Today, we are proud to announce another leap forward – JioPC; You can easily get started by connecting a keyboard into your Jio Set-Top Box.
FinTech BizNews Service
Mumbai, August 29, 2025: Mukesh D. Ambani, Chairman & Managing Director, Reliance Industries, today addressed the 48th Annual General Meeting of Reliance Industries.
Following is the complete text of his speech:
My Dear Shareowners,
th Namaste, and a very warm welcome to the 48 Annual General Meeting of Reliance Industries Limited.
We meet today on the most auspicious occasion of Ganesh Chaturthi. Lord Ganesh has arrived in our homes and in
pandals on our streets. Let us begin this meeting by seeking the blessings of Bhagwan Ganesh – for you, your families,
the entire Reliance Parivar, and for all the people of India and the world.
Friends,
The global economy today is navigating through an era of great uncertainty. Geopolitical tensions are rising, volatility is
persistent, and predictability is scarce.
The world is realising that conflict produces no winners, whereas co-operation ensures shared prosperity. When
nations co-operate, trade flows freely, investments flourish and everyone wins.
In today's inter-dependent world, the prosperity of each country is inseparably linked to the prosperity of all.
st Paradoxically, while uncertainty surrounds us, humanity also stands at the threshold of a golden age in the 21 century
– an age defined no longer by scarcity, but by super-abundance and super-affordability for all eight billion people on
this planet.
This has become possible because of the convergence of three powerful technological transformations:
· Breakthroughs in Clean Energy are unlocking a future of abundance, sustainability, and security, raising hopes
for overcoming the climate crisis.
· Breakthroughs in Genomics promise dramatic improvements in cure of diseases, longevity, and overall health.
· Breakthroughs in Artificial Intelligence and allied Deep Technologies have already begun to boost
productivity, efficiency and human potential to unimaginable levels.
Owing to its miraculous power, AI can now be called the new Kamdhenu – the divine wish-fulfilling cow of our age.
At Reliance, we see these three convergent transformations not as distant possibilities, but as immediate opportunities
for India. Therefore, we are building the world's most advanced Clean Energy ecosystems. We are expanding into the
frontiers of Digital Health, Life Sciences and Genomics. And we are developing AI as a new growth engine, besides
embedding AI across all our businesses – from retail to telecom, from energy to entertainment.
India, with its scale, talent, and entrepreneurial spirit, is uniquely positioned to lead in this new era of AI, Clean Energy,
and Genomics. And Reliance has positioned itself confidently to lead our nation's mission to ensure that abundance
and affordability become the birthright of every Indian.
This is our solemn promise.
Friends,
The possibilities created by these new technologies are staggering. The global GDP, at $110 trillion today, has the
potential to reach $500 trillion within the next 25-30 years.
Imagine, in our own lifetime, we can end poverty globally and ensure that every human being has access to all basic
needs. For this vision to be realised, it is our hope that the world leaders choose co-operation over conflict, dialogue
over discord, and win-win agreements over zero-sum rivalries.
Despite geopolitical uncertainty, one truth is crystal clear. India is on the rise, and India's rise is unstoppable. Today,
India already ranks among the world's top four global economies.
Under the determined leadership of our visionary Prime Minister, Shri Narendrabhai Modiji, India's GDP is growing
faster than all major economies. With the right set of reforms, advanced manufacturing capabilities, and a national
priority on Deep Tech, our economy can grow at 10% annually.
This will mean that the per capita income of Indians could rise 4-5 times within the next two decades, making India not
just a prosperous nation but also a more equal nation.
More importantly, India need not copy any foreign model. We have the ability, and the responsibility, to create an
India-first model of development.
This model will use Deep Tech to bring prosperity and security to India, improve the quality of life of each and every
Indian, and protect the environment. This model will also harmonise technology with democracy, economy with
culture, spirituality with science, and national aspirations with friendship across all nations.
This is the collective dream of nearly 1.5 billion Indians – to build a nation that leads with both prosperity and
compassion. This, my dear shareholders, is the Indian Dream.
Dear Shareholders,
As Reliance approaches the close of its Golden Decade, we rededicate ourselves to the rapid realisation of this Indian
Dream. We are resolutely transforming our operating model to become a Deep-Tech company with advanced
manufacturing capabilities. We are making every one of our businesses AI-native, positioning them for hyper-growth.
Our corporate philosophy of “We Care” compels us to continuously improve the quality of our products and services in
ways that promote the wellbeing of both People and Planet. Our operating model is now led more by innovation than
capital intensity. That is why we are attracting and empowering super-talented young leaders who will drive the next
wave of value creation with bold innovations.
Reliance has never rested on its past laurels. Our Founder and Forever Guide, Shri Dhirubhai Ambani, instilled in us a
DNA of relentless reinvention and reimagination. Again and again, we will reimagine and re-engineer ourselves to
create greater wealth for our nation and higher value for society.
This is my solemn commitment to you.
2. Business & Financial Performance
Dear Shareholders,
I am happy to share with you the details of yet another stellar year of business and financial performance, achieved in
spite of multiple challenges.
In FY-25, Reliance delivered record consolidated revenue of Rs10,71,174 crore ($125.3 billion), becoming India's
first-ever company to cross $125 billion in annual revenues.
Reliance's EBITDAstood at Rs1,83,422 crore ($21.5 billion) and net profit grew to Rs81,309 crore ($9.5 billion).
Reliance's exports were Rs2,83,719 crore ($33.2 billion), contributing 7.6% of India's total merchandise exports.
Your company invested cumulatively Rs5.6 lakh crore ($65.5 billion) over the last three years.
And it remains the single largest contributor to the national exchequer, contributing Rs2,10,269 crore ($24.6 billion) in
FY-25. In the last six years, Reliance's contribution to national exchequer has crossed Rs10 lakh crore ($117.0 billion).
I am also proud to report that Reliance's CSR spending in FY-25 rose to Rs2,156 crore ($252 million). Our cumulative
CSR expenditure over the last three years has crossed Rs5,000 crore ($585 million).
This is a clear reflection of our unwavering commitment towards creating a societal impact.
Friends,
Employment generation for India's talented youth is a national priority. It is also a priority for Reliance.
Globally, the dynamics of employment are undergoing a shift towards flexibility, driven mainly by AI and automation.
Reliance has also adopted modern engagement formats that combine opportunities for upskilling, entrepreneurial
drive, job satisfaction, and higher earning potential.
Today, our conventional and non-conventional workforce has grown to nearly 6.8 lakh people. I see this growing to
more than 10 lakh people over the next few years. It gives me immense satisfaction to say that we rank among the
most admired employers and largest job creators in India.
Reliance continues to lead across every key growth parameter – revenues, profitability, exports, market value,
investments, contribution to the exchequer, and societal impact. I am confident that Reliance will keep breaking its own
records in business performance next year and beyond.
3. Digital Services
Dear Friends,
Let me begin by sharing with you the impressive performance of our digital business. Just a week from now, Jio will
th enter its 10 year of service to the nation. Looking back, these years have been the most glorious in India's
digital history.
Today, I am proud to share with you that the Jio family has crossed 500 million customers. The 500-million milestone
is a symbol of your unwavering trust and support. I offer my heartfelt gratitude to each and every one of you.
I have heard people say: “Jio changed my life”, and “I love Jio”. But I say from my heart: “Actually, each and every Indian
built Jio by simply making it a part of their lives.”
Let me present a short video of our Jio journey – how 500 million Indians made Jio.
