Jio IPO, AI ambitions and satellite plans among big talking points at Reliance AGM

Reliance Industries Ltd (RIL) unveiled an ambitious technology-led growth roadmap at its 49th Annual General Meeting on Friday, 19 June, announcing plans for a public listing of Jio Platforms, a massive investment in artificial intelligence infrastructure and the development of a sovereign satellite constellation aimed at expanding connectivity across India.

Addressing shareholders, chairman Mukesh Ambani outlined a strategy that positions the conglomerate at the centre of India's next phase of digital and technological transformation.

Among the most closely watched announcements was the approval of the draft red herring prospectus (DRHP) for the proposed initial public offering of Jio Platforms. The company said the filing would be submitted to market regulator SEBI and stock exchanges, marking the formal beginning of the listing process.

The proposed issue will consist of a fresh issuance of up to 27 crore equity shares with a face value of Rs 10 each. Pricing will be determined through the book-building process. Market observers estimate that the listing could value Jio Platforms at around $180 billion, potentially making it one of the largest IPOs in Indian corporate history. The offering is expected to raise approximately $4 billion, subject to regulatory approvals.

Calling the development a significant milestone, Ambani described the IPO as an important moment for Reliance, its shareholders and the wider digital ecosystem that has been built around Jio over the past decade.

Reliance also announced plans to invest $110 billion over the next seven years to build artificial intelligence infrastructure and data centre capacity. The investment will support the creation of large-scale AI-ready facilities, digital infrastructure and advanced computing capabilities across the country.

Construction has already begun on multi-gigawatt data centre projects in Jamnagar, Gujarat, with more than 120 MW of capacity expected to become operational during the second half of 2026. The AI initiative will include partnerships with global technology companies and the development of a nationwide edge computing network integrated with Jio's telecom platform.

Another major announcement was Jio Platforms' plan to develop a sovereign low-earth orbit (LEO) satellite constellation to provide broadband connectivity in remote and underserved parts of India.

The company said it is exploring a two-pronged strategy that includes leasing satellite capacity from international operators while simultaneously evaluating the development of its own satellite network. The initiative is intended to strengthen digital inclusion and improve connectivity in areas where conventional telecom infrastructure remains difficult to deploy.

Akash Ambani, chairman of Reliance Jio, made the most significant announcement about the satellite constellation and said, "There are still the remotest of villages, island communities, and border outposts where Jio network cannot reach. For them, satellite connectivity will be the bridge to the rest of India."

Reliance also unveiled a series of complementary initiatives, including the launch of a new digital product called JioTeleFrame, the introduction of an AI-powered call agent service and a commitment to accelerate its transition towards 5G-led services by 2030.

The company further provided updates on its clean energy programme and oil-to-chemicals business, reaffirming its intention to pursue growth opportunities across both digital and energy sectors.

Mukesh Ambani also summarised his children's roles and said, "Isha, Akash, and Anant are heading the Jio IPO process, and will lead the next generation of value creation opportunities in the future."

Industry analysts said the announcements underscore Reliance's growing focus on emerging technologies and digital infrastructure. With plans spanning artificial intelligence, satellite communications, telecom services and clean energy, the group is seeking to strengthen its position as a key player in India's evolving technology landscape while expanding its global ambitions.

With agency inputs