Chairman & Managing Director, Reliance Industries
46th RIL AGM: JFS Will Democratise Financial Services For 1.4 Billion Indians, Says Mukesh Ambani
46th RIL AGM | Mukesh Ambani said: "JFS will enter the insurance segment to offer simple, yet smart, Life, General, and Health insurance products through a seamless digital interface, potentially partnering with global players. It will use predictive data analytics to co-create contextual products with partners and cater to customer requirements in a truly unique way".
Mukesh Ambani also announced JFS-BlackRock joint venture. "The joint venture is aimed at setting up asset management business that will provide simple investment solutions. "JFS brings digital capabilities and local market kno...
About Mukesh Ambani
At Reliance Industries' 49th Annual General Meeting in May and June 2026, Mukesh Ambani announced that the board of Jio Platforms had approved a draft red herring prospectus and that it would be filed with SEBI. He described the proposed listing of Jio as a demonstration that India can build technology companies of global scale and value. Ambani stated that his children Isha, Akash, and Anant are heading the Jio IPO process and, under his guidance, are expanding existing businesses while laying the foundation for new ventures. He said he envisions each of these ventures growing as big as today's Reliance. Ambani said Reliance is transforming its operating model to become a deep tech company with advanced manufacturing capabilities and is making every business AI native. He stated that India should not be a mere consumer of AI but must become a creator and global leader, and that Reliance Intelligence, announced the previous year, aims to build a profitable AI infrastructure and services business. He also said the most important lesson for India from volatile times is to intensify efforts toward self-sufficiency in energy and AI. Ambani reported that Reliance posted record high revenue, EBITDA, and net profit for FY26, becoming the first Indian company to cross $120 billion in annual revenue and the first to report annual profits exceeding $10 billion.
Transcript (3 segments)
✨ AI-enhanced transcript with speaker attribution
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Mukesh Ambani0:00
Their shareholders, I am delighted to introduce our newest group company, Jio Financial Services Limited, of which all of you are proud shareholders. Every shareholder of Reliance has received shares in JFS on a one-to-one basis, following the recent demerger of the financial services business. It is equivalent to a mini bonus for our long-term investors. JFS has been conceptualized to fill a critical gap in the financial services needs of a large section of the Indian economy, mainly in the informal and underserved sectors in rural, semi-urban, and urban areas. This will give a big boost to inclusive and accelerated growth of the economy. In other words, JFS is born to accelerate the replication of India's dazzling growth story in Bharat. JFS will massively increase financial service penetration by transforming and modernizing them with a digital-first approach that simplifies financial products, reduces cost of services, and expands reach to every citizen through easily accessible digital channels. For tens of thousands of small and medium enterprises, merchants, and self-employed entrepreneurs, ease of doing business must mean ease in borrowing, investments, and payment solutions. JFS plans to democratize financial services for 1.42 billion Indians, giving them access to simple, affordable, innovative, and intuitive products and services. Dear shareholders, JFS has announced a joint venture with BlackRock to set up an asset management business that will provide simple and trusted investment solutions in our country. BlackRock is the world's largest asset management company, managing assets worth over 11 trillion US dollars, with a stellar reputation and track record. The joint venture will synergize the respective strengths of JFS and BlackRock to deliver technology-enabled, affordable, and innovative investment solutions. Now, with great pleasure, let me invite a valued partner, Mr. Larry Fink, Chairman and CEO of BlackRock, to share his vision for our partnership.
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Larry Fink2:42
Thank you, Mukesh. It is an honor to have the opportunity to address the Reliance Industries annual general meeting, and I couldn't be more excited about our new partnership. For 35 years, BlackRock's mission has been to make investing easier and more affordable for millions of investors around the world. That's why I'm so proud of our forthcoming joint venture in India with Jio Financial Services, a company built by Reliance Industries. Our companies have a shared vision to create better financial futures, and Jio BlackRock will deliver our combined expertise and scale to unlock the power of investing for millions of people throughout India. BlackRock is already one of the largest non-Indian investors in India today, and India lies at the heart of our global platform. Over the past 15 years, BlackRock's presence in India has grown to thousands of employees across offices in Mumbai, Gurgaon, and Bangalore, whose skills span investments, operations, analytics, modeling, digital marketing, and human resources. Global investors recognize that India is at the cutting edge of digital transformation, in large part because Reliance and Jio have built a digital and consumer ecosystem unparalleled anywhere else in the world. We've seen the speed of change and the unique combination of talent, innovation, and digital infrastructure transform entire industries in India, and we see enormous potential for growth in the country's asset management industry. The convergence of rising affluence, favorable demographics, and digital transformation across industries is reshaping the market in incredible ways. We see growing financialization and a shift from unmanaged and physical assets to savings and investments, and we expect this to increase as per capita GDP continues to rise and technology advances digital inclusion. There's an unprecedented opportunity to transform the asset management industry by introducing a full-service, tech-enabled asset manager with affordable and transparent investment products to meet the needs of every segment of society. Jio Financial Services brings digital infrastructure, capabilities, and local market knowledge, and BlackRock brings global investment and risk management expertise. Together, we will aim to transform the asset management industry through a digital-first offering and democratization of access to affordable, innovative investment solutions for millions of investors throughout India. India represents a tremendous opportunity, and Jio BlackRock demonstrates our commitment to India's continued growth and promise. Thank you, Mukesh, for the opportunity to speak today. I am incredibly excited about our new partnership and wish all the best to the entire Reliance Industries team for another great year ahead.
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Mukesh Ambani5:51
Thank you, Larry, for sharing your vision. We look forward to working together to make this vision a reality. Dear shareholders, in payments, JFS will consolidate its payment infrastructure with a ubiquitous offering for both consumers and merchants, further driving digital adoption for India. JFS products will not just compete with current industry benchmarks but also explore path-breaking features such as blockchain-based platforms and CBDC. They will adhere to the highest standards of security and regulatory norms and ensure protection of customer transaction data at all times. JFS will enter the insurance segment to offer simple yet smart life, general, and health insurance products through a seamless digital interface, potentially partnering with global players. It will use predictive data analytics to co-create contextual products with partners and cater to customer requirements in a truly unique way. Dear shareholders, just like Jio and Retail, JFS too will prove to be an invaluable addition to the Reliance ecosystem of customer-facing businesses. I have three reasons to be absolutely confident about JFS achieving tremendous success over the next few years. First, the digital-first architecture of JFS will give it an unmatched head start to reach millions of Indians. Second, this is a highly capital-intensive business. Your company has provided JFS with a strong capital foundation to build a best-in-class, trusted financial services enterprise and achieve rapid growth. Reliance has capitalized JFS with a net worth of rupees 1 lakh 20 thousand crores to create one of the world's highest capitalized financial services platforms at inception. Third, JFS is blessed with a very strong board led by Shri K.V. Kamath, a veteran and most respected banker. A highly motivated leadership team is being built with a combination of financial industry experts and young leaders who are eager to take on big challenges. I call upon all of you to join me in wishing the JFS team the very best in their ambitious endeavors.