Reliance Industries Ltd. Chairman Mukesh Ambani outlined the conglomerate’s next phase of growth at the company’s 49th Annual General Meeting held on June 19, 2026, with key announcements spanning the proposed Jio Platforms IPO, artificial intelligence infrastructure, satellite broadband, retail expansion, oil-to-chemicals, exports and new energy.
One of the central announcements was on the proposed initial public offering of Jio Platforms. Ambani said the board of Jio Platforms had approved the Draft Red Herring Prospectus, which would be filed with the Securities and Exchange Board of India, BSE and NSE on June 19. The proposed IPO will comprise a fresh issue of up to 27 crore equity shares with a face value of Rs 10 each. The final issue price will be determined through the book-building process under SEBI regulations. Ambani said the proposed listing would show that India can build technology companies of global scale, capability and value. He also said Akash, Isha and Anant Ambani are leading the Jio IPO process and future value-creation initiatives.
Jio’s operating performance was also highlighted at the AGM. Akash Ambani said Jio’s user base has crossed 524 million, while its 5G subscriber base has crossed 268 million, including 77 million net additions during the year. JioAirFiber has reached 13 million connected homes, making it the world’s largest fixed wireless broadband operator. Total data traffic on Jio’s network in FY26 stood at 241 exabytes, growing 30.8% year-on-year. The company also said Jio is adding up to 60,000 new home broadband connections per day, with more than 90% of JioAirFiber installations completed within 24 hours.
Jio also outlined ambitions in satellite communications. Akash Ambani said Jio is evaluating the development of a sovereign low-Earth-orbit satellite constellation for India to improve connectivity across remote villages, island communities and border outposts. The company is also partnering with leading global constellation providers by leasing satellite capacity, while building its own ground station infrastructure in India to support partner constellations and future Jio satellites.
Artificial intelligence formed another major pillar of the AGM. Reliance Intelligence is building India’s sovereign AI backbone in Jamnagar, powered entirely by clean energy from Reliance’s solar generation platform in Kutch. The first 120 megawatts of AI infrastructure is expected to be commissioned by the end of 2026. Reliance is operationalising an initial fleet of advanced Nvidia GB300 GPUs, with compute capacity equivalent to more than 75,000 H100 GPUs on an AI-inference basis. As the first 120 MW becomes fully operational, the capacity can scale to more than two lakh H100-equivalent GPUs.
Reliance Intelligence is also building multilingual AI services designed to be accessible in 22 Indian languages. The announced AI services include JioBharatIQ, AI Vyapar, JioHealthIQ, JioLearnIQ and JioKrishiIQ. Reliance also said it is embedding AI into the Jio network, including an AI agent that can transcribe calls, identify up to 10 speakers, summarise information, order food and schedule meetings agreed during calls. MyJio is being transformed from an app into a personal AI agent, advisor and relationship manager. Other AI-led initiatives announced included JioTeleframe for homes, JioStar GenAI Media Studio, and Content Commerce on JioHotstar. Reliance also highlighted partnerships with Google, Meta and Nvidia, including Google AI Pro powered by Gemini for Jio users and a Meta partnership to deploy open-source Llama models for Indian enterprises.
On financial performance, Ambani said Reliance delivered record revenue, EBITDA and net profit in FY26. Consolidated revenue rose 9.8% year-on-year to Rs 11.76 trillion. The company’s FY26 capex stood at Rs 1.44 trillion, while cumulative capex over the past five years reached Rs 6.48 trillion. Reliance also said it contributed Rs 2,16,472 crore to the national exchequer and that retail and digital businesses contributed nearly half of FY26 EBITDA.
Reliance Retail crossed 20,000 stores in Q4FY26. JioMart has become one of India’s largest quick commerce networks, with over 3,100 stores serving more than 1,200 cities across over 5,100 pin codes. Reliance Retail and Reliance Consumer Products Ltd. will add two growth platforms: an advanced manufacturing platform and an exports platform. RCPL’s near-term ambition is to reach Rs 1 lakh crore in revenue by FY30, while its long-term ambition is to become one of India’s largest FMCG companies with a global platform. Reliance also set an export vision to enable $125–150 billion in exports by 2032.
In oil-to-chemicals, Ambani said Reliance aims to achieve carbon-neutral operations by 2050, at least two decades ahead of India’s 2070 target. He said the company plans to convert all the oil it refines into chemicals and new materials. Reliance has also signed a $3 billion long-term supply agreement with Samsung C&T for green ammonia.
New Energy was presented as another major growth pathway. Anant Ambani said New Energy will begin contributing meaningfully to Reliance’s financial performance from FY27. The Dhirubhai Ambani Green Energy Giga Complex at Jamnagar spans 5,000 acres, while the Kutch renewable energy hub spans 5,50,000 acres and is expected to generate more than 40 billion units of green electricity annually, approximately 3% of India’s annual electricity requirement. Reliance has committed to scaling its Battery Energy Storage Systems and Cell Giga Factory to 120 GWh of annual capacity, positioning it among the world’s largest manufacturers of lithium iron phosphate batteries. The company also said its new energy initiatives will generate over 200,000 green jobs across the Jamnagar Giga Complex and Kutch Solar Farm.