Friends,
Jio was conceived at a time when India's road to digital transformation was blocked. Prohibitive data prices, poor
connectivity, and poorer speeds had stifled the digital aspirations of Indians. That is when we said, “This must end.”
And Jio ended India's digital poverty within a few years.
Jio's bold Deep-Tech initiatives sparked India's technological revolution and became the backbone of our Prime
Minister's Digital India Mission. Let me mention only five major achievements of Jio, which were previously
unimaginable:
· First, Jio made voice calls free from anywhere to everywhere in India.
· Second, Jio made it a habit for common Indians to watch videos on their mobile and do digital payments, also
through mobiles.
· Third, Jio laid the foundation for India's Digital Public Infrastructure such as Aadhaar, UPI, Jan Dhan, Direct Bank
Transfer, and empowered a confident new generation.
· Fourth, Jio enabled creation of the world's third-largest startup ecosystem in India comprising over 100+
unicorns.
· Fifth, Jio's nationwide 5G rollout, the fastest in the world, has laid the foundation for the AI revolution in India.
Dear Shareholders,
As a result of these achievements, the financial performance of Jio is scaling new heights with every passing year.
Jio's revenue was Rs1,28,218 crore ($15.0 billion), a growth of 17% YoY in FY-25; and EBITDA was Rs64,170 crore
($7.5 billion). These figures are a testimony to the enormous value Jio has already created, and even greater value it is
destined to create.
Today, it is my proud privilege to announce that Jio is making all arrangements to file for its IPO. We are aiming to list
Jio by the first-half of 2026, subject to all necessary approvals.
I assure you that this will demonstrate that Jio is capable of creating the same quantum of value like our global
counterparts. I am sure that it will be a very attractive opportunity for all investors.
Friends,
Jio's plans for the future are even more ambitious. They rest on five assurances:
· One: Jio will connect every Indian on mobile and home broadband.
· Two: Jio will equip every Indian home with digital services such as Jio Smart Home, JioTV+, Jio TV OS, and
seamless automation.
· Three: Jio will digitise every Indian business and enterprise with simple, scalable, and secure platforms.
· Four: Jio will herald the AI revolution in India. Our motto is AI Everywhere for Everyone.
· Five: Jio will expand its operations outside India, taking our home-grown technology to people around the world.
I am extremely confident that the path ahead for Jio is even brighter than its journey so far.
I now invite Akash, who spearheads Jio, to take you through what lies ahead in the company's exciting journey.
Jio is where I began my professional journey, faced challenges, learned lessons, and found my purpose. I have grown
with Jio, and to see it come into its own as an independent company is both humbling and exhilarating because Jio is a
part of me.
Chairman Sir, I want to thank you for your trust, your vision, and your guidance. I assure you that Jio is on the path to
build on your vision with renewed energy and unwavering resolve to serve India's digital future.
Dear Friends,
As we take this next step in Jio's journey, it gives me great pride to reflect on how far we have come.
Today, Jio serves over 500 million happy customers. To put that number into perspective, it is more than the combined
population of the US, the UK, and France.
This is not just a milestone in terms of scale. It is a testament to the deep and widespread trust that Jio has earned from
every corner of India.
Very few companies in the world have the privilege of serving half a billion people. Fewer still do it with the consistency,
commitment, and care that Jio has demonstrated.
This achievement therefore belongs not just to Jio, but to each and every individual who believed in Jio and stood by it.
And with that belief comes responsibility – the responsibility to lead, to innovate, and to serve with purpose; not just to
sell, but to truly serve the customer by putting their needs at the heart of every innovation.
Today, Jio carries the largest wireless data traffic in the world. India's next digital leap, and Jio's next growth engine, will
come from businesses – large and small. Jio is building simple, scalable, and secure platforms for MSMEs and
enterprises alike.
From franchisee management to AI-powered solutions across verticals, we are enabling every business to compete
globally. This is not just digitisation, it is democratisation of enterprise-grade technology.
Jio's transformation into a Deep-Tech company is now unmistakable. And we have done it on a technology stack that is
designed, developed, and deployed entirely in India, by Jio's own engineers.
From developing our very own 5G Core, to rolling out the fastest 5G services, and now deploying our global-first home
connect technology, we have cemented our place as a Deep-Tech company.
Our proprietary UBR broadband technology, an industry-first innovation, has revolutionised home broadband,
offering giga-bit speeds while avoiding cable-cut disruptions and supporting high-end applications.
JioAirFiber is now the largest fixed wireless broadband service in the world, adding over one million homes per
month. And now, with the integration of AI, we are building a stack that will power intelligent services across India.
From Gen-AI enabled customer journeys to AI-powered diagnostics and automation, Jio is laying the foundation for
India to become the world's first AI-native digital economy.
Building on this foundation, Jio True 5G has redefined speed, reliability, and reach of digital connectivity. Today, more
than 220 million users are benefitting from the Jio True 5G network.
Friends,
At the heart of all our offerings is our customer. At Jio, Customer Service is not a department – it is a promise. We are
redesigning every touchpoint to delight the user, not just serve them.
Whether it is discovering, buying, using, or resolving issues, our systems are now event-driven and API-enabled, with
Gen-AI at the forefront. This transformation is structural, aligning our architecture and feedback loops to deliver
precision and delight at scale.
This relentless focus on innovation has also driven our strongest financial performance yet, with record revenue,
profitability, and customer engagement.
As we look ahead, Jio's journey will progress beyond India. Our innovative technologies will now be deployed globally,
ready to solve global challenges. With strategic partnerships and a clear roadmap, we will take Jio's services to the rest
of the world, creating value for partners and shareholders alike.
Behind every achievement of Jio is a mission – to serve customers from the heart, to connect the unconnected, and to
uplift every citizen. As we move forward, Jio remains committed to ensure that our technology empowers all of you.
To give you a glimpse of what lies ahead, I now invite my colleague, Kiran, to join me in showcasing some of Jio's
latest innovations.
4. Digital Services Demo
[DEMO 1: Digital Twin System]
Today, Jio is the only operator that can activate giga-bit speed internet in under 24 hours across India. In the past,
getting broadband installed, even in large cities, meant waiting, delays, and multiple site visits before installation could
even begin. It was frustrating for homes and small businesses that simply wanted to be connected.
At Jio, we decided India deserves better and we completely re-imagined this using our Deep-Tech platforms. We built
something no one else has attempted at this scale: a Digital Twin of India's physical infrastructure. This is a living,
breathing 3-D model of our nation, covering every terrain, every locality, and every single building.
The moment a customer places an order, Jio's Digital Twin system allows our engineers to check the local network
conditions for that specific customer, and precisely plan the entire installation – instantly, right from their offices. And
within 24 hours, the roof-top unit is installed, and the customer's home is live with giga-bit speeds.
This home-grown capability puts India and Jio at the forefront of technology innovation and sets a new benchmark in
serving customers at scale.
[DEMO 2: Jio AI Cloud]
Last year, in our AGM, we introduced Jio AI Cloud with up to 100GB free cloud storage for all Jio users. More than 40
million Indians have trusted Jio AI Cloud to securely back up their most important photos, files, and videos.
Today, we unveil the next generation of Jio AI Cloud that is more than just storage, but an AI-powered memory
companion. Imagine being able to find and relive your most precious moments simply by speaking in your own
language. You could say: “Hello Jio, mujhe last year Ganpati visarjan ke photos dikhao”, and Jio AI Cloud will search
your entire library, and instantly bring back vibrant images of your celebrations.
