Mumbai: Reliance Industries Limited (RIL) outlined an ambitious roadmap for its future growth at its 49th Annual General Meeting (AGM) on June 19, announcing major developments across telecommunications, artificial intelligence, retail, energy and sustainability. The conglomerate, led by Chairman Mukesh Ambani, revealed plans for the long-awaited IPO of Jio Platforms while highlighting its vision to build India’s sovereign AI infrastructure and expand its clean energy footprint.
One of the most significant announcements at the AGM was the approval of Jio Platforms’ DRHP by its board. Mukesh Ambani stated that the company would file the DRHP with the SEBI, the BSE, and the NSE on June 19. The proposed IPO will comprise a fresh issue of 27 crore equity shares with a face value of ₹10 each.
Calling the proposed public listing a landmark moment, Ambani said the move would demonstrate India’s ability to build technology companies of global scale, capability and value. He expressed confidence that the listing would create long-term value for both existing and prospective investors.
The AGM also highlighted Jio’s growing ambitions in satellite communications. Akash Ambani, Chairman of Reliance Jio Infocomm Limited, announced that the company is evaluating the development of a sovereign Low Earth Orbit (LEO) satellite constellation for India. The initiative aims to provide connectivity to remote villages, island regions and border areas where conventional networks remain difficult to deploy.
To support this vision, Jio is partnering with leading global satellite constellation providers by leasing satellite capacity while simultaneously building its own long-term capabilities. The company is also establishing ground station infrastructure across India to support both partner networks and future indigenous satellite systems, creating an integrated satellite broadband ecosystem.
Artificial intelligence emerged as another key focus area during the AGM. Akash Ambani announced that Reliance Intelligence is developing India’s sovereign AI backbone at Jamnagar, powered entirely by clean energy generated from Reliance’s renewable energy assets in Kutch. The first phase of the project, involving 120 megawatts of capacity, is expected to be commissioned by the end of 2026.
The company is also deploying an initial fleet of advanced NVIDIA GB300 GPUs. According to Reliance, this computing infrastructure is equivalent to more than 75,000 H100 GPUs for AI inference workloads and has the potential to scale to over 200,000 H100-equivalent GPUs once the first phase becomes fully operational. The company believes this investment will position Reliance among the world’s leading AI infrastructure developers.
Reliance Intelligence is additionally working on multilingual AI services that will support 22 Indian languages, with the objective of making AI tools accessible to individuals and businesses across the country.
In the retail segment, Reliance announced that Reliance Retail crossed the milestone of 20,000 stores during the fourth quarter of FY26, a scale the company described as unprecedented for a retailer in Asia within such a short timeframe. JioMart’s quick commerce operations have also expanded significantly, with more than 3,100 stores serving over 1,200 cities and covering more than 5,100 pin codes nationwide.
Mukesh Ambani said the company’s long-term goal is not only to become the world’s largest retailer but also to build the most intelligent, inclusive and consumer-centric retail ecosystem.
On the sustainability front, Reliance reaffirmed its commitment to achieving carbon-neutral operations in its oil-to-chemicals (O2C) business by 2050, two decades ahead of India’s national net-zero target of 2070. Ambani stated that the company ultimately intends to convert all refined oil into chemicals and advanced materials, aligning its business model with future industrial and sustainability requirements.
The company also disclosed a long-term $3 billion green ammonia supply agreement with Samsung C&T, underlining its commitment to expanding its clean energy portfolio.
Providing updates on Reliance’s new energy business, Anant Ambani said the segment is expected to begin making meaningful contributions to the company’s financial performance from FY27 onwards. He highlighted the development of the Dhirubhai Ambani Green Energy Giga Complex in Jamnagar, which spans approximately 5,000 acres and has emerged as one of the world’s most integrated clean energy manufacturing ecosystems.
Reliance has also committed to scaling its battery energy storage systems (BESS) and cell manufacturing capacity to 120 GWh annually, positioning itself among the world’s largest manufacturers of lithium iron phosphate batteries. Meanwhile, the company’s renewable energy hub in Kutch, spread across 5,50,000 acres, is expected to generate more than 40 billion units of green electricity every year, accounting for nearly three percent of India’s annual electricity demand.
