Reliance Industries chairman Mukesh Ambani presented an expansive vision for the next phase of growth at the company's 49th annual general meeting on Friday, focusing on artificial intelligence, satellite-based connectivity, clean energy initiatives, and consumer-focused businesses. The announcement came as Jio Platforms submitted draft documents for what could become the largest initial public offering ever launched in India.
Jio Platforms, the telecom and technology arm that has played a pivotal role in reshaping India's digital ecosystem over the past decade, filed a draft red herring prospectus with market regulator SEBI for a fresh issue of up to 27 crore shares. While the proposed IPO drew significant attention, Ambani used the shareholder meeting to lay out Reliance's future growth strategy, identifying artificial intelligence as one of the most important pillars of the group's next chapter.
Reliance Intelligence Moves into Execution Mode
Providing an update on Reliance Intelligence, the company's AI-focused venture announced last year, Ambani said the initiative is now transitioning from the planning stage to active implementation. He called upon the country's young engineering talent to play a leading role in Jio's ambitious AI journey, urging them to collaborate in creating solutions tailored for India.
Ambani stressed that India should not limit itself to using AI technologies developed abroad. Instead, he said, the country must emerge as a creator, adopter, and global frontrunner in the field of artificial intelligence. "I strongly believe India must not remain only a user of AI developed elsewhere. The nation should become a builder, adopter, and worldwide leader in AI," he said.
Satellite Broadband: Jio's Next Frontier
Reliance identified satellite broadband as a key opportunity for future expansion. The company is preparing to broaden its connectivity portfolio beyond conventional terrestrial networks, complementing its nationwide 5G infrastructure and fixed wireless broadband offerings. IPO-bound Jio is now preparing to expand its connectivity ambitions into space through an indigenous satellite communications network, Jio Platforms Managing Director Akash Ambani said.
Currently, the satellite communications market is largely led by international players such as Elon Musk's Starlink and French operator Eutelsat. Akash Ambani said Jio's next mission is to extend connectivity to parts of the country that remain beyond the reach of traditional telecom infrastructure. "Jio connected India on the ground. The next step is connecting India from the skies. There are remote villages, island regions, and border locations where conventional Jio networks cannot reach. Satellite connectivity can serve as the link that connects these communities with the rest of the country," he said.
Ambani revealed that Jio is assessing the possibility of developing a sovereign Low Earth Orbit satellite constellation for India as part of its long-term strategy. At the same time, the company is working with major global satellite constellation operators and leasing satellite capacity to speed up service rollout while it develops its own domestic capabilities.
Slashing AI Costs for Indians
Reliance plans to transform the economics of artificial intelligence in India by making the technology significantly more affordable for citizens by the end of the decade, replicating the disruption Jio brought to mobile data services, Akash Ambani said. He noted that one of the biggest obstacles to wider AI adoption in the country is the limited availability and high cost of computing power. To address this challenge, Reliance Intelligence is developing a sovereign AI infrastructure backbone at Jamnagar.
"Just as Jio transformed digital connectivity by making data affordable for every Indian, Reliance Intelligence will reshape AI economics and make artificial intelligence dramatically more affordable for every Indian by the end of this decade," Ambani said.
Energy 'Supercycle' and Clean Energy Push
Reliance Industries is gearing up for what Mukesh Ambani termed a forthcoming energy "supercycle" in India, accelerating investments across renewable energy, chemicals, advanced materials, and alternative fuel segments as the group works to lessen the nation's dependence on imported energy sources. The group is making investments across a range of energy segments, including solar manufacturing, battery storage, green hydrogen, compressed biogas, bioenergy, and underground coal gasification.
Ambani cautioned that dependence on overseas supplies leaves the country vulnerable to geopolitical uncertainties and fluctuations in global prices. "More than 70 per cent of India's energy requirements continue to be met through external sources. This not only places a significant financial burden on the country but also exposes it to geopolitical risks. Such a situation cannot be sustained indefinitely," he said.
Although the oil-to-chemicals division continues to be the group's largest contributor to earnings, Ambani said Reliance is gradually transforming the business to place greater emphasis on chemicals and advanced materials rather than transportation fuels. "In the long term, our aim is to convert all the oil we refine into chemicals and new materials," he said. "I am confident that our future Oil-to-Chemicals and Materials business will ultimately become more valuable than the O2C business as it exists today."
Consumer-Focused Operations and Retail Milestone
Consumer-facing operations are also expected to play a major role in the company's growth trajectory. During the year, Reliance Retail surpassed the milestone of 20,000 stores and plans to strengthen its manufacturing presence across food products, apparel, electronics, and consumer goods, while also developing export opportunities for Indian brands.
Reliance Industries expects its fast-moving consumer goods business, Reliance Consumer Products Ltd (RCPL), to achieve revenue of Rs 1 lakh crore ($10.5 billion) by FY30 as it works toward becoming one of the country's leading FMCG players, Reliance Retail Director Isha Ambani said. She described RCPL as the fastest-growing FMCG platform ever built in India. The company reported gross revenue of Rs 22,000 crore ($2.3 billion), reflecting a twofold increase from the previous year.
"What many established players took decades to accomplish, we have achieved within four years. This has positioned us among the fastest-growing FMCG platforms in India and among the quickest-growing consumer products companies globally," she said.
Jio Platforms: Biggest Ever Indian IPO
Mukesh Ambani also announced the board approval for the draft red herring prospectus of Jio Platforms IPO. The DRHP was filed soon after in what could be the biggest Indian IPO ever at nearly $4 billion (around Rs 37,700 crore). According to the draft red herring prospectus, the company plans to issue up to 27 crore new shares. Following the offering, these shares will represent approximately 2.9 per cent of Jio Platforms' expanded equity capital.
The draft document stated that the funds raised through the issue are proposed to be used for the repayment or prepayment, either fully or partially, of certain outstanding loans taken by its key subsidiary, Reliance Jio Infocomm Ltd (RJIL), along with meeting general corporate requirements. Sources told PTI that the company is targeting a fundraise of about Rs 37,700 crore, which would make it the biggest public issue in the country's history. Based on the expected issue size, Jio Platforms is likely to command a valuation of roughly $137 billion.
Reliance Leadership Transition Nears Completion
Mukesh Ambani said the process of handing over operational leadership of the conglomerate to the next generation is nearing completion, with his children now overseeing the group's key businesses and managing day-to-day responsibilities. Ambani said Akash, Isha, and Anant have assumed leadership roles across major verticals and will spearhead Reliance's future growth initiatives spanning telecommunications, retail, digital services, and new energy businesses.
The 69-year-old business leader praised his three children while noting that the transfer of operational management within the group is in its final stages, indicating that the succession roadmap at India's most valuable company is almost fully implemented. "The future of your company is not only secure, but rests with leaders who will take Reliance to even greater heights," he told shareholders.
As in the previous year, Ambani invited twins Akash and Isha, both 34, to outline the growth strategy and business outlook for the telecom and retail segments, respectively. Anant, the youngest of the three siblings at 31, also addressed shareholders for the second consecutive year with an update on the energy business.
