms' Initial Public Offering (IPO), plans for a sovereign AI infrastructure, new AI-powered consumer services and a proposed Low Earth Orbit satellite constellation for India. Jio IPO Approved; DRHP to Be Filed With SEBI One of the headline announcements from the AGM was the approval of the Jio Platforms IPO. Mukesh Ambani said: "The Board of Jio Platforms has approved the draft red herring prospectus earlier today, and it will be filed with SEBI today. This is a deeply emotional moment for me, for the entire Reliance family, and for millions of its shareholders." Ambani described the relationship between Reliance and its shareholders as "deep and sacred". He also confirmed that the next phase of Jio's growth will be led by the next generation of leadership. Isha, Akash and Anant Ambani to Lead Jio's Next Phase Speaking at the AGM, Mukesh Ambani announced: "Isha, Akash and Anant will lead the next phase of Jio." The announcement marks a significant step in Reliance's succession planning, with the three siblings expected to play a central role in shaping the future direction of the telecom and technology business. Jio Eyes Satellite Connectivity and Space Infrastructure Akash Ambani outlined Jio's ambitions beyond terrestrial connectivity. He said: "Jio connected India on the ground, now we must connect from the skies." According to Akash Ambani, Jio is evaluating the development of a sovereign Low Earth Orbit (LEO) satellite constellation for India while also partnering with global satellite operators. He added: "Jio is also building its own ground station infrastructure in India, strengthening India's atma nirbharta in space." The initiative aims to expand connectivity to underserved regions and support India's growing digital ecosystem. Reliance Intelligence Building India's AI Backbone in Jamnagar Artificial intelligence featured prominently throughout the AGM. Akash Ambani announced that Reliance Intelligence is building what he described as India's sovereign AI backbone in Jamnagar. According to him: "Reliance Intelligence is building India's sovereign AI backbone in Jamnagar, powered entirely by clean energy from Reliance's own solar generation." He added that the first 120 MW phase is expected to be commissioned by the end of 2026 and will be supported by next-generation compute infrastructure equivalent to more than 200,000 H100-equivalent GPUs. Reliance Intelligence Enters Execution Phase Akash Ambani said Reliance Intelligence has now entered its execution phase. He stated: "We are building a world class team of AI researchers and engineers." He further said: "Reliance Intelligence will disrupt AI economics." The company aims to develop affordable AI services tailored specifically for Indian users and businesses. AI Services Planned in 22 Indian Languages A major focus of Reliance's AI strategy is the development of AI services designed for Indian languages. Akash Ambani announced a suite of AI-powered platforms, including: * JioBharatIQ * AI Vyapar * JioHealthIQ * JioLearnIQ * JioKrishiIQ He said: "Reliance Intelligence is building trusted, affordable, and multilingual AI services designed to be accessible in 22 Indian languages." Explaining the company's approach, he added: "Unlike global AI platforms that build in English and translate later, Jio is building AI natively in Indian languages. Bharat ka AI Bhartiya Bhasha mei bolega. Bharat ke dilon ko jodega. Bharat ki tasveer aur takdeer badlega." He continued: "What we are building is AI for India. AI by India. AI that will one day serve the world." MyJio to Become a Personal AI Assistant Akash Ambani also revealed plans to embed artificial intelligence across Jio's digital ecosystem. He said: "We are building AI directly into the heart of all our apps." According to him, MyJio will evolve beyond its current role. "We are transforming MyJio from an app to a personal AI agent, advisor and relationship manager." The move forms part of Reliance's broader effort to integrate AI into everyday consumer experiences. JioTeleFrame and JioStar GenAI Media Studio Announced The company also unveiled JioTeleFrame, an AI-operated system designed for homes. In the media sector, Reliance announced JioStar GenAI Media Studio, also known as JAMS. The platform is intended to support end-to-end content production for Indian creators and businesses using generative AI tools. Content Commerce Introduced on JioHotstar Akash Ambani introduced a new concept called Content Commerce on JioHotstar. He described it as: "For the first time, a marketplace is created on an entertainment platform." The initiative aims to combine content consumption with commerce opportunities within the streaming ecosystem. Reliance Retail Plans Manufacturing Expansion Mukesh Ambani also outlined expansion plans for Reliance Retail and Reliance Consumer Products Limited (RCPL). He said: "Between Reliance Retail and RCPL, we will add two powerful growth boosting platforms." The first initiative will focus on advanced manufacturing. According to Ambani: "We are building a manufacturing platform extending from beverages and daily essentials to one of the most unorganised categories, fresh fruits and vegetables." He said the effort aims to reduce waste, improve hygiene and strengthen safety standards. Focus on Garments and Affordable Electronics Reliance also plans to expand its manufacturing presence in apparel and electronics. Ambani said: "We are also building a future ready garment manufacturing system. This will deliver better quality garments to our customers and the most competitive cost." He added that the company intends to apply a similar strategy to affordable electronics. "We will also do the same for affordable electronics, from smart devices to televisions, smartphones, and connected wearables, with a continued focus on superior customer service."

