Reliance Industries sets ambitious growth and IPO plans at AGM 2025

Reliance Industries held its annual general meeting (AGM) on 29 August at 2.00 pm, conducted via video conferencing and other audio-visual means, with over 4.4 million shareholders participating online.

The meeting, chaired by Mukesh Ambani, showcased a series of strategic announcements outlining the company’s roadmap for growth, technological innovation, and shareholder value creation.

A key highlight of the AGM was the announcement of Reliance Jio’s planned initial public offering (IPO). Ambani confirmed that Jio, which now serves more than 500 million subscribers, is “making all arrangements to file for its IPO” with the aim of listing by the first half of 2026, subject to regulatory approvals.

Analysts estimate the IPO could be among India’s largest, with a potential issue size of over Rs 50,000 crore (approximately $6.5 billion) and a valuation ranging between Rs 7–8 lakh crore ($85–95 billion).

The offering is expected to combine fresh equity issuance with an offer for sale by Reliance Industries, representing a major unlock of shareholder value and an opportunity for marquee global investors to participate.

Ambani also unveiled a new subsidiary, Reliance Intelligence, dedicated to advancing artificial intelligence (AI) development across India and embedding AI capabilities across all Reliance businesses, including telecom, retail, energy, and entertainment.

He stressed that AI is set to become a core engine of growth, complementing the company’s expansion in digital health, life sciences, genomics, and clean energy.

Financially, Reliance reported a record consolidated revenue of Rs 10.71 lakh crore and a net profit of Rs 81,309 crore for FY25.

The company aims to more than double its EBITDA by 2027, driven by expansion in retail, digital services, and new energy ventures, alongside expectations for India’s GDP to grow at 10 per cent through technology-led reforms.

The AGM also highlighted Reliance Foundation’s plans to amplify its societal impact fivefold by 2035, underlining the group’s commitment to social responsibility alongside commercial ambitions.

Ambani’s son, Akash Ambani, contributed to the announcements by presenting innovations such as JioFrames, an AI-powered wearable platform, and JioPC, a TV-to-full-feature AI-ready computer transformation.

He outlined the company’s plans for immersive digital storytelling and broader technology initiatives, though no formal role in the IPO or governance was specified for Ambani family members.

Market analysts have described the Jio IPO as a potential record-breaker on Dalal Street, potentially surpassing Hyundai India’s recent Rs 28,000 crore IPO and setting a new benchmark for India’s capital markets.

With its scale and global valuation, the offering is being closely watched as a transformative moment for Reliance Industries and the Indian market.