Reliance AGM 2025: Decoding Jio IPO Roadmap, Energy Transition & Digital Growth

Reliance Industries’ 2025 Annual General Meeting (AGM) set the stage for the group’s next phase of growth, outlining its IPO roadmap for Jio, a deeper push into clean energy, and ambitious bets on digital and Artificial Intelligence (AI). While not all specifics were disclosed, the AGM offered investors key signals on how India’s most valuable company is positioning itself for the coming decade—across capital markets, energy transition, and the digital economy.

Insights from Reliance AGM 2025

Here are the key highlights from Reliance’s recently concluded AGM:

• IPO Roadmap

At the 48th AGM held on 29 August 2025, Reliance Industries chairman and managing director Mukesh Ambani confirmed that Reliance Jio will file for its IPO in the first half of 2026, marking the conglomerate’s first major listing since Reliance Petroleum in 2006.

The estimated issue size exceeds ₹50,000 crore, with a projected valuation between ₹10–10.5 lakh crore ($113–120 billion), combining fresh equity and Offer for Sale components.

Reliance Retail’s IPO remains unscheduled but is expected to be launched post-2026, following the demerger of Reliance Consumer Products (RCPL), which reported ₹11,500 crore in revenue for FY22. Together, Jio and Retail contributed over 54% of FY25 EBITDA, and are projected to double earnings by FY28.

• New Energy Pivot

Reliance’s New Energy vertical, led by Anant Ambani, is targeting parity with its Oil-to-Chemicals (O2C) business within 5–7 years. The Dhirubhai Ambani Giga Energy Complex in Jamnagar spans 44 million sq. ft., uses 7 lakh tonnes of steel, and employs over 50,000 workers.

The battery giga factory will begin operations in 2026 with 40 GWh annual capacity, scalable to 100 GWh. The electrolyser factory is expected to reach 3 GW per year by the end of 2026. Reliance is also developing a 5,50,000-acre solar project in Kutch, aiming for 3 MMTPA green hydrogen output by 2032. FY25 E&P EBITDA stood at ₹21,188 crore, contributing 30% of India’s natural gas output.

• 5G Expansion

Jio’s 5G network now serves 220 million users, with JioAirFiber becoming the world’s largest fixed wireless broadband service, adding over 1 million homes monthly.

The proprietary UBR (Unlicensed Band Radio) technology enables gigabit speeds without the need for cable disruptions. Jio’s Digital Twin System maps India’s infrastructure, allowing 24-hour broadband activation nationwide.

JioPC and JioFrames, launched at the AGM, integrate AI and cloud computing for mass-market accessibility. Jio’s AI Cloud 2.0 supports multilingual voice commands and real-time file categorisation. Jio’s broadband footprint exceeds 20 million home connections, and its 5G rollout remains the fastest globally.

• Potential SpaceX Partnership

Reliance Jio Platforms Ltd. has initiated a collaboration with SpaceX to explore the deployment of Starlink satellite internet in India. The partnership aligns with India’s push for rural connectivity and complements Jio’s terrestrial 5G and AirFiber networks.

Feasibility hinges on regulatory clearance from the Department of Telecommunications and spectrum allocation for satellite services. If approved, the Jio-Starlink integration could offer sub-20ms latency and speeds of 100 Mbps or higher in remote areas. This would give Jio a competitive edge over Bharti Airtel’s OneWeb joint venture (JV), which targets similar geographies. The move also supports Jio’s ambition to expand globally using homegrown and partnered technologies.

• Monetisation Strategy

Reliance is leveraging its 500 million Jio subscriber base and millions of JioCinema–Hotstar OTT users to monetise digital assets via subscription, advertising, and enterprise platforms.

The merger of JioCinema and Disney+ Hotstar creates India’s largest OTT platform with exclusive rights to the Indian Premier League (IPL) and International Cricket Council (ICC) tournaments.

Jio’s AI Cloud 2.0 enables personalised content delivery and voice-based file retrieval, enhancing user engagement. Reliance Retail’s digital commerce and quick commerce platforms are integrated with Jio’s data infrastructure, enabling cross-leveraged monetisation. The BlackRock JV targets financial services using Jio-Retail data, aiming for multi-layered revenue streams across telecom, retail, and FinTech.

• Partnership with Meta

Reliance and Meta have formed a ₹855 crore ($100 million) joint venture with a 70:30 equity split to develop Llama-powered agentic enterprise AI platforms. The JV will deliver Platform-as-a-Service solutions for verticals including retail, telecom, energy, and manufacturing.

Meta’s open-source Llama models will be deployed via Reliance’s infrastructure, enabling sovereign AI capabilities tailored for Indian enterprises. The JV will offer pre-configured AI tools for sales, IT, customer service, and finance workflows.

Mark Zuckerberg described the venture as a step toward “personal superintelligence,” with Reliance’s scale enabling the deployment of national-level AI.

Conclusion

For traders and investors, Reliance’s 2025 AGM signalled three critical shifts—capital unlocking, diversification, and monetisation. The confirmation of Jio’s IPO in 2026, with an expected valuation crossing ₹10 lakh crore, positions it as one of India’s largest equity events since Reliance Petroleum’s listing. The new energy pivot reflects Reliance’s long-term play to balance its traditional O2C business with clean energy leadership, offering exposure to green hydrogen, batteries, and solar.

Meanwhile, digital ambitions, such as AI, 5G expansion, and potential SpaceX-Starlink tie-ups, suggest multiple new revenue streams. Together, these moves highlight Reliance’s transition into a tech-energy conglomerate, giving investors both growth potential and diversification opportunities.