Reliance Jio Telecom Business: Akash Ambani bets on 5G, AI and broadband in five-point blueprint for Jio's next chapter

Reliance Jio remains India's telecom leader with aggressive 5G expansion, growing subscriber numbers, and new digital services featured prominently at the AGM. Reliance Jio announced five strategic growth commitments, including expanding 5G adoption and broadband access, as its subscriber base surpassed 524 million. The company is also venturing into satellite communications with a proposed LEO constellation and is preparing for a potential $4 billion IPO, solidifying its position as India's largest telecom operator. Listen to this article in summarized format Listen × Subscribe to Unlock AI Briefing and Premium Content New Year Offer 24 Hours Left Subscribe Now Already a member? Sign In What's Included * Exclusive Stories * Daily ePaper Access * Smart Market Tools * Curated Investment Ideas * Ad-lite Experience * Subscription Reliance Jio on Friday outlined five strategic commitments that it said will drive the next phase of its growth, as the telecom operator crossed 524 million subscribers and strengthened its position as India's largest telecom company. Speaking at the 49th Annual General Meeting (AGM) of Reliance Industries Ltd (RIL), Akash Ambani, Chairman of Reliance Jio Infocomm, said the company had achieved an "extraordinary" operational scale in just a decade and was now preparing for its next growth chapter by expanding 5G adoption, broadband access, enterprise digitisation, artificial intelligence and global technology offerings. Also read: Reliance AGM 2026 Key Highlights: Inside Mukesh Ambani-led consortium's major plans for FY2027 "In 10 years, Jio has reached an operational scale that is simply extraordinary. The Jio user base has crossed 524 million, cementing our No. 1 position," Ambani said. He added that Jio's 5G subscriber base had crossed 268 million, making it "the largest for any single-country operator outside China", with 77 million net additions during the year. Inside Jio's 5-point plan for next phase of growthLaying out Jio's roadmap, Ambani said the company's first commitment is to make Jio True 5G the foundation of India's next digital leap. "Our target is to migrate all subscribers to 5G by 2030 while advancing India's leadership position in 6G standards," he said. The second commitment is to take high-speed home broadband to every part of India, while the third focuses on digitising Indian enterprises and small businesses. The company also plans to ensure "AI for everyone, everywhere" and take Indian technology solutions to global markets. Jio's broadband ambitions have already gained scale, with JioAirFiber reaching 13 million connected homes, making it the world's largest fixed wireless broadband operator, according to Ambani. He added that total data traffic on Jio's network during FY26 stood at 241 exabytes, up 30.8 per cent year-on-year, placing the company among the world's largest data operators. The telecom business also delivered strong financial performance during the year. Jio Platforms reported revenue of Rs 1,46,885 crore in FY26, up 14.6 per cent year-on-year, while EBITDA grew 18.8 per cent to Rs 76,255 crore. EBITDA margin improved to 51.9 per cent. "For the first time in our history, Profit After Tax crossed Rs 30,000 crore, growing 15.1 per cent year-on-year," Ambani said. Also read: Reliance Jio eyes India's own satellite broadband network: Akash Ambani Signalling Jio's next connectivity frontier, Ambani said the company now aims to extend digital access beyond terrestrial networks. "Jio connected India on the ground, now we must connect from the skies," he said, adding that satellite communications would act as the bridge for connecting people and regions that remain beyond the reach of conventional networks. The announcements come as Reliance Jio enters a pivotal phase in its evolution, with the telecom operator simultaneously pursuing an ambitious foray into satellite communications, preparing for its proposed stock market listing and strengthening its presence across 5G and home broadband services. Jio's big satellite betIn its latest push beyond conventional telecom services, Reliance Jio is planning to build its own low Earth orbit (LEO) satellite constellation comprising around 1,600-1,650 satellites at an altitude of nearly 650 kilometres over the next two to three years, ET had reported on Thursday, citing people in the know. The company has submitted a proposal