Reliance Industries Ltd (RIL), India’s largest company by market capitalisation, used its annual general meeting (AGM) to outline new growth drivers spanning digital, consumer, energy, and artificial intelligence, a roadmap that is being closely watched by regional investors in the Gulf who see India as a strategic growth market.
Jio IPO in 2026: Unlocking Digital Value
Chairman Mukesh Ambani confirmed that Jio Platforms, India’s largest telecom and digital services operator, will be listed by the first half of 2026, subject to regulatory approvals. The listing is expected to unlock substantial shareholder value and provide direct access to India’s fast-growing connectivity and data ecosystem for investors. Reliance currently holds a 66.5% stake in Jio, which commands the country’s largest subscriber base.
Meta AI Venture: Positioning Reliance as a Tech Leader
In a significant step into deep-tech, Ambani unveiled Reliance Intelligence, a subsidiary dedicated to artificial intelligence, alongside a $100 million joint venture with Meta. Reliance will hold a 70% stake, while Meta will own the remaining 30%. The venture will develop enterprise-grade AI solutions designed for India and other emerging markets.
To support this ambition, Reliance is building what it claims will be the world’s largest AI data center in Jamnagar, with a planned 3 GW capacity, five times larger than Microsoft’s Virginia facility. Ambani described AI as the “Kamdhenu of our era,” underlining its role in creating scalable productivity gains.
FMCG Business: A ₹1 Lakh Crore Target
Reliance also announced the demerger of its fast-moving consumer goods (FMCG) arm, aiming for revenues of ₹1 lakh crore ($12 billion) within five years. With India’s consumer market valued at $2 trillion, Reliance is targeting both its expanding middle class and rural segments, which currently account for 65% of FMCG growth.
In addition, the company plans to expand its consumer footprint across 25 countries within a year, signalling global ambitions that extend beyond India’s borders.
Retail: Scaling Omnichannel Growth
Reliance Retail, already among the world’s top 25 retailers, processed 1.4 billion transactions in FY25 and has a registered customer base of 350 million. The company plans to open 2,000–3,000 new stores annually, while boosting online revenue contribution from single digits to 20% in three years, leveraging platforms such as AJIO and JioMart.
New Energy and Chemicals: Global Scale Projects
- Clean Energy: Gigafactories for electrolysers (3 GW) and batteries (40 GWh) are expected to be operational by the end of 2026. A 550,000-acre solar park in Kutch, Gujarat, is also underway.
- Green Fuels: Projects include ammonia, e-methanol, and sustainable aviation fuel.
- Oil-to-Chemicals (O2C): Reliance will invest ₹75,000 crore ($9 billion) in derivative businesses, including PVC, PTA, and a carbon fibre facility in Hazira, set to become one of the world’s largest.
Global Investor Perspective
For Gulf investors, Reliance’s roadmap underscores India’s growing importance as both a consumer-driven economy and a leader in the technology and energy transition. With Jio’s IPO on the horizon, a global FMCG push, and deep AI investments, RIL is positioning itself not just as India’s corporate giant but as a future-ready conglomerate with international relevance.
