Mukesh Ambani announces Reliance’s mega JIO IPO project approval; Isha, Anant, Akash to lead project

🎥 May 27, 2026 📺 ANI News ⏱ 18m 👁 6955 views

"Reliance Board has approved the JIO IPO. Draft Red Hearing Prospectus will be filed today. Isha Ambani, Anand Ambai and Akash Ambani will lead the project," says Reliance Industries Limited Chairman and Managing Director Mukesh Ambani at the 49th AGM of the company. #Reliancejio #Jioforall #JioIPO #Ishaambani #Anantambani #Relianceindustries #Businessnews #BreakingNews Join ANI's YouTube membership to get access to perks: / @aninewsindia Subscribe now and press the bell icon 🔔 to get new video updates: https://bit.ly/2UV4ygi -------------------------------------- ANI is South Asia's...

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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.

Source: AI-verified profile updated from Mukesh Ambani's recent appearances. Browse all interviews →

Transcript (22 segments)

✨ AI-enhanced transcript with speaker attribution

Mukesh Ambani0:00

Ladies and gentlemen, good afternoon. It is 2:00 p.m. and time to start the meeting. I welcome all of you to the 49th annual general meeting of the company. This meeting is held through video conferencing in compliance with the circulars issued by the regulators. The company has taken all feasible steps to ensure that the shareholders are provided an opportunity to participate in the annual general meeting. Adequate video conferencing facility and live webcast of the proceedings of this meeting have also been provided. Requisite quorum is present and therefore I call the meeting to order.

The register of directors, key managerial personnel and their shareholding, the register of contracts or arrangements in which directors are interested, and a certificate from the secretarial auditor on employees stock option scheme are available for inspection by the members. I wish to introduce for the benefit of new members my colleagues on the board of our company: Dr. Sumit Banerjee, Shrimati Aruna Bhattacharya, His Excellency Yaser Al-Rayan, Shri K.V. Kamath, Sri Hital Meswani, Sri Dhananjay Muzumdar, Sri Nikhil Meswani, Sri P.M.S. Prasad, Sri Anant Ambani, Shrimati Isha Ambani Piramal, and Shri Akash Ambani.

All directors of the company are present at this meeting. Shri V. Srikanth, Chief Financial Officer, Shrimati Savitri Parakh, Company Secretary, and Shri Ketan Rana, and the representatives of our statutory auditors and secretarial auditors of the company are also present at this meeting. Notice dated May 27, 2026 convening this annual general meeting and a copy of the annual report for the financial year ended March 31, 2026 have already been circulated electronically to the members of the company. A letter providing the web link of the annual report has been sent to those shareholders who have not registered their email address. With your permission, I shall take them as read.

The auditor's report on the standalone and the consolidated financial statements and the secretarial audit report of the company for the financial year ended 31st March 2026 do not contain any qualifications, reservations, adverse remark or disclaimer. Accordingly, these reports are not required to be read out as provided in the Companies Act 2013. Now, I will begin my formal address to the shareholders.

My dear shareholders, namaste, and a very warm welcome to the 49th annual general meeting of Reliance Industries Limited this afternoon. At the very outset, on behalf of the entire Reliance family including all our shareholders, let me congratulate our beloved Prime Minister Shri Narendra Bhai Modi ji on achieving the stupendous feat of becoming the longest-serving elected Prime Minister of India. Later this year, on the 7th of October, he will complete 25 uninterrupted years in public office, first as Chief Minister of Gujarat and then as Prime Minister of India. Over these years, the number of votes he has polled is by far the largest by any leader in the democratic world. We congratulate him on this remarkable milestone in public service. His vision for India's growth and the corresponding execution plan have been instrumental in the rapid all-around growth India has witnessed over the last decade.

Dear friends, the past six years have been the most volatile and uncertain in several decades. COVID-19, increased geopolitical frictions, conflicts and wars, energy market disruptions, supply chain fragmentation, sharp swings in commodity prices, and shifting capital market dynamics have combined to create a far more unpredictable global operating environment than before. The war in West Asia added to these problems. However, tough times never last. Tough nations do. And India is among the most resilient nations in the world. With unity, positivity and self-confidence, we have overcome the worst crisis in the past. Under the able, experienced and far-sighted leadership of Prime Minister Shri Modi ji, India has handled the situation with exemplary competence, commitment and wisdom. I can see India emerging much stronger in the fast-changing multipolar world. India will play the role of a balancer, a promoter of peace, and a friend to all. This is not merely my hope. It is my confidence and my conviction.

Friends, the most important lesson for India from these volatile times is that we must intensify and speed up our efforts to make our country atmanirbhar in critical resources and technologies. Maximum energy self-sufficiency and AI self-sufficiency must become our national missions. The success of these missions is critical to the success of Viksit Bharat. Reliance is playing a leading role in both these national imperatives. We have laid the foundation for Reliance to emerge as a leading deep tech and advanced manufacturing company. For this, we are investing an extraordinary amount in innovation and R&D effort.

Here is proof that will make all of you proud. According to the latest report by the World Intellectual Property Organization, Jio Platforms has jumped from a rank of 340 to 20 in just one year in terms of the velocity of innovations through patents. This places Jio above several global tech giants and is the only Indian company in the top 20 in this elite league. Let us warmly congratulate our brilliant team of scientists, engineers and innovators. They have made India proud.

Friends, this is a landmark year for us for not one but two reasons. Jio completes 10 years of stellar success, becoming the primary enabler of India's digital and AI revolution. Reliance Retail completes 20 years as a trailblazer, becoming the catalyst of India's organized retail revolution. In both businesses, we remain the unbeatable number one. Two phenomenal anniversaries, two spectacular transformations, and they affirm one abiding truth: when a patriotic, high-performance company consistently serves the aspirations of 1.5 billion Indians, there is no limit to what it can achieve.