Jio AI Cloud also makes everyday organisation effortless. For example, when you scan a receipt, it categorises it under
Bills, or when you upload a picture of your Aadhar card, it categorises it under identity documents.
And with our new AI Create Hub, Jio AI Cloud becomes not just a place to store memories but also to create them.
Anyone can turn simple photos into shareable reels, collages, or promo videos with no expert skills required. Imagine a
small shopkeeper creating a professional product reel in minutes, or a parent compiling a family album with one click.
We are making Jio AI Cloud smarter and more human and are excited for you to try these very-soon-to-be released
features. Back to you, Akash.
[DEMO 3: JioPC]
Beyond Connectivity, Jio's vision is to empower every connected home and business with advanced digital services.
Today, we are proud to announce another leap forward – JioPC.
Our world is being reshaped by AI. But for AI to be truly inclusive, it must be present in every Indian home and business.
JioPC is that revolutionary product that transforms your TV or any other screen into a full-feature, AI-ready computer.
You can easily get started by connecting a keyboard into your Jio Set-Top Box. Instantly, you get a virtual computer
powered from Jio's cloud with no upfront investment. You simply pay for what you use. And because JioPC lives in the
cloud, it is always up-to-date, and secure. You can remotely upgrade your memory, storage, and computing power
based on your growing needs.
For the first time, anyone in India can tap into high-performance compute on demand. You can go from creating
documents to running advanced simulations – all on the same JioPC.
We are partnering with leading providers to bring a rich library of out-of-the-box, market-leading applications and
powerful AI tools to boost your productivity and creativity.
JioPC is not just about giving people a computer. It is about giving every student, every professional, and every
entrepreneur in India the same AI-ready power that only few have had so far. This is computing for India, reimagined.
[DEMO 4: JioFrames]
Next, let us give you a first look of one of our most exciting upcoming products – JioFrames.
JioFrames is an AI-powered wearable platform and ecosystem, made for India. With support for multiple Indian
languages at launch, you can simply speak to Jio's multilingual AI voice-assistant. It is a hands-free, AI-powered
companion designed for the way India lives, works, and plays.
With JioFrames, you can capture your world like never before. Take HD photos, record videos or go live – every
memory is instantly stored in Jio AI Cloud, Jio's cloud storage app.
JioFrames goes beyond capturing moments. Reading a book? Just ask for a summary or explanation. Cooking a new
dish? Get step-by-step guidance while your hands are busy. Travelling to a new city? Instantly learn about the
landmarks around you.
You can make calls, attend meetings, listen to music, or enjoy podcasts. With built-in open-ear speakers, you hear
crystal-clear audio while staying aware of the world around you.
JioFrames brings the power of AI into your everyday life in the most natural way possible. Intelligence will not just be in
your pocket; it will be right in front of your eyes.
5. Media & Entertainment
Dear Shareholders,
Let me now talk about our Media & Entertainment business.
The formation of JioStar marked a defining moment for India's media ecosystem. In just a few months, we have
created a revolution by strategically leveraging content, AI, and technology to reshape how stories are told, delivered,
and experienced.
JioStar offers over 3.2 lakh hours of content ─ six times more than the next two OTT platforms combined ─ with
30,000+ hours added every year. Our advanced AI tools and technology innovations are empowering viewers like
never before. As a result, our Media & Entertainment business delivered a record-breaking performance.
The launch of the JioHotstar app brought over 600 million users on board within three months. This included over 75
million connected TVs. With 300 million paying subscribers, JioHotstar is now the world's second-largest
streaming platform – achieved entirely in India.This record shows the immense potential of the Indian market.
In addition, with a 34% TV market share – equal to the next three networks combined – we are well on our path to
serve a billion screens across mobile, TV, and connected devices.
JioStar will continue to expand across platforms and geographies. We have created an experience that combines the
best of content, software and AI through JioHotstar. We always want to push the boundaries and give our customers a
more elevated experience.
Now, let me give you a glimpse of what's coming to JioHotstar.
[DEMO 1: RIYA]
Finding what to watch in a world of thousands of hours of content can feel overwhelming. That is why, we have built
RIYA – your new voice-enabled search assistant that makes discovering content effortless.
RIYA is built for the way you think and speak. Whether it is key moments from your favourite shows, highlight reels of
your favourite players, or even a deep-dive match analysis, RIYAunderstands you.
Just say what you want, across years, seasons, and episodes, and RIYA will curate it for you. No more scrolling.
No more searching. Just ask, and RIYAdelivers.
[DEMO 2: Voice Print]
Now, let me introduce you to Voice Print, the next leap in immersive storytelling.
For the first time, on the JioHotstar App, you will be able to enjoy sports and entertainment in your favourite Indian
language, without losing the magic of the original performance. With the power of AI voice cloning and lip-sync
technology, your favourite stars will not just get dubbed —they will speak in your language, in their own voice, with
perfect lip-sync on screen.
So, whether it is a cricket match or a blockbuster movie, you can now watch it in your own language, in the most natural
and authentic way. Here is a demo to show you how it works.
[DEMO 3: JioLenZ]
Paramount to our success has been the unmatched viewing experience we have delivered, and we are constantly
pushing these boundaries further. Today, we are excited to introduce JioLenZ, a breakthrough that lets you experience
your favourite content like never before.
With JioLenZ, you can explore multiple viewing options that adapt to your personal preferences in a single click. It is
your content, on your screen, exactly the way you want to see it. Here is a glimpse of JioLenZ in action.
[DEMO 4: MaxView 3.0]
You already know about Maxview, a global-first innovation that transformed how cricket is watched on mobile. Now, we
are taking it even further with Maxview 3.0, a revolutionary upgrade that puts all your favourite JioHotstar features at
your fingertips.
Multiple camera angles, choice of language, instant highlights, and live scorecards – everything is right there on the
same screen, accessible with a simple swipe. This cricket viewing experience has been designed around the way you
naturally hold your phone, making it more immersive, more intuitive, and closer to the action than ever before. Here is a
closer look.
Let me now invite our Chairman back on stage.
We are proud of Akash and the entire Jio leadership team for their achievements. I am sure that you will surpass your
successes in the future.
Dear Friends,
Disney, which is amongst the largest entertainment companies globally, has partnered with Reliance to form JioStar. I
would now like to invite my good friend, Bob Iger, CEO of Disney, to share his views on this exciting partnership.
Bob Iger
It is a privilege to address the Reliance Annual General Meeting and to mark what is already proving to be an
extraordinary partnership between the Walt Disney Company and Reliance. And I especially want to thank Chairman
Ambani for his leadership and for inviting me to speak to you today.
India is one of the most important and exciting markets for Disney globally. Its scale, diversity, and deep love for
storytelling present enormous opportunities. And through JioStar, we are delivering the very best in entertainment and
sports, reaching audiences at an unprecedented scale.
By bringing together Reliance's digital reach, execution, and understanding of the Indian consumer, combined with
Disney's rich library of world-class storytelling and beloved IP, and of course, India's strong passion for cricket, JioStar
has quickly established itself as a global force in media and entertainment, with nearly 300 million paid subscribers.
That is truly a remarkable accomplishment in such a short span of time. And we are incredibly proud of what we have
achieved so far, and even more excited about what lies ahead.
So, on behalf of all of us at Disney, thank you for your partnership and enjoy the meeting.
Thank you, Bob. We look forward to a very strong partnership with Disney.
Dear Shareholders,
Let me update you on our news and current affairs business.
Network18 is pioneering disruptive models with a sharp focus on credible journalism, creative content, and innovation.