to space regulator Indian National Space Promotion and Authorisation Centre (IN-SPACe), which is evaluating the proposed configuration and technical architecture. The constellation is intended to provide broadband and direct-to-device services and would make Jio the first Indian company to enter the lucrative LEO segment, which is currently dominated by foreign players, including Starlink, said the ET report by Kiran Rathee. Industry experts estimate that establishing a constellation of this scale could require investments of $10-15 billion and potentially create capacity running into several terabits, depending on the satellites deployed. The satellite business is expected to be housed under Jio Platforms alongside the company's other digital assets. From exploratory plans to executionThe reported proposal builds on plans that began taking shape earlier this year, when Reliance Industries started examining a large-scale entry into satellite communications. The company had constituted six teams to work on different aspects of the project, including satellites, launches, payloads and user terminals, while also initiating discussions with the Department of Telecommunications on facilitating filings for orbital slots with the International Telecommunication Union (ITU). The project has been spearheaded by Reliance Industries Chairman Mukesh Ambani, with senior executives including Reliance president P K Bhatnagar, Jio Platforms chief executive Mathew Oommen and senior vice-president Aayush Bhatnagar playing key roles. Reliance has also explored inorganic opportunities, including potential acquisitions of satellite entities possessing orbital slots and ready infrastructure, as it seeks to establish a presence in a segment where several global players already have significant scale. RIL Board approves Jio's $4 billion IPO At the 49th AGM, Reliance Chairman Mukesh Ambani announced that the company's board had approved the draft red herring prospectus (DRHP) for Jio's initial public offering and that the filing would be made later in the day with market regulator Sebi. Calling it a "deeply emotional moment", Ambani said the IPO would comprise a fresh issue of up to 27 crore equity shares with a face value of Rs 10 each. The proposed issue is expected to become India's largest-ever IPO, overtaking the nearly Rs 30,000 crore public offering of NSE and Hyundai Motor India's Rs 27,870 crore issue. The filing marks a key milestone for Reliance's digital business, nearly six years after Jio Platforms raised more than Rs 1.5 lakh crore from global investors. After initially considering an offer-for-sale structure, Reliance has opted for a predominantly fresh issue, meaning the proceeds will flow directly into the company. Ambani said Jio's listing would demonstrate to the world that India can build technology companies of "global scale, global capability, and global value". Subscriber growth and rising ARPUAdding to the momentum of the RIL juggernaut, Jio's operating performance has remained robust. In the fourth quarter of FY26, the company's average revenue per user (ARPU) rose to Rs 214, supported by higher customer engagement and an improved subscriber mix. The telecom operator added 9.1 million net subscribers during the quarter, taking its total subscriber base beyond 524 million. Monthly churn remained stable at 1.7%. Data consumption also continued to rise, with per capita usage increasing to 42.3 GB per month and total data traffic growing around 35% year-on-year during the quarter. 5G and broadband drive growthJio's nationwide 5G rollout has emerged as another major growth driver. Its 5G subscriber base reached 268 million by March 2026, while 5G services accounted for around 55% of its total wireless data traffic. The telecom subsidiary of one of India's largest group of companies has also continued to expand its fixed broadband business. It added about 10 million subscribers during FY26, taking its total fixed broadband subscriber base to 27.1 million and giving it an estimated market share of around 43%. Its Jio AirFiber service, with roughly 13 million subscribers, accounted for more than three-fourths of these additions. The company has also upgraded its fixed broadband offerings with non-line-of-sight hardware, enhanced television services and WiFi 6-enabled routers. The telecom business has increasingly become central to Reliance's transformation from an energy-led conglomerate into a consumer technology and digital services company.

