Reliance Industries’ leadership made several major announcements at the company’s 49th Annual General Meeting on Friday. Jio Platforms filing a draft red herring prospectus (DRHP) for its initial public offering (IPO) was the biggest announcement of the day.
Other important announcements made by Reliance Industries’ top executives include the launch of a new manufacturing division for Reliance Retail, doubling down on artificial intelligence and planning for satellite internet services.
Here is the detailed view of the key announcements made at Reliance Industries’ AGM:
Jio Platforms IPO DRHP
Jio Platforms has approved filing draft papers for an initial public offering involving a fresh issue of up to 27 crore equity shares. Addressing the 49th annual shareholder meeting of Reliance, chairman and managing director Mukesh Ambani said the board has approved the DRHP on Friday.
The proposed IPO comprises a fresh issue of up to 27 crore shares, each with a face value of Rs 10. The issue price will be determined through a book-building process in accordance with SEBI regulations.
Jio Platforms is a subsidiary of Reliance Industries and houses the group’s telecommunications, digital services and technology businesses. The company did not disclose the price band or the total size of the offering, which will depend on the final issue price and regulatory approvals.
Ambani called the Jio IPO the company’s most significant value-creation event of the year, saying the listing would unlock value for Reliance shareholders while offering new investors an opportunity to participate in the company’s growth. He said the IPO process is being led by his children – Akash, Isha and Anant – who will spearhead the next phase of growth and value creation at Jio.
“The proposed listing of Jio will demonstrate to the world that India can build technology companies of global scale, global capability, and global value,” Ambani said.
Satellite Internet soon
After taking the lead in the telecom services segment on the ground, IPO-bound Jio is now looking to step up its game in connectivity from the skies with indigenous communications satellites, Jio Platforms managing director Akash Ambani said.
At present, the satellite communications segment is dominated by foreign companies such as Elon Musk’s Starlink and French service provider Eutelsat.
“We are also partnering with the leading global constellation providers by leasing satellite capacity, so that we can accelerate service availability while building our own long-term sovereign capability. This dual approach will enable Jio to meet India’s connectivity needs faster, while laying the foundation for the Indian satellite broadband platform of global scale,” Ambani said.
He said Jio is also building its own ground-station infrastructure in India to support the company’s partner constellations and its own future satellites, creating an end-to-end satellite broadband ecosystem from space to ground.
Reliance Retail gets manufacturing powerhouse
Reliance Industries is preparing for its next phase of growth by building advanced manufacturing and export platforms aimed at strengthening the consumer products ecosystem and expanding its global footprint, Mukesh Ambani said.
It is building a manufacturing platform that extends from beverages and daily essentials to one of the most unorganised categories: fresh fruits and vegetables. The company is also developing a future-ready garment manufacturing ecosystem to offer high-quality apparel at competitive prices.
Ambani said Reliance has forged supplier partnerships across 21 manufacturing clusters nationwide to support the initiative. In addition, the conglomerate plans to expand affordable electronics manufacturing, covering products such as smart eyewear, televisions, smartphones, and connected wearables, while maintaining a strong focus on customer service.
Reliance Intelligence is here
Asserting that India should not remain a mere consumer of AI developed elsewhere, Ambani outlined Jio’s next growth chapter, which pivots heavily on artificial intelligence.
“I firmly believe that India should not be a mere consumer of AI created elsewhere. It must become a creator, adopter, and global leader in AI,” Ambani said.
The Group announced the launch of Reliance Intelligence last year, aimed to build a profitable AI infrastructure, platform, and services business serving consumers, enterprises, and governments at scale.
“We set out with a clear vision, identified the focus areas, and began building the right partnerships with Google, Meta, and NVIDIA. Now, we are entering the next phase – Execution,” he said.
Energy Business growth to pick up
Reliance Industries’ leadership team said that its energy business is maintaining the growth trajectory. Chairman Mukesh Ambani said that the Oil to Chemicals business’s earnings will improve as soon as geopolitical tensions ease.
On the renewable energy side, the leadership team said that the first phase of the cell gigafactory is on track to be commissioned in 2026. The team added that the New Energy division will begin contributing financially from 2027.