Moneycontrol has consolidated its leadership as India's largest platform for business news, financial markets data,
and investment analytics.
With over one million paid subscribers, Moneycontrol Pro ranks among the top 15 subscription platforms globally,
alongside The Wall Street Journal and The New York Times.
Firstpost is growing rapidly as India's digital-first global view of the world, with a strong presence across platforms. In
May this year, it recorded over 400 million video views, becoming the most-viewed Indian English news channel on
YouTube globally. It is now India's first truly global news brand for geopolitics, strategic affairs, culture, and lifestyle. In
the coming year, Firstpost will expand further with new bureaus in key world capitals.
Network18 continues to lead with CNN-News18, the No. 1 general news channel for three consecutive years.
CNBC-TV18 has retained its leadership in business news for more than two decades, with an overwhelming market
share. With CNBC-TV18 Prime and CNBC-TV18 Access, it is delivering premium content to CXOs and decision-
makers nationwide. It is now looking beyond India for global mindshare, market share, and revenue share, delivering
delight across screens and platforms.
I am counting on the leadership team at Network18 to carry the flag of Indian journalism around the world.
6. Reliance Intelligence
Dear Shareholders,
I am proud that Artificial Intelligence is already at the heart of Reliance's transformation into a Deep-Tech enterprise.
To bring even more focus and speed to this agenda, today, it is my great pleasure and privilege to announce the
formation of a new wholly-owned subsidiary called Reliance Intelligence.
This new company is conceived with four clear missions:
· First, to house India's next-generation AI infrastructure. Reliance Intelligence will build gigawatt-scale,
AI-ready data centres, powered by green energy and engineered for training and inference at national scale.
Work has already begun on the gigawatt-scale, AI-ready data centres in Jamnagar. These facilities will be
delivered in phases aligned to India's growing needs, powered by Reliance's new-energy ecosystem, and
custom-made for AI training and inference.
Second, to house global partnerships. Reliance Intelligence will bring the world's best tech-companies and
open-source communities together with Reliance's deep-domain expertise and execution strength, to deliver
performance leadership, resilient supply, and India-first compliance for AI.
· Third, to build AI services for India. Reliance Intelligence will deliver trusted, easy-to-use AI services for
consumers, small businesses, and enterprises, and solutions for sectors of national importance such as
Education, Healthcare, and Agriculture. The services will be reliable at scale and affordable for every Indian.
· Fourth, to house talent for AI. Reliance Intelligence will create a home for world-class researchers, engineers,
designers, and product builders, combining the speed of research with the rigour of engineering, so that ideas
become innovations and applications, providing solutions to India and the world.
Friends,
Today, I am delighted to announce a deeper, holistic partnership for AI with our long-standing partner, Google.
Through this partnership, we are marrying Reliance's proven capability to build world-class assets and execute at
India's scale with Google's leading cloud and AI technologies, so that developers, start-ups, and enterprises can
innovate faster, operate more securely, and reach every corner of India.
Let me now invite my dear friend, Mr. Sundar Pichai, CEO of Google and Alphabet, to share a message.
Sundar Pichai
Namaste, and thank you for the invitation to speak today, Mukesh.
India has always been a special place to Google. It is home to some of the world's most dynamic businesses, a thriving
start-up ecosystem, and incredible amounts of creativity and ambition.
We have long been investing in India's digital future. And our partnership with Reliance and Jio has been an important
part of how we do that. Our work together over the last decade has helped bring affordable internet access to millions,
helping to power India's digital revolution. And now we are building on this to help shape the next leap with AI.
The AI opportunity in India is extraordinary. It will transform every industry and organisation – from the largest
enterprises to the smallest kirana store.
Google and Reliance are partnering to help all of Reliance's businesses transform, using AI – from Energy and Retail to
Telecom and Financial Services. To support this AI adoption, together we are establishing a Jamnagar Cloud region,
built for and dedicated to Reliance. It will bring world-class AI and compute from Google Cloud, powered by clean
energy from Reliance, and connected by Jio's advanced network.
As Reliance's largest public cloud partner, Google Cloud is not only powering the company's mission-critical
workloads, but we are also innovating with you on advanced AI initiatives. And with Reliance and the Jio ecosystem, we
are excited to put AI into the hands of more people and businesses so they can do extraordinary things, as well. This is
only the beginning.
Thank you, and I look forward to building India's AI future together.
Thank you, Sundar.
Dear Shareholders,
Today, I am also pleased to unveil a new, India-focused AI joint venture with our close partner, Meta. Together, we want
to pair the power of open-source AI with Reliance's deep domain knowledge across industries.
That is why, we are forming a dedicated joint venture with Meta to combine open models and tools with our execution in
Energy, Retail, Telecom, Media, and Manufacturing, and to deliver sovereign, enterprise-ready AI for India.
May I now welcome my dear friend, Mr. Mark Zuckerberg, Founder and CEO of Meta, to share a message with us.
Mark Zuckerberg
Hey, everyone. Great to be here with Mukesh, the Reliance team, and all of you.
We are at a really exciting moment in time right now. We are seeing glimpses of our AI systems starting to improve
themselves. And it seems clear that superintelligence is going to greatly improve all of our existing systems and let us
build things that we can't even imagine today.
At Meta, we want to deliver personal superintelligence to everyone. We believe that this technology has the potential to
bring a new era of personal empowerment to people, so that they have greater agency to improve the world in all of the
directions that they choose.
And that is why I am excited about this partnership. It is a key step forward towards ensuring that everyone has access
to AI, and eventually, superintelligence.
Meta and Reliance are going to deliver our open-source AI models to Indian businesses to help them fuel their work.
With Lama, we have seen how AI can amplify human potential, boosting productivity, inspiring creativity, and
accelerating innovation. And now, with Reliance's reach and scale, we can bring this to every corner of India.
Lama's open-source foundation means that whether it is deployed in a cloud, on premises, or through dedicated
infrastructure, this technology can be tailored to fit the unique needs of every business: from small start-ups in remote
towns to large enterprises in the biggest cities.
With this partnership, we are beginning to build our vision for the future where every entrepreneur, creator, and
company has the tools they need to succeed. I believe that this venture will become a model for how AI – and one day
superintelligence – can be delivered to everyone. This is just the beginning.
Thank you.
Thank you, Mark.
Our joint venture with Meta is a game-changer for Indian enterprises and for sectors of national importance. It will bring
transparency, portability, and community-driven progress; enable sovereign hosting and governance within India; and
lower inference costs while raising safety and trust, so that adoption accelerates from pilot to production across
the economy.
Dear Friends,
Another exciting frontier for AI is Robotics, especially Humanoid Robotics. Astonishing advances are taking place in
this field. Intelligent automation will transform factories into adaptive production systems, warehouses into
autonomous supply chains, and hospitals into centres of precision care.
We are investing to make India a leader in human-centric robotics powered by AI, creating new types of industries and
services, new types of agriculture, new types of jobs, and attractive new opportunities for our youth.
Dear Shareholders,
Adecade ago, digital services became a new growth engine for Reliance. Now, the opportunity before us with AI is just
as large, if not larger.
Jio promised and delivered digital everywhere and for every Indian. Similarly, Reliance Intelligence promises to deliver
AI everywhere for every Indian.
With Reliance Intelligence and our strong partnerships, green infrastructure, and India-first governance, we are
building for the next decade with confidence and ambition. I am excited about what we will achieve, and I look forward
to keeping you updated on our progress in the coming years.
