Reliance Industries used its 49th Annual General Meeting on Friday to unveil one of its most ambitious expansion roadmaps in years, centred on the long-awaited Jio IPO, a large-scale artificial intelligence push, sovereign satellite connectivity and an accelerated clean energy transition.
The announcements underline how India’s most valuable company is positioning itself far beyond its traditional businesses of oil, telecom and retail. Instead, Reliance is now building the infrastructure layers of India’s next economic cycle, spanning digital networks, AI computing, space-based internet, advanced manufacturing and healthcare.
At a time of growing geopolitical tensions, supply-chain risks and global competition for technological dominance, chairman Mukesh Ambani framed the company’s future plans as part of India’s broader strategic rise.
“Tough times never last; tough nations do,” Ambani said, opening the AGM with a wider message about resilience and national strength.
Reliance posted record FY26 revenues of ₹11.75 lakh crore and net profit of ₹95,754 crore, but the focus of the meeting was firmly on the company’s next phase of growth.
Jio IPO
The biggest announcement was the formal approval of Jio Platforms’ Draft Red Herring Prospectus (DRHP), clearing the path for what could become one of India’s biggest-ever technology IPOs.
The issue is expected to include a fresh issue of up to 27 crore shares, with regulatory filings set to begin shortly. Investors have long awaited the listing, which could unlock significant value for Reliance’s digital business.
Mukesh Ambani described the IPO as a defining moment.
Jio now has over 524 million subscribers, while its 5G user base has crossed 268 million, with 77 million net additions in FY26 alone. The company also said JioAirFiber has now expanded to 13 million homes, making it the world’s largest fixed wireless broadband operator.
These numbers reinforce Jio’s dominance as India’s largest telecom and broadband platform, strengthening investor confidence ahead of the IPO.
The AGM also highlighted a clearer succession framework, with Akash Ambani leading telecom and AI, Isha Ambani driving retail and Anant Ambani overseeing energy.
AI Expansion
Artificial intelligence emerged as the most strategically significant theme of the AGM.
Mukesh Ambani said AI independence must become a national priority.
“Maximum energy self-sufficiency and AI self-sufficiency must become national missions,” he said.
Reliance confirmed it is building what it calls India’s sovereign AI backbone at Jamnagar, an integrated ecosystem of hyperscale data centres, cloud systems and domestic AI models powered by renewable energy.
Akash Ambani said the project is designed to reduce India’s dependence on foreign AI infrastructure.
The company also launched JioBrain, an enterprise AI platform built for sectors such as banking, healthcare, logistics and manufacturing.
Reliance said JioBrain will offer APIs, automation tools and business-specific AI intelligence.
On the consumer side, Jio announced AI upgrades to its core telecom network. These include live transcription, real-time call summaries, speaker recognition for up to 10 voice identities and automated actions after calls such as booking services or ordering food.
Akash Ambani said Reliance is also building AI models in Indian languages to expand accessibility.
“AI must not remain limited to a few. It must reach every Indian,” he said.
Reliance also unveiled JioTeleFrame, an AI-powered home device integrating communication, entertainment and commerce.
Satellite Push
Jio also confirmed it is evaluating an indigenous low-earth orbit satellite constellation, a move that could place Reliance in direct competition with Starlink and Amazon’s Project Kuiper.
The company said it is already building supporting ground infrastructure while leasing interim satellite capacity.
Akash Ambani said digital sovereignty was becoming increasingly important.
“Connectivity should remain under trusted and secure infrastructure,” he said.
The proposed satellite network could significantly improve broadband access in rural and remote areas while strengthening India’s strategic communications infrastructure.
Industry experts view satellite broadband as one of the next major battlegrounds in global connectivity.
Energy Shift
Reliance’s oil-to-chemicals business remains its biggest earnings contributor, but Mukesh Ambani outlined a major long-term transition.
The company plans to gradually convert most refined crude into chemicals and advanced materials instead of conventional transport fuels.
“The future of refining lies in advanced materials and chemicals,” Ambani said.
Anant Ambani said Reliance maintained near-full refinery throughput despite recent disruptions linked to tensions in West Asia, underlining the resilience of its operations.
At the same time, Reliance expanded its green energy ambitions.
The Dhirubhai Ambani Green Energy Giga Complex in Jamnagar is now scaling rapidly, with targets of 120 GWh annual battery capacity and 1 GW solar module production.
Reliance also announced a $3 billion green ammonia partnership with Samsung C&T.
“India’s clean energy future is now moving from vision to execution,” Anant Ambani said.
The company estimates these projects could create over 200,000 jobs.
Wider Growth
Reliance Retail has now crossed 20,000 stores, but Isha Ambani said the next phase of growth will focus on manufacturing and exports rather than store expansion alone.
Its consumer products business has set a ₹1 lakh crore revenue target by FY30.
In media, JioHotstar crossed one billion downloads, while JioStar now commands a 34.7% television viewership share, reaching 389 million daily viewers and 451 million monthly active users.
Reliance also launched JioStar GenAI Studio, an AI-led content production platform aimed at creators and broadcasters.
Meanwhile, Nita Ambani announced a new 1,500-bed medical city in Mumbai and Vantara University, focused on wildlife conservation and veterinary sciences.
Together, the announcements show how Reliance is expanding into a deeply integrated ecosystem spanning telecom, AI, media, retail, healthcare and energy.
The Jio IPO may dominate market attention in the near term.
But the broader message from AGM 2026 was clear: Reliance is no longer simply scaling businesses. It is building the infrastructure that could shape India’s next industrial and technological era.