Reliance AGM 2026 Key Highlights: All eyes on Mukesh Ambani as $4 bn Jio IPO, AI plans take centre stage

RIL AGM 2026 Key Highlights: Mukesh Ambani will address shareholders at Reliance Industries' annual general meeting on Friday. Big announcements are expected regarding Jio IPO, artificial intelligence, new energy, and retail growth. The company reported strong financial results for FY26, with growth in retail, digital services, and oil-to-chemicals businesses. Oil and gas unit saw a decline. Stakeholders await concrete timelines on future initiatives. Reliance Industries Chairman Mukesh Ambani is expected to make a series of big announcements as he addresses shareholders at the company's annual general meeting (AGM) on Friday. RIL AGM comes at a time when stakeholders are looking for concrete timelines on key initiatives such as the $4 billion Jio IPO, investments in artificial intelligence, new energy and retail, alongside other growth plans. In the last AGM, the tycoon unveiled a growth blueprint backed by AI programmes, global collaborations, data centre investments and next-gen energy plans. Track Reliance AGM 2026 Live Updates here Reliance Industries 2026-26 Financial ResultsMukesh Ambani-led Reliance Industries reported a standalone revenue of Rs 5,46,852 crore, down 1.9% compared to the previous financial year. The conglomerate's EBITDA stood at Rs 78,085 crore, growing 5.3% Y-o-Y, while Profit After Tax (PAT) was higher by 24.4%, at Rs 43,851 crore. In FY26, Reliance Retail recorded Gross Revenue of Rs 3,71,085 crore, posting an annual growth of 12.1. EBITDA stood at Rs 27,034 crore, translating into an EBITDA margin of 8.2% with slight moderation due to growing contribution of hyper-local commerce. The retail arm's performance was supported by network expansion, improved category mix, private label contribution and operating efficiencies across supply chain and fulfilment, the company said in its annual report released earlier. Reliance Consumer Products Limited gross revenue doubled in the last one year to Rs 22,000 crore with staples and beverages categories fuelling the growth. Campa recorded more than Rs 4,700 crore in gross sales in FY26, becoming India's fourth-largest carbonated soft drinks brand in March this year. The beverage brand has captured double-digit market share in key markets. Reliance's Digital Services business recorded revenue and EBITDA growth of 14.3% and 17.8% Y-o-Y respectively, led by healthy subscriber addition, ARPU growth and scale-up of digital services. The company recorded robust customer engagement on the Jio network with average per capita data and voice usage at 42.3 GB and 988 minutes per month, and a subscriber base of over 524 million for the quarter ending March 2026. Ambani's Oil-to-Chemicals business posted a revenue growth of 5.7% Y-o-Y to Rs 6,62,401 crore in FY26, primarily on account of higher domestic product placement and better price realisation. The EBITDA the business stood at Rs 60,546 crore, driven by stronger transportation fuel cracks, efficient feedstock sourcing and higher domestic product placement. In the annual report, Reliance Industries noted that O2C earnings were constrained by weak downstream chemical margins and disruptions caused by Middle East conflict towards the year-end. In FY26, Reliance Industries' Oil and Gas unit recorded decline in both revenues and EBITDA by 5.4% and 10.1% respectively, primarily due to natural production decline in KG D6 leading to lower volumes and lower price realisation partly offset by increased CBM gas production. The conglomerate's revenue from the unit stood at Rs 23,861 crore while the EBITDA stood at Rs 19,050 crore.