7. Retail Business
Dear Shareholders,
It fills me with immense pride to stand before you today and speak about one of the most impactful growth journeys in
modern India – the journey of Reliance Retail.
We have today, India's most advanced, scalable, and inclusive retail ecosystem, delivering the highest quality and
widest choice at affordable prices across the country. And it is amongst the fastest growing retailers globally, with scale
and depth that is unparalleled in the world. Reliance Retail is now ready to write the next chapter of super growth.
Reliance Consumer Products Limited (RCPL) had an outstanding growth in just the first year of operations. It has
achieved a turnover of rs11,500 crore ($1.4 billion), making it the fastest growing FMCG company ever. It is bringing
some of India's most loved brands like Campa to the consumers in a new avatar, making everyone love them
once again.
I will now ask Isha, who heads our Retail Business, to tell you about what she and her team have achieved in the past
year, and about their future plans. She will also share with you the achievements and growth strategy of RCPL, which
will become a direct subsidiary of Reliance Industries.
Esteemed Shareholders,
Reliance Retail today is a national movement – a mission to benefit both consumers and producers, accelerate the
economy, ignite aspirations, and enhance the quality of life of Indians.
Our performance this year reflects not only scale but the underlying strength and resilience of our business model:
· Gross revenue grew 8% to Rs3,30,943 crore ($38.7 billion).
· EBITDArose 8.6% to Rs25,094 crore ($2.9 billion).
These are not just financial milestones, they are proof that ambition, discipline, innovation, and execution can work
hand-in-hand to create long-term, sustainable value. Looking ahead, we are confident of delivering 20%+ CAGR in
retail revenues over the next three years.
This is not an aspirational slogan. It is a prediction grounded in the scale of our capabilities and the depth of opportunity
before us which no other retailer in India possesses. It is anchored in the fact that every engine of our growth – offline,
online, and B2B – is already proven, profitable at scale, and primed for acceleration.
Each one of our largest consumption baskets – Grocery, Fashion & Lifestyle, and Consumer Electronics – has
structural growth tailwinds.
This year, we added 2,659 new stores, taking our total to 19,340 stores, covering 77 million square feet in over
7,000 towns. Stores remain the backbone of our retail revenues, contributing around 70%, and will continue to grow
through high single-digit like-for-like gains, plus a steady expansion of 2,000–3,000 new stores annually.
In many locations, we have been the first modern trade retailer to enter, securing a first-mover advantage and locking in
consumer loyalty. When a Reliance Retail store opens in a small town, it creates immense excitement and pride,
as people feel they have entered India's urban mainstream.
Our unmatched digital strength is another accelerator of our retail business. Our online channels currently contribute a
high single-digit share of retail revenues but will grow to over 20% within three years.
We also lead in hyperlocal quick commerce, using our incomparable store network, strategically located dark stores,
and deep consumer data to offer faster, more reliable deliveries than any competitor.
Our registered customer base has grown to 349 million, up 15% year-on-year.
We processed around 1.4 billion transactions in the year – nearly matching the population of India – a scale that only
reinforces our ability to grow profitably.
Besides these inherent strengths, our confidence in achieving 20%+ CAGR is grounded in eight growth enablers, each
with measurable proof of performance:
· First, we know the Indian consumer better than anyone. Our unmatched insights are drawn from scientific data
mining ─ from billions of real transactions, across every state, every income segment, and every lifestyle pattern.
This is why formats like Fresh Signature in Tier II cities and the introduction of exotic fruits into mainstream
grocery have taken off so quickly.
· Second, our product development engine is creating powerful own brands such as Independence in Grocery,
Avaasa in Fashion, and Kelvinator in Electronics. These brands deliver global quality at Indian prices. They not
only expand our margins but also deepen consumer loyalty.
· Third, our superior sourcing ecosystem is a strategic advantage. From 'farm-to-fork' in Grocery to a 30-day
'mind-to-shelf' cycle in Fashion, we can move products from concept to consumer faster than our competitors,
while enriching farmers, artisans, tribal brethren, designers, small suppliers and logistics partners. It gives me
special happiness to mention that we are sourcing more products from women-led enterprises.
· Fourth, our omni-channel architecture integrates the best of digital and physical retail, maximising customer
delight. Whether through smart carts, self-checkout, AI kiosks in stores, or the endless aisle of JioMart online,
we offer convenience, choice, and consistency to customers across every touchpoint.
· Fifth, our unsurpassed market reach of nearly 20,000 stores is supported by India's largest tech-enabled supply
chain. It enables 10-minute quick commerce in metros and scheduled deliveries in remote villages alike.
This reach is a moat that is hard to replicate at scale.
· Sixth, we empower India's 42 lakh merchants – kiranas, traders, and HoReCa businesses – through our B2B
formats Metro and JioMart Digital, giving them access to products, technology, and financing. Kiranas have
always been the backbone of India's local economy and an integral part of our neighbourhood communities. We
ensure that kiranas and other merchants grow first, so that we grow along with them. Hence, ours is a growth
model of partnership and shared prosperity.
Seventh, our tech-led capabilities – from AI-driven demand forecasting to robotics-enabled warehouses – allow
us to scale with precision and efficiency, ensuring profitability even in aggressive growth phases.
· Eighth, our people – 2.5 lakh strong – are the soul of Reliance Retail. They are trained, empowered, motivated,
and mandated to deliver. Last year, we invested over 45,000 man-hours in their skill development, across new
competencies like AI, ensuring our talent stays ahead of market needs. For the fourth consecutive year, we have
been certified as a Great Place to Work, a recognition of the high-trust, high-performance culture that fuels our
execution.
All these strengths translate directly into guaranteed and growing profitability across our segments.
Dear Friends,
Another factor that puts our retail business on a growth runway is that we are operating in categories where growth is
continuous and non-cyclical.
In Grocery, we sold 18 crore litres of milk, 14 crore litres of cold beverages, 11 lakh metric tonnes of staples, and
3.8 lakh metric tonnes of fruits and vegetables last year. The category will grow through large-format expansion,
hyperlocal quick commerce, and subscription services.
In Fashion & Lifestyle, AJIO has grown 7x in five years. New formats like Yousta and Azorte are capturing younger
audiences. Our much-anticipated Shein partnership brings global fashion to India at affordable prices. Tira is not just
redefining beauty in India, it is inspiring confidence, creativity, and self-expression for an entire generation. Swadesh,
about which my mother will speak in greater detail, connects thousands of artisans to mainstream retail, turning
heritage into opportunity.
In Consumer Electronics, we grew 3x faster than the market. Our resQ after-sales service now operates in over 300
cities. Acquiring the Kelvinator IPstrengthens our consumer durables range.
JioMart continues to expand across quick commerce, scheduled delivery, and subscriptions, while JioMart Digital
helps small retailers match the service levels of modern trade.
Our supply chain, powered by automation, AI, and robotics, is designed to deliver reliability at any scale.
Dear Shareholders,
Reliance Retail is not just participating in India's consumption boom. We are propelling it. And we are doing so with the
discipline and confidence that come from funding growth through strong internal cash flows. This is why 20%+ CAGR
is not just achievable – it is a target we are going to surpass.
We have the market. We have the model. We have the means. And most importantly, we have the winner's mindset to
make it happen. With your trust and support, we will continue to fuel India's retail story and light the way to a brighter,
more prosperous future for all the stakeholders.
8. Consumer Products Business
Dear Shareholders,
Let me now turn to one of our most promising growth engines – our Consumer Products business. RCPL is set to
become a direct subsidiary of RIL. This will consolidate all our consumer brands into a single, sharply focused
company. Let me explain the benefits of this decision:
· First: India's consumer market is a $2 trillion high-growth opportunity, expanding at over 8% annually. We need a
strategic approach to seize this opportunity.
