Mukesh Ambani Unveils Jio IPO, AI Push, and $150B Export Vision at Reliance AGM

Reliance AGM: Mukesh Ambani outlines next phase of growth, flags Jio IPO, AI, new energy and export push

Mumbai, June 19

Addressing shareholders at the company's 49th Annual General Meeting (AGM), Ambani said Reliance is building multiple growth engines that will power the group's next phase of expansion while strengthening its position across energy, technology, retail, consumer products and manufacturing.

Among the major announcements, Ambani said the IPO of Jio is expected to be a significant value-unlocking event for shareholders. He also underscored the growing leadership role of the next generation of the Ambani family, stating that Isha Ambani, Akash Ambani and Anant Ambani are leading the expansion of existing businesses while also creating new growth platforms for the future.

On the energy front, Ambani said Reliance is accelerating the transformation of its oil-to-chemicals (O2C) business by focusing on higher-value products, including carbon fibre, speciality materials and green chemicals. He added that the company is simultaneously scaling up its new energy ecosystem, covering integrated solar manufacturing, battery storage, green hydrogen, green chemicals, underground coal gasification (UCG) and compressed biogas (CBG).

Highlighting Reliance's technology ambitions, Ambani said the group is building large-scale artificial intelligence infrastructure through Reliance Intelligence to support the growth of India's AI ecosystem. He noted that AI will play an increasingly important role in driving innovation, productivity and digital transformation across sectors.

In the consumer business segment, Ambani reiterated Reliance's ambition to emerge as a leading force in India's fast-moving consumer goods (FMCG) sector while pursuing international expansion opportunities. He said the company is also working to expand exports across multiple sectors, including FMCG, manufacturing, gems and jewellery, agriculture and other industries.

A key pillar of Reliance's long-term strategy, according to Ambani, is the creation of a globally competitive export ecosystem. He announced that the company is targeting the development of a USD 125-150 billion export ecosystem by 2032, leveraging its experience as India's largest merchandise exporter.

Ambani said Reliance aims to build a multi-sector export hub that can serve as an anchor institution for export-led growth and help expand the global footprint of 'Made in India' products and brands. He added that the initiative would strengthen India's competitiveness in international markets while generating new opportunities across sectors.

Providing details on Reliance's retail and consumer strategy, Ambani said manufacturing will play a critical role in the group's future growth plans.

He said Reliance has already invested Rs 10,000 crore in food and beverage manufacturing and plans to invest an additional Rs 30,000 crore over the next three years. The company also intends to establish one of Asia's largest networks of integrated food parks to strengthen agricultural value chains and food processing capabilities.

In addition, Reliance is creating a future-ready garment manufacturing ecosystem and has already established supplier partnerships across 21 clusters throughout India. Ambani said the company will also focus on affordable electronics manufacturing, including smart eyewear, televisions, smartphones and wearable devices.

On quick commerce, Ambani said JioMart's network has expanded to more than 3,100 stores, serving over 1,200 cities and covering more than 5,100 pin codes across the country.

Discussing the performance of Reliance Consumer Products Ltd (RCPL), Ambani said the business achieved gross revenue of Rs 22,000 crore in FY26, recording a two-fold growth over the previous year. He added that beverage brand 'Campa' registered sales of Rs 4,700 crore during the year, while 'Independence' recorded sales of Rs 2,600 crore.

RCPL has expanded its distribution footprint rapidly, reaching more than three million retail outlets through a network of over 5,000 distributors within three years, he said.

Looking ahead, Ambani said RCPL's near-term objective is to achieve revenue of Rs 1 lakh crore by FY30, while its long-term ambition is to become one of India's largest FMCG companies.

Concluding his address, Ambani said Reliance remains focused on building scalable businesses across technology, energy, manufacturing and consumer sectors, with the objective of creating sustained value for shareholders and contributing to India's economic growth story.

— ANI