Reliance AGM: A look back at 5 big moves announced by the Ambanis at 2025 annual meeting

Reliance Industries' 49th annual general meeting is highly anticipated. Investors await updates on the Jio Platforms IPO timeline. Plans for retail growth and new energy business developments are also key. The company previously announced major initiatives in AI, including Reliance Intelligence. New AI-powered products and services were also introduced. Next-generation energy plans include a large solar project and biogas plants. Reliance Industries' 49th annual general meeting (AGM) on Friday will be in sharp focus as investors await updates on the group's strategic roadmap, including the timeline for the much-anticipated Jio Platforms IPO, retail growth plans, and developments in its new energy business. During the last AGM held in 2025, the company unveiled a series of major announcements spanning artificial intelligence, the Reliance Jio IPO, and strategic partnerships with global technology giants Google and Meta. It also introduced several new products and services, highlighting its continued focus on expanding its digital ecosystem and technology offerings. Top 5 announcements from Reliance Industries' 48th AGM: Jio IPO in works One of the biggest highlights of the 48th AGM was Reliance Industries (RIL) Chairman and Managing Director Mukesh Ambani announcing the plan to list its telecom venture Jio on Dalal Street by the first half of 2026. "Jio is making all arrangements to file for its IPO. We are aiming to list Jio by the first half of 2026, subject to all necessary approvals ... I am sure that it will be a very attractive opportunity for all investors," Mukesh Ambani said. While the original listing timeline was not met, investors are hoping the upcoming AGM will provide clarity on the revised schedule. According to a Financial Times report, Reliance is likely to file draft IPO documents with market regulator Securities and Exchange Board of India (SEBI) ahead of Friday's AGM for a public issue expected to raise about $4 billion. If the offering materialises at that size, it would overtake Hyundai Motor India's $3.3 billion IPO to become the biggest public listing ever in India. Also Read | RIL AGM 2026 this week: Date, time, where to watch live and what to expect Reliance Intelligence In addition to the Jio IPO plans, another highlight of the meeting was Mukesh Ambani announcing the formation of a new wholly-owned subsidiary called Reliance Intelligence, to house large-scale AI infrastructure in the country, and provide "AI Everywhere for Everyone". Outlining Reliance's AI ambitions, Ambani unveiled plans for Reliance Intelligence, which will build gigawatt-scale, AI-ready data centres powered by green energy and designed to support AI training and inference at a national scale. He said the new venture has been conceived around four core missions: building India's next-generation AI infrastructure, forging global technology partnerships, developing AI services tailored for India, and nurturing the country's AI talent ecosystem. In addition to the formation of Reliance Intelligence, Mukesh Ambani also announced a series of new AI-powered products and services, including JioPC, a cloud-based virtual computer, JioFrames -- AI-enabled smart glasses, and RIYA, a multilingual voice-enabled search assistant for the JioHotstar streaming platform. He also said JioHotstar will soon leverage AI to enable voice cloning and lip-syncing, allowing content to be seamlessly dubbed across multiple Indian languages. Next-gen energy plans Beyond AI and digital initiatives, Reliance also outlined its roadmap for clean energy expansion. The company is accelerating its clean energy ambitions, with its electrolyser gigafactory expected to become operational by the end of 2026. The facility will have the capacity to scale up to 3 GW annually, supporting cost-competitive green hydrogen production through exclusive global technology partnerships and the company's in-house capabilities. In Kutch, Gujarat, Reliance is developing one of the world's largest single-site solar projects across 5,50,000 acres of arid land -- an area nearly three times the size of Singapore. Highlighting the project's scale at the AGM, executive director Anant Ambani said, "At peak, we