Jio IPO Details Revealed LIVE | Mukesh Ambani's Big AGM Announcements | AI, Retail & New Energy

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. Imbibed 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. Friends, 10 years ago, Jio began its journey with an audacious dream to remove digital inequality from India. 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. 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 began building the right partnerships with Google, Meta, and Nvidia. Now, we are entering the next phase—execution. 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. 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 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. 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, to tell you about the spectacular progress made and the even more spectacular future that will unfold.

Splendid, Akash. I can see the passion, dedication, and hard work you and your team are putting into this mission. When work is done with such devotion, hard work becomes heart work. I'm confident that this heart work will make Jio's second decade even more scintillating, more purposeful, and more transformational. As Jio enters its next decade, our aim is to build one of the world's leading digital infrastructure and AI platforms while creating enduring value for all shareholders. Dear share owners, when Dhirubhai Ambani took Reliance public in 1977, he made an unspoken promise to all Indians—that Reliance will always build for the people, not merely for profit. 20 years ago, we renewed that vow. We walked into the lives of every Indian family and said, 'You deserve products of better quality, better choice, better value with consistent innovation across offline and online channels every single day.' And that was the founding philosophy of our retail business. In November 2006, we opened our first Reliance Fresh store in Hyderabad. What followed is one of the most extraordinary growth stories in the history of global retail. Within 5 years, we had crossed 1,000 stores and a billion dollars in annual sales. Within 8 years, we became India's largest retailer. And in the fourth quarter of FY26, we crossed 20,000 stores—a scale no retailer in Asia has achieved in such a short time. Looking back, I see three distinct chapters. First, the launch era—building from nothing, store by store, town by town, earning the trust of Indian consumers one transaction at a time. Second, the expansion era—integrating the physical might of our stores with the digital heartbeat of India, becoming an omni-channel retail ecosystem through JioMart and Ajio. And now, the deep tech intelligence era—leveraging AI and deep tech to operate with precision and efficiency, offering the very best products and services to Indian consumers. Between Reliance Retail and RCPL, we will add two powerful growth-boosting platforms. First, an advanced manufacturing platform extending from beverages and daily essentials to fresh fruits and vegetables, garment manufacturing, and affordable electronics. Second, an exports platform—a logical extension of our manufacturing platform, building a strong and scalable global FMCG business. Let me now invite Isha Ambani, Executive Director, Reliance Retail, to address us.

That was truly impressive, Isha. Dear shareholders, let us applaud Isha and the entire retail and consumer product teams for what they have built and for the clarity and courage with which they intend to build the next phase of Reliance Retail. Together, Reliance Retail and RCPL create a uniquely integrated platform spanning manufacturing, distribution, brands, commerce, and consumer relations. Our ambition for the next decade is not simply to be the world's largest retailer. It is to be the world's most intelligent, most humane, and the most inclusive consumer ecosystem—one that makes life of quality and dignity an everyday reality for every Indian. Esteemed shareholders, I now turn to another business vertical of Reliance, which is both the oldest and the newest. Energy is the very essence of civilization that has driven the progress of humanity. Since the birth of Jamnagar, Reliance has carried an abiding commitment to India's energy self-reliance. I see India today standing at the threshold of an energy supercycle, with energy demand rising rapidly over the next decades across all segments. Yet, India remains dependent on external energy sources for over 70% of our needs. This is not only costly, but it also makes India vulnerable to geopolitical instability. We consider it our duty to ensure India's future is never held hostage by energy insecurity. Reliance is working on the most comprehensive, integrated, and future-focused plan by any Indian corporate to boost India's energy sources in every way possible—from solar, battery, wind power, hydrogen, to underground coal gasification, and compressed biogas, and bioenergy. The singular aim is that India must produce almost all the energy it needs in abundance, in the most affordable and the most eco-friendly manner. This, I believe, will be the most apt tribute to the Prime Minister's Atmanirbhar Bharat initiative. Let me now invite Anant Ambani, executive director of Reliance Industries.

Well done, Anant. Dear shareholders, the O2C business remains the prime contributor to Reliance's financial performance. Reliance has demonstrated the resilience of this business time and again through every kind of challenge. The oil-to-chemicals business is on the path to achieve carbon-neutral operations at least two decades before India's 2070 target. In the long run, we will convert all the oil we refine into chemicals and new materials. I am confident that our new oil-to-chemicals and material business will become even more valuable than our current oil-to-chemical business. Our ambition is simple—to make Reliance the world's leading integrated energy and materials company for the age of sustainability and intelligence. Reliance, with its five integrated engines of growth—UCG, bioenergy, new energy, oil-to-chemicals, and the materials business—is now ready to deliver exponentially more value. Let me now invite Nita Ambani, chairperson of the Reliance Foundation, to share her exciting update on the Reliance Foundation.

