Jio IPO, Reliance Intelligence, Meta JV And More: Key Highlights of Reliance's 48th AGM

Reliance Industries Chairman Mukesh Ambani on Friday made a flurry of announcements at the 48th annual general meeting (AGM), including the much-anticipated timeline for the initial public offering (IPO) of its telecom arm Jio. Ambani also laid out his vision for artificial intelligence (AI) with a new company, Reliance Intelligence.

He also announced the oil-to-retail conglomerate's new partnerships with Google and Meta. The latter will be a joint venture to "deliver sovereign, enterprise-ready AI for India."

On the retail business side, the Reliance patriarch outlined the reasons behind making the recently established Reliance Consumer Products a direct subsidiary of Reliance Industries, spinning it out of the vast umbrella of Reliance Retail.

Meanwhile, Ambani's youngest heir, Anant, took the stage for the first time to talk about their traditional oil and chemical businesses as well as the new energy ventures.

Key highlights of the shareholders’ meeting

• Chairman Mukesh Ambani said Reliance will more than double its EBITDA by the end of 2027. It currently stands at ₹1,83,422 crore ($21.5 billion).

• In FY25, Reliance delivered record consolidated revenue of ₹10,71,174 crore ($125.3 billion), becoming India's first-ever company to cross $125 billion in annual revenues.

• Jio to be listed by the first half of 2026. The telecom giant is preparing to file its IPO papers.

• Jio, with over 500 million customers in India, will expand its operations overseas, taking home-grown technology to people around the world.

• Jio Platforms unveiled the next generation of Jio AI Cloud, an AI-powered memory companion that helps users manage their cloud storage.

• Reliance Jio Infocomm Chairman Akash Ambani unveiled Jio Frames, an AI-powered platform that supports multiple Indian languages. It is expected to be a "hands-free AI-powered companion designed for the way India works and plays," said Ambani.

• The company also announced Jio PC, a product that transforms any screen into a full-feature personal computer by connecting a keyboard to a Jio set-top box.

• The world’s second-largest streaming platform, Jio Hotstar, will soon include an AI voice assistant, Riya, to help users sort through over 3.2 lakh hours of content.

• Mukesh Ambani announced a new wholly owned subsidiary named 'Reliance Intelligence'.

• The company will build gigawatt-scale, AI-ready data centres powered by green energy.

• Reliance is also partnering with Meta for a joint venture to offer sovereign and enterprise-ready AI for India. Meta will bring in its Llama models to the JV, which Mark Zuckerberg said, "can be tailored to fit the unique needs of every business: from small start-ups in remote towns to large enterprises in the biggest cities."

• Google CEO Sundar Pichai announced the setting up of a Jamnagar Cloud region, built for and dedicated to Reliance. It will bring world-class AI and compute from Google Cloud, powered by clean energy from Reliance and connected by Jio's advanced network.

• On the retail side, Isha Ambani, Executive Director of Reliance Retail, said they aim to achieve a 20% compound annual growth rate in the next three years.

• She said stores remain the backbone of retail revenues, while online channels contribute a high single-digit share.

• Reliance Retail Director explained that Reliance Consumer Products Ltd (RCPL), now becoming a direct subsidiary of Reliance Industries, will consolidate all consumer brands under one focused entity.

• The move is aimed at seizing India’s $2 trillion consumer market opportunity, powered by a 350 million-strong middle class with $1.2 trillion purchasing power and rural markets driving 65% of FMCG growth.

• Anant Ambani, taking the stage at the Reliance AGM for the first time, outlined the company’s vision for various energy and new businesses.

• Reliance Industries is building one of the world’s largest single-site solar projects in Kutch, Gujarat, spread across 5,50,000 acres—three times the size of Singapore—aimed at meeting nearly 10% of India’s electricity demand within the next decade.

• Complementing this, the Dhirubhai Ambani Giga Energy Complex at Jamnagar is progressing at record pace. It is designed to be the world’s largest and most integrated energy hub, with engineering and construction on a scale unmatched globally.

• Alongside, Reliance’s Exploration & Production business, Ambani said, is contributing 30% of national gas output with record EBITDA of ₹21,188 crore in FY25, driven by rising production from KG-D6 and CBM fields.

• Nita Ambani, Chairperson of Reliance Foundation, said they will be developing a state-of-the-art, 2,000-bed medical city in the heart of Mumbai.