· Second: Our 350 million middle-class households have a combined purchasing power exceeding ₹100 lakh
crore ($1.2 trillion). They represent 600 million digitally-native and increasingly brand-conscious consumers who
seek premium experiences at affordable prices.
· Third: For the first time in India's history, rural markets, consisting of 900 million consumers, are driving 65% of
the FMCG growth. They are adopting global-quality branded products faster than urban markets, with
penetration growing at 35% annually. This combination of a rising middle class and accelerating rural adoption
marks an unmissable consumption opportunity.
· Fourth: RCPL is not just observing this transformation, we are shaping it by becoming a manufacturing company
to deliver global-quality products at Indian prices.
As a separate company, RCPL will give this business the independence to focus exclusively on its markets, products,
and customers without competing for management bandwidth. It will provide the agility to respond quickly to changing
consumer trends and competitive dynamics. It will also allow us to attract the best talent in the industry, offering them a
clear mandate and an exciting growth platform.
This structure will enable sharper execution, faster innovation cycles, and deeper operational focus – all critical to
winning in consumer markets.
Our performance already speaks volumes about our ability to capture this opportunity. In just 3 years, RCPL has
achieved what took other companies, decades.
Last year alone, we had revenues of Rs11,500 crore ($1.4 billion),
making us the fastest-growing FMCG player in India.
Campa Cola now holds double-digit market share across many states, breaking a 30-year MNC duopoly. Campa
Energy gained 2 million social media followers in just 90 days – faster than established brands with decades
of presence.
Our daily essentials brand, Independence, has crossed Rs1,000 crore ($117 million) in revenue. We started in India,
have entered West Asia, Sri Lanka, and Nepal, and are now exporting to West Africa. Our target is to enter at least 25
countries in the next 12 months, building an Indian consumer brands powerhouse with global reach. We believe that
Brand India will shine bright globally when Indian consumer and tech brands conquer global markets.
Our competitive strength rests on four pillars:
· The first is deep-tech innovation. We have established a 1,50,000 sq. ft. R&D hub with over 100 scientists and
15 patents filed. Its mandate is clear – better-than-market quality, first-to-India products, and first-to-world
innovations.
· The second is manufacturing scale. We have invested Rs3,000 crore ($351 million) in 12 state-of-the-art
facilities equipped with Industry 4.0 technologies, achieving the highest efficiency rates in Indian FMCG.
Over the next three years, we will invest Rs40,000 crore ($4.7 billion) to create Asia's largest integrated food parks
with AI-driven automation, robotics, and sustainable technologies, securing lasting cost leadership.
The third is distribution reach. In just 18 months, we have reached 1.5 million outlets – 5x faster than any
competitor in Indian FMCG history. Our omni-channel network will cover 95% of India's consuming population
through retail, digital, and B2B channels. Our Signature Partner Programme offers higher retailer margins,
enrolling over 10,000 new partners every month. Our integrated marketing across cricket, entertainment, and
digital platforms reaches 800 million Indians, creating matchless brand visibility.
· The fourth is our people, who are at the heart of all this. We are attracting the best talent across categories and
functions. They are building brands that consumers love and trust.
Dear Friends,
This is only the beginning. This FMCG business will also be the blueprint for expansion into apparel, electronics, and
other large and high-value consumer categories – built on deep consumer insight, design excellence, Deep-Tech
manufacturing scale, and unmatched distribution.
Our near-term ambition is clear – to be the fastest consumer brands company to reach Rs1 lakh crore ($11.7 billion) in
revenue within 5 years. Our long-term ambition is to become India's largest FMCG company with a global
presence. This will make RCPL a big new value-creating engine for the Reliance Group, comparable to our Retail
business in size and profitability.
Thank you. I now invite our Chairman back onto the stage.
Dear Shareholders,
Let us applaud Isha and the entire Retail Team for their superlative achievements. Isha has presented a truly ambitious
growth path for our Retail and Consumer Products businesses. We will achieve these ambitious goals by riding India's
growth wave, powered by technology, and driven by our passion to create products that inspire loyalty and love.
Dear Shareholders,
Now we turn to our energy business. Let me invite Anant to present the progress of our E&P, Oil-to-Chemicals, and
New Energy businesses. This is the first time he is addressing you at a Reliance AGM. I am as excited as all of you to
see him make a debut on our platform.
9. E&Pbusiness
Most Esteemed Shareholders,
Our Respected Chairman,
My Honourable Seniors and Friends,
Aap sabko mera pranaam.
Our Exploration & Production business is a cornerstone of India's energy security. It contributes nearly 30% of the
nation's natural gas output. As you know, natural gas is vital to India's clean and green energy transition.
In FY-25, E&P delivered a record EBITDA of Rs21,188 crore ($2.5 billion). This was driven by higher output from both
KG-D6 and CBM.
KG-D6 production rose 4% to 28 MMSCMD of gas and 21,000 BOPD. We plan to add more new wells in the next fiscal.
In the KG basin, we are advancing infrastructure-led exploration, with fresh drilling scheduled for 2026.
CBM output increased by 30% to 0.8 MMSCMD. This was powered by India's first 40-well multilateral drilling
campaign. Asecond campaign is already underway.
We are embracing Deep Tech in every part of E&P. Our digital operations control centre, engineering twins, and
process twins set new benchmarks in safety, reliability, and operational excellence.
10. Oil-to-Chemicals
Dear Shareholders,
I am pleased to present the performance of our Oil-to-Chemicals business. This is not merely a legacy business. It is
the backbone of Reliance's transformation into an integrated energy company, positioned for the next decade of global
energy evolution.
The past year brought extraordinary complexity in global energy markets. Supply chain disruptions, trade shifts, and
petrochemical overcapacity posed major challenges. In this dynamic environment, Reliance delivered industry-
leading performance. This demonstrates the resilience of our integrated model.
Our success rests on advantages unique to us:
· Operational excellence
· Feedstock flexibility
· Supply chain agility
· Deep market reach
· Technology-driven innovation
Our operational excellence is evident in 100% capacity utilisation, far higher than the global average of 80%. This
directly translates into superior capital returns. And it validates the strength of our model.
Dear Friends,
Our refineries processed a record 72.2 million tonnes of crude in FY-25. Our Petcoke Gasification Complex also
delivered record output. Our diversified crude basket of over 250 grades gives unmatched flexibility. It allows us to
adapt rapidly to market volatility and optimise processing margins.
These achievements powered 11% revenue growth to Rs6,26,921 crore ($73.4 billion) and EBITDAof Rs54,988 crore
($6.4 billion). These strong margins prove our ability to deliver returns even under the most volatile environment.
Dear Friends,
Our Net Carbon Zero commitment by 2035 is not just a pledge. It is a strategic transformation that positions Reliance
advantageously in evolving energy markets. Our SEZ refinery has been recognised as the world's most energy-
efficient facility.
Across facilities, we are shifting to clean fuels. Our efficiency programmes have delivered 10 million gigajoules of
energy savings in three years. Our circular economy initiatives – waste plastic pyrolysis, biomass fuels, hydrogen –
make Reliance a leader in sustainable materials. This is a strong competitive advantage as sustainability drives
value creation.
Friends,
Hydrocarbons will remain vital for India for several years. Our strategy is clear: excel in traditional energy while building
the system of the future. We are developing an integrated portfolio spanning conventional fuels, biofuels, green
hydrogen, and clean solutions.