Dear friends, our founder chairman Sri Dhirubhai Ambani taught us that behind every obstacle is an opportunity. Through adaptability, reinvention, and strategic diversification, Reliance has consistently achieved long-term value creation at scale. As I address you today, I do so in the firm belief that Reliance's best chapters lie ahead. Our foundations are strong. Our strategy is clear. And the opportunity for growth in India, with India, and for India is immense.

Allow me to take you through the business and financial performance of Reliance. Dear shareholders, I am happy to share with you that Reliance posted a record high revenue, a record high EBITDA, and a record high net profit for the financial year '26 despite global challenges. The consolidated revenue stood at ₹11,75,919 crores, up 9.8% year-on-year. Despite the volatility, rapid scaling up of our retail and digital businesses played a key role in meeting our commitment to doubling RIL's EBITDA over five years. Our EBITDA for the financial year '21 was ₹97,580 crores, which rose to ₹2,07,911 crores for the year '26. Retail and digital businesses contributed nearly half of the financial year '26 EBITDA. Together they are increasingly becoming the primary drivers of Reliance's future growth.

The net profit for the financial year '26 stood at ₹57,544 crores, up 17.8% over last year. Friends, Reliance's contribution to India's inclusive economic growth and nation building remains unsurpassed. Reliance has maintained its top position in investing for India's growth. Reliance's capex stood at ₹1,44,271 crores for the year '26. Over the last five years, Reliance's capital expenditure has stood at a massive ₹6,48,428 crores, or over $68.4 billion, more than any other company in India. Reliance contributed almost one-third of the total capital invested by India's top 50 corporates during the last five years.

Reliance's exports were ₹2,78,888 crores, which was 6.7% of India's total merchandise exports for the year. Reliance remained the largest contributor to the national exchequer, contributing ₹2,16,472 crores. With that, our cumulative contribution over the last five years to the national exchequer crossed ₹9,78,000 crores, or in excess of $100 billion. Reliance's commitment to inclusive growth remains unwavering. Our CSR expenditure in the financial year '26 stood at ₹2,248 crores, the highest by a single Indian company.

Importantly, these achievements are supported by a prudent capital allocation framework, proactive risk management, and a strong balance sheet and growing cash flows. This is reflected in steady improvement in Reliance's global credit rating by S&P to A- and by Moody's to Baa1, both of which are two notches above India's sovereign credit rating. Reliance ranks amongst the largest employers in India. Every year we are consistently creating an increasing number of high-paying direct and indirect employment. Our digital and retail businesses have also catalyzed lakhs of micro-entrepreneurship opportunities.

My dear shareholders, with great delight, let me tell you that the board of Jio Platforms has approved the draft red herring prospectus earlier today and it will be filed with SEBI today. This is a deeply emotional moment for me, for the entire Reliance family, and for millions of its shareholders. The relationship Reliance shares with its shareholders is a deep and sacred relationship founded on pride, trust, respect, and shared growth. The commitment to shared growth was deeply personal to Dhirubhai. It is equally sacred to me. Imbued in the same spirit, Isha, Akash, and Anant are heading the Jio IPO process and will lead the next generation of value creation opportunities in the future.

The proposed listing of Jio will demonstrate to the world that India can build technology companies of global scale, global capability, and global value. I assure you and all prospective new investors that a brighter future awaits Jio.

Friends, 10 years ago, Jio began its journey with an audacious dream to remove digital inequality from India. At that time, voice was costly, data was expensive, speeds were poor. Jio made voice free, made high-speed data affordable, and Jio made digital life possible for every Indian. Jio empowered students to learn, small businesses to grow, families to connect, entrepreneurs to dream, and India to become the world's largest data market. Now Jio is preparing for its next big mission.

Friends, in the past I have spoken to you about the revolutionary power of artificial intelligence. I firmly believe that India should not be a mere consumer of AI created elsewhere. It must become a creator, adopter, and a global leader in AI. That is why we announced Reliance Intelligence last year as our newest growth engine. Our objective is to build a profitable AI infrastructure platform and services business serving consumers, enterprise, and governments at scale. We set out a clear vision, identified the focus areas, and began building the right partnerships with Google, Meta, and Nvidia. Now we are entering the next phase — execution — the details of which will be provided by Akash.

A decade ago, Jio promised broadband connectivity to everyone, everywhere, and we delivered on that promise. Today, Reliance Intelligence promises AI to everyone, everywhere, and we shall deliver on this promise too.

My dear shareholders, the Jio revolution is truly a result of courage, creativity, and commitment of thousands of young Indian engineers. Before Jio, many believed that India could only import technology from the world. Our engineers proved otherwise. They built, tested, deployed, and operated technologies at unprecedented scale. Today, Jio is not merely integrating technology. It is creating original technology. Reliance Intelligence offers an even bigger opportunity to our young engineers. They will get to work on problems of national scale and impact. They will build and deploy technology for 1.5 billion Indians. They will create India-born innovation that the world can adopt.

To them I say: come build with us and build for India. Build AI that serves humanity. AI that is powerful, trusted, yet affordable. AI that is fluent in every Indian language. AI that empowers farmers, students, doctors, shopkeepers, workers, creators, and families. AI that improves efficiency while creating more opportunities to work and prosper for every Indian. AI that contributes to productivity and job creation. We will give you the scale, the resources, the freedom, and the responsibility to solve some of the most important challenges of our age.

I now invite Akash Ambani, Managing Director of Jio Platforms Limited. Akash leads Jio with passion, purpose, and a deep commitment to India's digital future, to tell you about the spectacular progress made and the even more spectacular future that will unfold.