will deploy 55 MW of solar modules and 150 MWh of battery containers every day. This will be among the fastest installations globally. This single site could meet nearly 10% of India's electricity needs within the next decade." Additionally, under its "Urja Daatas" (Energy Producers) initiative, the company is building 55 compressed biogas (CBG) plants with a combined annual capacity of 0.5 million tonnes. Reliance plans to expand this network to more than 500 CBG plants by 2030. The company has also established what it says is the world's largest Bioenergy Technology and R&D Centre at Jamnagar. Big global partnerships During the AGM, Mukesh Ambani further revealed that the company has partnered with US tech giants Google and Meta to build world-class assets and execute at India's scale. Ambani announced a deep AI partnership with Google, highlighting the integration of Reliance's infrastructure expertise with Google Cloud's AI technologies. Reliance also unveiled a joint venture with Meta, aimed at bringing enterprise-ready open-source AI to Indian businesses. Ambani described the Meta partnership as a game-changer for Indian enterprises, noting it would enable sovereign hosting and governance within India, lower inference costs, and accelerate AI adoption across sectors of national importance. Reliance Retail's consumer biz to become direct arm of RILAt the AGM, Reliance also announced that its consumer products business will become a direct subsidiary of Reliance Industries, a move aimed at bringing all of the group's consumer brands under a single, focused entity. Speaking at the AGM, Isha Ambani, director of Reliance Retail, said India's $2 trillion consumer market is expanding at over 8% annually and represents a "high-growth opportunity." While the Jio IPO dominated discussions at the AGM, investors were equally looking for a timeline on the proposed Reliance Retail IPO. However, the company offered no fresh update on its listing plans, leaving investors still awaiting clarity on when the retail business will head to the public markets.

Reliance AGM 2026 Live: All eyes on Mukesh Ambani amid Jio IPO buzz, AI push, retail listing and green energy plans

Reliance AGM 2026 Live: Reliance head Mukesh Ambani is set to address shareholders at Reliance Industries' 49th annual general meeting (AGM) today at 2PM, with investors expecting key announcements on value creation, business expansion and capital allocation as the conglomerate seeks to revive market momentum after recent stock underperformance. The biggest focus will be on the long-awaited IPO of Reliance Jio Infocomm. Investors are looking for a timeline for the telecom giant's listing, which could become India's largest-ever IPO. Analysts also expect updates on the possible listing sequence for Reliance Retail, another major value-unlocking trigger for the group. Alongside the much-awaited Jio IPO, investors are also keenly awaiting clarity on the timing and sequencing of the proposed Reliance Retail listing. The retail business has emerged as one of Reliance's biggest growth engines, with brokerage Equirus projecting its revenue to rise to RS 3.71 lakh crore ($44.5 billion) in FY26, further strengthening its position as a key driver of the conglomerate's future value creation. Meanwhile, artificial intelligence and data centres are also likely to dominate the growth narrative, with Reliance expected to outline its plans for large-scale AI infrastructure and monetisation opportunities. According to Morgan Stanley, Reliance is preparing to invest around $110 billion in artificial intelligence over the next seven years, marking one of its most ambitious capital expenditure programmes yet. The planned outlay is comparable in scale to the company's massive consumer business expansion undertaken between 2014 and 2021, which transformed its telecom and retail businesses. Another angle that will be closely watched is the company's new energy business, including solar manufacturing, battery storage and green hydrogen projects. Apart from growth businesses, updates are expected on Reliance's core oil-to-chemicals segment, which has faced pressure from volatile global energy markets. Commentary on debt reduction, dividends and telecom tariffs will also be in sharp focus during today's AGM.