Our three-pillar strategy is firm:
· Deepen feedstock integration
· Convert commodities into specialty chemicals
· Accelerate green chemistry leadership
Our capital allocation is disciplined, with growth aimed at superior returns. We are investing Rs75,000 crore ($ 8.8
billion) in new projects:
· Nagothane: 1.2 million tonne PVC plant
· Dahej: Expanded CPVC and 3 million tonne PTAfacility
· Palghar: 1 million tonne specialty polyester facility
These projects are positioned to meet India's rising demand.
Our Hazira carbon fibre facility will be one of the world's three largest, serving Aerospace, Defence, and Advanced
Materials.
And at Jamnagar, we are on course to realising the autonomous refinery.
Friends,
Our Oil-to-Chemicals strategy anticipated today's dynamics:
· The convergence of energy and materials
· The premiumisation of petrochemicals
· Integrated feedstock optimisation
We have created a resilient, future-ready platform for sustained value creation. We consistently outperform global
peers across cycles. This proves the strength of our execution and positioning. Our integrated platform, technology
leadership, and strategic partnerships uniquely position Reliance. We are committed to delivering superior
shareholder returns through every energy cycle.
Dear Friends,
Let me also update you on the progress of Jio-bp.
Over the past year, Jio-bp has strengthened its position as one of India's fastest-growing fuel and mobility players. We
have expanded our retail network to serve customers across key highways, urban hubs, and growth corridors. We
have introduced differentiated fuels with ACTIVE technology, delivering better mileage and engine performance.
Our EV charging and swapping infrastructure has grown rapidly, making Jio-bp a trusted partner in India's pivot to
electric mobility.
We are working closely with fleet operators, last-mile delivery companies, and urban transport systems to offer
integrated energy solutions.
We will continue to expand our network, scale our EV infrastructure, and introduce new green fuels, including biofuels
and hydrogen. Jio-bp will play a vital role in powering India's mobility needs, while driving the transition to a cleaner,
more sustainable future.
11. New Energy
My Dear Shareholders,
Let me now turn to the most ambitious and transformational mission of Reliance in this decade – our New Energy
business.
When our chairman unveiled this vision last year, he spoke about three convictions:
· First, that India must lead the clean energy revolution.
Second, that India must achieve true energy self-reliance.
· Third, that India must emerge as a global leader in New Energy.
I am happy to share with you that in the past 12 months, this vision has moved from ambition to execution. We are
making tangible and rapid progress.
Friends,
We are building the world's most integrated New Energy ecosystem –from sand to electrons to green molecules – at a
scale unmatched anywhere in the world.
Our AI-driven, smart giga-factories are designed to be future-proof, keeping Reliance ahead in technology, ahead in
cost-efficiency, and ahead in reliability.
Products from the giga factories would be deployed for delivering round-the-clock renewable power and producing
green chemicals, including green ammonia, e-methanol, and sustainable aviation fuel. With immense pride, I can say
that Reliance will be the world's only fully integrated, self-sufficient company in New Energy.
Dear Shareholders,
At Jamnagar, work on the Dhirubhai Ambani Giga Energy Complex is progressing at record pace. It will be unmatched
globally in size, scale, and integration. Here is the first glimpse of construction on this site:
· 5 million manhours of engineering
· 44 million square feet of building area – four times the Tesla Gigafactory
· 3.4 million cubic meters of concrete
· 7 lakh tonnes of steel – equal to 100 Eiffel Towers
· 1 lakh kilometres of cable – enough to reach the moon and back
· Over 50,000 workers at peak, supported by extensive construction automation
We have partnered with the world's leading engineering and construction companies to achieve best-in-class quality,
cost, and schedule. Jamnagar will be the cradle of both the world's largest Conventional Energy complex and the
world's largest New Energy complex. Jamnagar is the face of New Reliance and New India.
My Dear Friends,
Our Solar PV manufacturing platform is already operational. It is demonstrating industry-leading performance. We
have successfully produced our first 200 MW of HJT modules. These deliver 10% higher energy yield, 20% better
temperature performance, and 25% lower degradation.
We are scaling rapidly. In the coming quarters, we will expand to 10 GWp per annum of fully integrated annual solar PV
manufacturing capacity. Then, we will scale further to 20 GWp capacity. This will be the largest solar manufacturing
facility, and the most integrated single-site solar complex globally.
In parallel, we are rapidly constructing our battery and electrolyser giga factories. Our battery giga factory will start in
2026. It will begin with 40 GWh per year capacity and expand modularly to 100 GWh per year.
Our electrolyser giga factory will also be operational by end-2026, with the ability to scale up to 3 GW per year. It will
enable cost-competitive green hydrogen production at global scale, backed by exclusive global technology
partnerships, and strengthened by our in-house capabilities.
Together, these platforms create a multi-pronged, gigawatt-scale clean energy ecosystem – Solar, Battery storage,
Hydrogen – all under one roof. This integrated approach delivers scale. It also builds a sustainable competitive moat –
in cost, in technology, and in supply chain resilience – and positions Reliance to capture significant value as the global
energy transition accelerates.
My Dear Shareholders,
In Kutch, Gujarat, we are developing one of the world's largest single-site solar projects spanning 5,50,000 acres
of arid land – three times the size of Singapore. At peak, we will deploy 55 MW of solar modules and 150 MWh of
battery containers every day. This will be among the fastest installations globally. This single site could meet nearly
10% of India's electricity needs within the next decade.
Our marine and land infrastructure at Jamnagar and Kandla will connect seamlessly with solar and hydrogen at Kutch.
We will produce and export green ammonia, green methanol, and sustainable aviation fuel. This will make India a
global hub for cost-competitive green hydrogen and its derivatives.
While our initial focus will be to meet Reliance's own large captive demand, we plan to scale up to 3 MMTPA of green
hydrogen equivalent production capacity by 2032, thereby unlocking a powerful growth engine for global markets.
My Dear Shareholders,
Let me now share the progress of one of our New Energy initiatives. Reliance entered the Bio Energy business with a
clear mission – to help India achieve energy independence and empower millions of farmers as “Urja Daatas” –
Energy Producers.
This year, we are building 55 CBG plants with an annual capacity of 0.5 million tonnes. Our target is to scale up to 500+
CBG plants by 2030.
At Jamnagar, we have set up the world's largest Bioenergy Technology and R&D Centre. Here, we are developing
advanced enzymes, microbial consortia, and high-yield energy crops to boost biogas productivity.
We are also realising our Chairman's vision of growing energy plantations on wastelands. This includes building the
world's first integrated energy hub, combining smart farms, modular CBG and green hydrogen plants, agrivoltaics,
and batteries.
I am especially proud of our agrivoltaics business, where Compressed Biogas (CBG) and Solar PV are deployed on
the same land. By capturing biogenic CO from CBG plants, these hubs will become platforms for green chemicals, 2
aiming at fossil parity.
This model creates triple value for Indian farmers – green gas, green electricity, and higher rural incomes. It will be a
powerful growth engine for India's clean energy future.
Thank you. Let me now invite our Chairman once again.
Thank you, Anant.
Let me congratulate the entire leadership team of Energy Business for their operational excellence in challenging
times. I am sure that they will set global benchmarks in executing all their projects, making New Energy a large growth
engine for Reliance.
13. Value Creation Roadmap
Dear Shareowners,
I shall now share with you our Value Creation Roadmap for the coming year and beyond.
