Mukesh Ambani, chairman of Reliance Industries Ltd (RIL), presented key initiatives to enhance the company's digital and energy sectors during RIL's annual general meeting (AGM). The main highlight of Mr Ambani's speech was the issuance of a 1:1 bonus share, which the RIL board will consider and decide during its meeting on 5th September. He also highlighted the introduction of Jio artificial intelligence (AI) Cloud, which will provide users with 100GB of free cloud storage to users, reinforcing Jio's status as a leading mobile data network provider and expanding its digital ecosystem.
Despite facing geopolitical tensions and weakened demand in Western markets, the oil-to-chemicals business reported revenues of Rs5,64,749 crore (US$67.9bn—billion) and an EBITDA (earnings before interest, taxes, depreciation and amortisation) of Rs62,393 crore (US$7.5bn) last year. Reliance has diversified its sourcing by processing 60 grades of crude oil, allowing for adaptability to changing market conditions. Upcoming projects include significant increases in polyvinyl chloride (PVC) production and establishing a world-class carbon fibre plant in Hazira. The company also aims to recycle 5bn polyethylene terephthalate (PET) bottles annually by next year.
Additionally, the fuel retailing joint venture with British Petroleum (BP), Jio-BP, has introduced high-performance diesel at its 1,778 outlets, offering 4.3% additional mileage at no extra cost. The joint venture has doubled its market share in aviation turbine fuels and has become India's leading provider of fast-charging solutions, with over 4,800 charging points.
In the media and entertainment sector, Jio reported over Rs10,000 crore (about US$1.2bn in revenues, reflecting a 49% increase, primarily driven by Viacom18's 62% growth in its Sports segment. JioCinema garnered 620mn (million) viewers during the IPL's second season, marking it the most-watched livestream event globally. The new subscription pack attracted 15mn paying subscribers in just 100 days.
The RIL chief welcomed the recent merger approval from the Competition Commission of India (CCI) with The Walt Disney Company, signifying a new era in the media landscape.
Akash Ambani presented Jio TvOS, a homegrown operating system for the Jio set-top box designed to enhance user experience. Meanwhile, Reliance Retail confirmed its position as a leading retailer in India with gross revenue of Rs3,06,848 crore (US$36.8bn), representing a 17.8% growth supported by an extensive store network and a robust online presence. The company has expanded to over 18,800 stores and has a customer base exceeding 300mn. Plans include growth in the luxury jewellery segment and grocery retail, particularly in smaller towns, alongside the establishment of 7-Eleven stores to improve convenience. Reliance Retail aims to double its business in the next three to four years through technology investments and enhanced customer experience.
The RIL chairman also announced plans for the Dhirubhai Ambani Green Energy Giga Manufacturing Complex which will be the largest and most modern integrated manufacturing ecosystem in a single location. This facility will support various technologies, including Alkaline, PEM, and AEM, and is designed to be expandable and adaptable to market demands.
Mr Ambani mentioned that Reliance has leased arid land in Kutch, expected to generate 150bn units of electricity over the next decade, covering about 10% of India's energy requirements. This initiative includes the development of transmission infrastructure for renewable energy projects, set to roll out in phases starting in 2026.
He also announced plans to enhance capabilities in the vinyl sector, increasing production of polyvinyl chloride (PVC) and chlorinated polyvinyl chloride (CPVC) by 1.5mn tonnes per annum at Dahej and Nagothane by 2026-27. Furthermore, the addition of a million tonnes of specialty polyester capacity is planned, supported by backward integration to a 3mn-tonne PTA capacity by 2027.
On the supply side, Mr Ambani noted that increasing capacity in China has caused market surpluses, leading to significant fluctuations in fuel and chemical margins.
In terms of retail, Isha Ambani highlighted the company's expansion plans in the luxury jewellery segment, as well as its continued dominance in grocery retail, noting Reliance's rapid growth in smaller towns, where two-thirds of new stores are opening. She underscored the importance of a strong supply chain and the establishment of 7-Eleven stores for 24-hour service.
Mr Ambani highlighted Jio's commitment to affordability, with its user base expanding to 490mn, each consuming an average of 30GB of data monthly. The company serves 30mn home broadband customers and holds 360 patents, establishing itself as a deep-tech innovator.
He reiterated that Jio and Reliance Retail are projected to double their revenues and EBITDA over the next three to four years. The introduction of Jio Brain, a comprehensive suite to facilitate AI adoption across the company, aims to accelerate decision-making and enhance customer understanding.
Mr Ambani highlighted the company's ambitious investments in the new energy sector, stating that RIL aims to invest up to Rs75,000 crore to create a comprehensive manufacturing ecosystem. This includes a multi-GW electrolyser manufacturing facility expected to commence operations by 2026, as well as solar panel production leveraging HJT technology to achieve over 26% efficiency. He announced that the production of solar photovoltaic (PV) modules would start by the end of this year, with an initial capacity of 10GW.
In another announcement, Akash Ambani presented Jio TvOS, a homegrown operating system for the Jio set-top box, designed to improve user experience.
The RIL chief also provided updates on Jio's performance, stating that Jio has achieved remarkable growth since launching JioAirFiber, acquiring 1mn customers in just over six months and a subsequent million in only 100 days. Jio's goal is to connect educational institutions, hospitals, and over 20mn small and medium businesses with high-speed internet.
Mr Ambani highlighted that Jio now operates 85% of the 5G cells in India and acknowledged Jio's pivotal role in transforming India into the largest data market globally. He projected that Reliance's new energy sector could achieve earnings comparable to its existing oil-to-chemicals (O2C) business within five to seven years.
Furthermore, Mr Ambani announced that Jio British Petroleum has doubled its market share in aviation turbine fuel and reaffirmed the integration of the O2C business to enhance operational excellence. He welcomed the recent merger approval from CCI with The Walt Disney Company, asserting it marks the beginning of a new era in the media landscape.
The AGM centred around the theme JioBrain, indicating a strong focus on AI and advanced technology. Mr Ambani outlined plans to establish GW-scale AI-ready data centres in Jamnagar, Gujarat, powered entirely by green energy. The Jio Brain suite will help simplify AI adoption, allowing for quicker decision-making and a better understanding of customer needs.
