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At a power-packed annual general meeting (AGM) of shareholders on Friday, Reliance Industries unveiled its ambitious goal of becoming a deep tech giant with artificial intelligence (AI) at its core, while also setting a definite timeline for the much-awaited listings of Jio Platforms—the company’s telecom and digital arm. The Jio initial public offering (IPO) is expected to be among the largest listing in India, with analysts estimating a valuation upwards of $100 billion, positioning it alongside global peers such as Tencent Holdings Ltd and Alphabet Inc.
To spearhead the AI pivot, Mukesh Ambani, chairman of the energy-to-telecom conglomerate, announced the creation of Reliance Intelligence as a growth engine in partnership with tech leaders-- Google and Meta Platforms. The centerpiece of the 48th AGM, however, was the disclosure that Reliance Jio Platforms would go public in the first half of 2026. The digital arm, with 500 million subscribers and revenue of ₹1.28 trillion in FY25, would file for listing once regulatory approvals were in place, Ambani said.
Reliance Intelligence will be a wholly-owned subsidiary tasked with building gigawatt-scale AI-ready data centers powered by renewable energy. It would develop sovereign AI services for consumers and enterprises, while nurturing India’s next generation of AI researchers, the company said.
At the AGM, Ambani pledged to more than double earnings before interest, tax, depreciation and amortisation (Ebitda) by 2028. “In 2022, I made a promise that we will double Reliance by the end of our Golden Decade in 2028. At that time, our Ebitda was about ₹1.25 trillion. I reiterate that Reliance will more than double its Ebitda by the end of its Golden Decade,” Ambani said at the online meeting.
Still, investors were not enthused due to geopolitical concerns linked to Russian crude imports which could dent refining margins. RIL shares closed at Rs 1357 a share, down 2.2 per cent at close on Friday.
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Speaking on Jio listing, Ambani said: “I assure you that this will demonstrate that Jio is capable of creating the same quantum of value like our global counterparts.” It will be a very attractive opportunity for all investors, he added.
Investors have been waiting for Reliance to unlock value from its most transformative business since oil refining. The IPO will give exit to several global private equity and sovereign funds which had invested in the company in 2020.
“I have grown with Jio, and to see it come into its own as an independent company is both humbling and exhilarating because Jio is a part of me,” Akash Ambani, Chairman of Jio said, while elaborating on Jio’s plans to expand overseas.
On the AI initiative, Ambani said Reliance Intelligence would have four missions: To build gigawatt-scale AI-ready data centers in Jamnagar powered by green energy; to anchor global partnerships with tech majors and open-source communities under India-first compliance; to deliver affordable AI services for consumers, small businesses and critical sectors such as education, healthcare and agriculture; and to house top talent, turning research into applications at scale.
As a global partner, Google Chief Executive Sundar Pichai said the tie-up with RIL will “help shape the next leap with AI” by combining Reliance’s execution at scale with Google’s cloud and AI capabilities. “The AI opportunity in India is extraordinary. It will transform every industry and organisation—from the largest enterprises to the smallest kirana store,” Pichai said.
“We are at a really exciting moment in time right now,” Chief Executive and Founder of Meta, Mark Zuckerberg told RIL shareholders. “With Reliance’s reach and scale, we can bring open-source AI models to every corner of India”. Analysts see the venture as a potential counterweight to closed AI ecosystems dominated by US and Chinese firms.
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Ambani also announced Reliance Consumer Products Ltd (RCPL) would become a direct subsidiary, consolidating the group’s fast-growing FMCG and branded goods portfolio. The business, which reported revenue of ₹11,500 crore in FY25, aims to hit ₹1 trillion within five years and become India’s largest consumer brands company.
Isha Ambani, executive director of Reliance Retail Ventures and non-executive director at Reliance Industries, said Reliance Retail has become a national movement with a mission to benefit both consumers and producers while accelerating the economy, ignite aspirations, and enhance the quality of life of Indians. Reliance Consumer Products Ltd. aims to become the fastest to ₹1 trillion in revenue within five years, she said.
Reliance is also doubling down on media through its joint venture with Walt Disney Co. Bob Iger, Disney’s Chief Executive, hailed JioStar—the merged streaming service of Jio and Disney Star—as a “global force in media and entertainment” with nearly 300 million paid subscribers. “India is one of the most important and exciting markets for Disney globally,” Iger said.
The service has already become the world’s second-largest streaming platform, ahead of Netflix Inc. and behind only Amazon Prime Video in subscriptions. With AI-driven tools such as voice cloning and multilingual assistants, JioStar aims to serve one billion screens globally.
Ambani reiterated his long-term vision while concluding his speech: “Again and again, we will reimagine and re-engineer ourselves to create greater wealth for our nation and higher value for society. Reliance will keep breaking its own records in business performance next year and beyond”.
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