From Jio IPO to building AI backbone, Mukesh Ambani charts Reliance's next phase of growth at 49th AGM

At Reliance Industries' 49th Annual General Meeting (AGM), Chairman and Managing Director Mukesh Ambani outlined an ambitious growth strategy centered on the upcoming Jio Platforms IPO and the development of advanced AI infrastructure in Jamnagar, Gujarat.

Ambani stated that Reliance has entered a new era of accelerated growth and expects to more than double its consolidated EBITDA over the next five years. A key highlight of the meeting was the announcement that Jio Platforms' board has approved its Draft Red Herring Prospectus (DRHP), paving the way for what is expected to become India's largest public offering. The filing was subsequently cleared by SEBI.

Describing the milestone as a significant moment for the company and its investors, Ambani emphasized that the listing represents another step in Reliance's long-standing commitment to creating shareholder value. He also noted that Akash, Isha, and Anant Ambani are actively leading the IPO process and will play a central role in driving the group's future growth initiatives.

As Jio marks its tenth anniversary, the company reported a subscriber base exceeding 524 million, including 268 million 5G users, while JioAirFiber has connected approximately 13 million homes.

Artificial intelligence emerged as a major focus of the AGM. Ambani reiterated that India should move beyond being a consumer of AI technologies and become a global innovator and leader in the field. He revealed that Reliance Intelligence, the group's dedicated AI venture launched last year, has now progressed into the implementation phase.

Drawing a comparison to Jio's telecom transformation, Ambani said that just as Jio democratized internet access, Reliance now aims to make AI accessible to everyone across the country.

Akash Ambani, Managing Director of Jio Platforms, expanded on the company's AI vision, announcing plans to establish India's sovereign AI infrastructure. He revealed that the first phase of a 120 MW AI computing facility is scheduled to be operational by the end of 2026 and will utilize NVIDIA GB300 GPU technology to support advanced AI workloads.

Jio also introduced several AI-driven services designed to enhance user experiences. These include an AI-powered call assistant capable of transcribing conversations, generating summaries, identifying speakers, setting reminders, and completing tasks such as booking rides or scheduling meetings. Additionally, the company unveiled a redesigned MyJio application featuring AI-driven personalization and task automation.

The telecom giant also showcased next-generation broadband services delivering speeds of up to 5 Gbps and introduced Jio TeleFrame, an AI-based home operating platform designed to manage household activities through voice interactions.

Looking ahead, Akash Ambani identified satellite communications as another strategic growth area. Reliance is evaluating the creation of a sovereign low-earth orbit satellite network while also collaborating with international satellite operators to extend connectivity to remote and underserved regions.

The company highlighted the scale of its media operations as well. According to Akash Ambani, JioHotstar averaged 451 million monthly active users during FY26 and achieved a record 72.5 million concurrent viewers during India's T20 World Cup campaign. Network18 also continued to expand its digital reach, while Moneycontrol strengthened its subscription offerings through premium financial intelligence services.

Reliance further announced AI-powered innovations across its media platforms, including personalized content recommendations, AI-generated summaries, and content-commerce integrations.

On the consumer goods front, Mukesh Ambani said Reliance Consumer Products Ltd (RCPL) is emerging as a significant growth engine. The company aims to become one of India's largest FMCG businesses while expanding its international footprint. Currently operating in over 40 countries, RCPL generated revenue of ₹22,000 crore in FY26 and plans to enter additional global markets in the coming years.

Reliance also outlined its ambition to establish a globally competitive export ecosystem, targeting $125–150 billion in exports by 2032 across multiple sectors and product categories.

Anant Ambani discussed the transformation of Reliance's oil-to-chemicals (O2C) business, highlighting efforts to create the world's first fully autonomous refinery in Jamnagar. AI-powered systems are already being used to optimize feedstock selection and improve operational efficiency.

The O2C segment reported FY26 revenue of ₹6.62 lakh crore, representing a 5.7% increase year-over-year, while EBITDA grew 10.1% to ₹60,546 crore. Several major projects, including new facilities for PTA, carbon fiber, and PVC production, are progressing according to schedule.

Anant Ambani also emphasized the company's commitment to clean energy. The Dhirubhai Ambani Green Energy Giga Complex in Jamnagar is transitioning from construction to commissioning, with solar manufacturing operations already underway. Reliance is simultaneously expanding its capabilities in battery production, hydrogen, compressed biogas, and other sustainable energy technologies.

The company plans to increase its battery manufacturing capacity from 40 GWh to 120 GWh annually, supporting its vision of delivering affordable and reliable round-the-clock clean energy solutions.

From a financial perspective, Reliance reported record-breaking performance in FY26. Consolidated revenue surpassed ₹11.75 lakh crore, while EBITDA reached ₹2.08 lakh crore. The company invested ₹6.48 lakh crore over the past five years, with FY26 capital expenditure totaling ₹1.44 lakh crore.

The AGM also highlighted Reliance's succession planning efforts. Mukesh Ambani stated that the transition of day-to-day management responsibilities to the next generation is nearly complete. He noted that Isha Ambani leads the consumer businesses, Akash Ambani oversees technology ventures, and Anant Ambani heads the energy segment.

To support long-term growth, Reliance has also developed a pipeline of approximately 500 emerging leaders across its businesses, ensuring continuity and institutional strength for the future.

Voice Of Osiz

Reliance's vision for a sovereign AI backbone and large-scale AI infrastructure signals a transformative shift in India's digital future. The integration of AI across telecom, media, enterprise operations, and consumer services highlights how artificial intelligence is becoming the foundation of next-generation business ecosystems. At Osiz, we view this as a strong validation of the growing demand for scalable AI solutions that drive innovation, automation, and operational excellence. As organizations accelerate their AI adoption journeys, investing in robust AI infrastructure and intelligent applications will be key to maintaining a competitive edge. The convergence of AI, cloud computing, and digital connectivity is creating unprecedented opportunities for businesses across industries. Initiatives like these reinforce India's potential to emerge as a global AI powerhouse. Osiz remains committed to helping enterprises harness the full potential of AI through customized, future-ready development solutions.

Source: MoneyControl.com