It is with immense pride – and even greater humility and gratitude – that I look back on our shared extraordinary journey
of value creation over the past five decades. In just one generation, Reliance has transformed itself from a
Fortune 1000 company to a Fortune 40 global powerhouse, creating over $200 billion in value – all within India.
We have achieved this by staying true to the First Principles I have often shared with you:
· One, what is good for India is good for Reliance.
· Two, build businesses of the future.
· Three, build them world-class, and at mega scale – the largest and most competitive globally, with the highest
standards of governance.
· Four, invest in world-class talent and cutting-edge technologies.
Faithful adherence to these principles has been our value-creation dharma.
Dear Shareholders,
As I look to the future, I see our O2C business achieving substantial growth and delivering stable returns as geopolitical
tensions subside. I also see rapid, innovation-driven growth in our materials business. We are well-positioned to
produce high-value green fuels and chemicals which India and the world will need.
Our New and Clean Energy business is being built with a singular purpose: to make India self-sufficient in energy, and
to resolve India's energy trilemma of security, affordability, and sustainability through world-scale giga manufacturing,
through round-the-clock renewable electricity, and through green fuels and chemicals at global scale.
This goal may look impossible to achieve now. But we are laying a robust foundation for our country's energy transition
so that freedom from imports can be achieved by the time India celebrates 100 years of independence in 2047.
I am sure that our New Energy business will be a major driver of growth for many decades, with the potential to become
as big as our Oil-to-Chemicals business within the next 5-7 years. In scale, ambition, and impact, it will surpass
everything Reliance has done so far. It will create unprecedented, perpetual value for both India and Reliance.
Dear Shareholders,
Jio today is the largest data company globally. Its multiple inherent strengths guarantee accelerated growth. All of Jio's
500 million – and growing – subscribers will move to 5G and eventually 6G by 2030. Jio's home and enterprise digital
services businesses are growing at phenomenal speed.
Reliance Retail, now synonymous with the consumption basket of over 300 million Indians every month, is another
testament to our ability to create hyper-value. In just five years, it has leap-frogged from the Top-100 to the Top-25
global retailers – powered by an unbeatable physical-digital-B2B network that reaches every corner of India.
Retail will continue to grow in both B2B and B2C spaces with our customer-centric, omni-channel strategy. I can clearly
see its revenues grow multifold in the coming years.
This year, I announced the creation of two new large growth engines –RCPL and Reliance Intelligence. Each of them
has the potential to grow larger than our existing business segments.
RCPL, as a subsidiary of RIL, is a strategic move to create India's largest FMCG company. RCPL's phenomenal
growth is guaranteed by the consumption boom in India, our world-class supply chain, and advanced manufacturing
capabilities.
Our new Intelligence business will drive the AI revolution in India. This will enable Indians to adopt AI at scale and make
our country a global force in AI.
Recognising these strengths, Gartner, the globally reputed technology research and advisory firm, has ranked
Reliance Industries alongside Microsoft, Amazon, Google, Meta, and Alibaba, stating that these entities are the new
superpowers, and are “setting the terms for the next global economy.”
Dear Shareholders,
Our value creation philosophy is deeply rooted in our work culture. The work culture of Reliance is guided by a wise
principle Mahatma Gandhi propagated nearly a century ago: “Acustomer is the most important visitor on our premises.
He is not dependent on us. We are dependent on him.”
With this principle, we have fundamentally changed the operating model of all our consumer-facing businesses – we
do not sell, we serve. Our engagement with customers, suppliers, and partners is not transaction-based – it is
trust-based, and therefore enduring.
The national wealth, employment, and societal impact created by our businesses and philanthropic initiatives are
already so huge that they make me both humble and proud.
But the best of Reliance is yet to come. In 2022, I made a promise that we will double Reliance by the end of our Golden
Decade. At that time, our EBITDA was about ₹1.25 lakh crore ($ 14.6 billion). I reiterate that Reliance will more than
double its EBITDAby the end of its Golden Decade in 2027.
Thank you for your trust, your partnership, and your belief in our shared vision.
14. Institutional Strengthening
Dear Friends,
At Reliance, we believe that institutional longevity and perpetual growth are guaranteed only by constant self-renewal.
This demands four elements:
· Adeep bench of capable leadership at all levels
· Unshakable core values
· Aresilient work culture
· Anever-changing commitment to the original purpose of the organisation
We are strengthening all four – deliberately and decisively.
Amajor milestone in this journey has been the evolution of our next-generation leaders – Isha, Akash, and Anant – who
have now completed two transformative years on the Board of Reliance Industries.
Fully embedded in operations and decision-making, they are shaping our businesses with energy, conviction, and
clarity of purpose. Under the mentorship of senior leaders and independent directors, they are becoming the kind of
leaders this era demands – agile, accountable, ambitious, empathetic, and consultative. They are supported by
hundreds of young leaders in their 30s and 40s, with domain expertise and the same passion and ambition that
built Reliance.
Friends,
Leadership development at Reliance is not a programme, but a foundational strategy. We have institutionalised
systems to identify high-potential talent across businesses, empowering them with responsibilities, global exposure,
and AI tools to lead boldly in the complex world of today.
We are also constantly perfecting our HR practices to enrich our People Capital. I want everyone at Reliance to feel the
pride of being part of the Reliance Parivar, united by a commitment to serve India and the larger humanity.
As Reliance, what sets us apart – and grounds us – are the virtues of Purpose, Philosophy, Passion, and Pioneering
Spirit of our Founding Chairman, Shri Dhirubhai Ambani. His legacy continues to guide us as we innovate and grow,
ensuring we stay rooted in our Indian identity and values.
As India accelerates into her next horizon, so must Reliance. Expectations are rising from all quarters – our people,
partners, our country, as well as the international community. We are not just preparing for that future. We are
shaping it.
15. Conclusion
Dear Shareholders,
It has been my privilege to serve your company since its inception and to attend every single AGM of Reliance for the
past 48 years. This has given me the opportunity to watch, and participate in, every phase of Reliance's evolution.
I have also witnessed India's incredible journey in these five decades ─ from a “Third World” country to one now on the
threshold of becoming a First World Power.
The most important lesson this journey has taught us is that there is no substitute for economic strength. This lesson is
reinforced by recent geopolitical developments. India must gain greater economic strength ─ and do so with a sense
of urgency.
Our Prime Minister, Shri Narendra Modi ji, rightly exhorted us in his Independence Day speech that the yardstick of
aatma samman – self-respect is atma nirbharata – self-reliance. India must become self-reliant to the maximum extent
in key technologies, critical industries, and other vital sectors of the global economy.
Throughout our history, Reliance has contributed to this mission of building a strong India, a Balwaan Bharat. I assure
our respected Prime Minister that Reliance will follow his command with redoubled efforts.
However, the magnitude of the challenge is so large that all Indian businesses must work together with unity as a grand
coalition – in the spirit of cooperation, mutual learning, and mutual support.
I had made this suggestion in last year's AGM, and I repeat it today. There is strength in unity and collective endeavour.
And this is what the nation today expects from its business community.
16. Acknowledgements
On behalf of all our shareholders, I extend my heartfelt thanks to our Board of Directors for their guidance and
oversight.
My deepest appreciation goes to all our employees – our greatest asset - whose dedication and commitment have
enabled the company to reach new heights.
I also thank our business partners for their unwavering support in delivering quality solutions.
Above all, I remain profoundly grateful to India and all Indians for their enduring faith in Brand Reliance.
Thank you, Jai Hind, and Jai Shri Krishna!