Thank you, Nita. Reliance Foundation is truly a jewel in the crown of Reliance Industries. We are proud of your team's achievements under your passionate guidance. Dear shareholders, let me now share our value creation roadmap with you. Today, we stand at the threshold of our next phase of hyper growth. The foundations have been laid. The platforms have been built. The capabilities have been assembled. And the opportunities before us have never been greater. Throughout our journey, one principle has guided us: What is good for India is good for Reliance. We have seen many temporary dips in shareholder value in the past. But when we develop our inherent strengths persistently, and when we deliver growth consistently, value accretion happens inevitably. Our track record is impeccable. We doubled our EBITDA in the last 5 years. And as I look to the future, I'm absolutely confident in our ability to double, indeed more than double, our consolidated EBITDA over the next 5 years. In other words, Reliance will rank among India's foremost wealth creators throughout Amrit Kaal. My dear share owners, the most important value creation milestone this year, of course, is Jio's imminent IPO. I assure you that this will unlock great value for Reliance shareholders and offer an attractive investment opportunity to others. Dear friends, people often ask me, 'How has Reliance managed to grow so big in such a short time? What is the secret?' The answer is hidden in just two words: Founder's Mindset. Every new generation has to believe it is the founder of Reliance and is the first generation. I followed this principle when I took to the helm of Reliance 25 years ago. I am happy to inform you that Isha, Akash, and Anant are doing what I did 25 years ago, but with greater ambition and a much larger financial and professional base. Under my active guidance and mentorship of all our directors, they are aggressively expanding existing businesses while laying the foundation for new ventures. I envision each of these ventures growing as big as today's Reliance in the times ahead. Let me outline our five major value creation pathways. First, our oil-to-chemicals business will increase earnings as soon as the geopolitical situation improves. Simultaneously, we are reinventing this business—converting all the crude oil we process into new materials, carbon fiber, specialty materials, green chemicals, and more. This new vision will drive margin expansion and lay the foundation for our oil-to-chemicals and new materials business. Second, our new energy business has entered the phase of accelerated commissioning and early revenues. It will achieve one of the world's lowest cost of RTC green power and enable the world's most competitive green hydrogen and green chemicals ecosystem. Our foray into underground coal gasification has immense growth potential. Our CBG business is ready to be scaled up as the world's largest bioenergy business. I am absolutely confident that soon new energy has the potential to become one of the largest earnings engines for Reliance. Third, Reliance Intelligence is going to be as transformative and consequential as our new energy business. AI is becoming a multi-trillion dollar business globally. Reliance Intelligence will lead this business in India. The infrastructure is being built at breakneck speed. I envision this business to become one of Reliance's most prolific growth platforms. Fourth, our FMCG business is a new multi-billion-dollar growth engine. We plan to grow it into India's largest FMCG company and among the biggest in the world. Fifth, our export vision goes far beyond our FMCG business. Reliance aims to become an anchor institution for developing a globally competitive multi-sector export hub with a target to enable $125 to $150 billion in exports by 2032. Taken together, these five pathways create a uniquely diversified growth architecture spanning energy, materials, digital infrastructure, artificial intelligence, consumer businesses, and global exports. Dear shareholders, to this end, we are implementing a Five S vision for institutional perpetuity at Reliance. The first S is succession. Isha, Akash, and Anant have now completed three transformative years on the board of Reliance Industries. Isha leads consumer businesses. Akash leads technology businesses. And Anant leads the energy businesses. They are three bodies, one soul. Their soul is Reliance—one single, indivisible Reliance now and forever. Furthermore, we have groomed as many as 500 young leaders in their 30s and 40s in various businesses. The generational transfer of day-to-day management at Reliance is almost complete. In short, dear shareholders, the future of your company is not only in safe hands, but in the hands that will take Reliance to far greater heights. The second S is systems—world-class systems for governance, risk management, capital allocation, talent development, and technological leadership. These systems make Reliance immune to internal risks and capable of handling external risks. The third S is standards—very high standards of performance, excellence, integrity, transparency, innovation, and compliance. The fourth S is spirit—the founding spirit of Reliance to create wealth for the nation and to offer products and services of the highest quality and affordability. This spirit will continue to drive Reliance's ambition and a sense of purpose. The fifth and final S is sustainability—economy and ecology are the two inseparable sides of the same coin. As I stand before you today, I am reminded of the extraordinary privilege of serving this company and attending every Reliance AGM over the last 49 years. Over these 49 years, I have watched a single product company evolve into a national institution spanning multiple industries with a global reputation. It was built by a man who did not inherit a silver spoon—Dhirubhai Ambani. All he possessed was an uncommon clarity of purpose and a determination to realize this purpose with diligent performance. He infused that purpose into the superlative team he built. The purpose was to make India prosperous and strong and to demonstrate to Indians and the world at large that we too can become an industrial powerhouse second to none. We did not deviate from his purpose during the generational transition 25 years ago. And there won't be the slightest deviation from the founder's purpose in future when a new generation of leaders takes full charge of Reliance and its offshoots. My most esteemed co-owners of Reliance, we are proud of what Reliance has achieved so far, but it fills us with humility to realize that our motherland expects much more of us. The noble mission of Viksit Bharat by 2047 is beckoning all of us. It is mandated that all Indian businesses build a modern holistic India—an India of equity, fairness, and harmony for all, and an attractive model for the rest of the world. To work for this patriotic mission is our duty and also our highest reward. In this endeavor, Reliance recommits unreservedly to playing its fullest role. I take this opportunity to convey my sincere gratitude to all our board of directors for their invaluable counsel and stewardship. I extend my heartfelt thanks to all our employees, our greatest strength, whose passion and perseverance have driven Reliance to new milestones. I'm equally grateful to our business partners for their steadfast collaboration. I also appreciate the continued support of government authorities and regulatory institutions. Most importantly, I offer my deepest appreciation to all our shareholders, India and its people, for their continued trust and confidence in brand Reliance. Your support remains the foundation of our journey and success. Thank you. Jai Hind. Jai Shri Krishna.