Jio Platforms IPO filing with SEBI follows Reliance AI, satellite broadband and clean energy roadmap

Reliance Industries Ltd outlined a new growth plan as Jio Platforms moved closer to a stock market debut. Mukesh Ambani presented priorities across artificial intelligence, satellite broadband, clean energy, retail and exports. The update came as Jio Platforms filed draft IPO papers. The listing may become the biggest initial public offering in India.

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Jio Platforms submitted a draft red herring prospectus to SEBI for a fresh issue. The filing covered up to 27 crore shares. Sources familiar with the matter said the issue may raise about Rs 37,700 crore USD 4 billion. Those sources added the move could value Jio Platforms at roughly USD 137 billion.

Jio Platforms IPO filing and scale

Ambani confirmed board approval of the draft documents during Reliance’s 49th annual general meeting. "The Board of Jio Platforms has approved the Draft Red Herring Prospectus earlier today, and it will be filed with SEBI today,\" Ambani told shareholders. Soon after the speech ended, the DRHP appeared with exchanges and SEBI.

Ambani called the planned Jio Platforms IPO a major milestone for the group. \"The proposed listing of Jio will demonstrate to the world that India can build technology companies of global scale, global capability, and global value.\" Ambani also said the IPO work is being managed by Akash Ambani, Isha Ambani and Anant Ambani.

The share sale seeks to unlock value in Jio Platforms and its telecom arm, Reliance Jio. Reliance Jio has become the world’s second-largest single-country mobile operator by users after China Mobile. As of March 31, Reliance Jio had 524.4 million subscribers. That total included 268.5 million 5G users.

Jio Platforms reported revenue of Rs 1.47 lakh crore in FY26. Profit after tax stood at about Rs 30,000 crore in FY26. The company lists Meta and Google as key strategic investors. Other backers include KKR, Silver Lake, Mubadala, ADIA and Saudi Arabia’s Public Investment Fund.

Reliance artificial intelligence plans and partners

Ambani used the meeting to set out the next growth engines beyond the Jio Platforms IPO. Artificial intelligence featured as a key focus for Reliance. A year after announcing Reliance Intelligence, Ambani said the group has shifted into action. \"Our objective is to build a profitable AI infrastructure, platform, and services business serving consumers, enterprises, and governments at scale,\" he said.

Reliance is working with Google, Meta and Nvidia on AI infrastructure and services for India. Ambani compared the effort with the group’s telecom push from a decade ago. \"Today, Reliance Intelligence promises AI to everyone, everywhere. And we shall deliver on this promise too.\" The company plans AI systems supporting Indian languages and multiple sectors.

Reliance said services would span agriculture, healthcare, education and enterprise tools. Another theme was expansion of connectivity through satellite broadband. The company is preparing offerings beyond land networks, alongside its 5G rollout. The plan also complements fixed-wireless broadband services already in place.

Jio Platforms 5G roadmap and overseas technology goals

Jio’s wider digital plans include shifting its entire subscriber base to 5G by 2030. Reliance also aims to grow enterprise technology services. The group said it intends to commercialise its own software and network technologies. It also plans to take those products into overseas markets over time.

Reliance clean energy investments and capacity targets

Ambani repeated Reliance’s clean energy push and described India’s reliance on imported fuels. \"Reliance is working on the most comprehensive, integrated, and future-focused plan by any Indian corporate to boost Indias energy sources in every way possible,\" he said. Investments cover solar manufacturing, battery storage, green hydrogen, compressed biogas, bioenergy and underground coal gasification.

Reliance has started making solar modules at the Dhirubhai Ambani Green Energy Giga Complex in Jamnagar. Battery manufacturing is expected to begin this year. The company is targeting 20 GW of integrated solar manufacturing capacity. It also plans to scale battery output to 120 GWh each year.

Ambani linked the energy shift to India’s solar potential. \"The world built its old energy on Middle Eastern oil. The world will now build its new energy on Indian sunshine,\" Ambani said. Reliance stated a long-term goal of supporting domestic energy supply. The group also aims to build clean energy businesses that compete globally.

Reliance oil-to-chemicals strategy and advanced materials shift

Reliance said oil-to-chemicals remains its biggest earnings contributor. Ambani said the segment is being reshaped towards chemicals and advanced materials. \"In the long run, we will convert all the oil we refine into chemicals and new materials,\" he said. \"I am confident that our new Oil-to-Chemicals & Materials business will become even more valuable than our current O2C business.\"

Reliance Retail expansion and export targets

Consumer businesses were presented as another major growth driver for Reliance. Reliance Retail crossed 20,000 stores during the year. The company plans more manufacturing in food, apparel, electronics and consumer goods. It also wants an export platform for Indian brands and a wider export ecosystem.

Reliance set an export ambition of USD 125 billion to USD 150 billion by 2032. The target spans consumer goods, manufacturing, agriculture and energy products. Ambani said the group’s future growth rests on five pathways. These are oil-to-chemicals and advanced materials, new energy, artificial intelligence, FMCG and consumer businesses, and exports.

Ambani also spoke about financial performance and future expectations. \"We doubled our EBITDA in the last five years,\" he said. \"And as I look to the future, I am absolutely confident in our ability to double - indeed, more than double - our consolidated EBITDA over the next five years.\" The statement came alongside updates on investment priorities.

Reliance succession plan and leadership roles

The annual meeting included a detailed update on leadership transition at Reliance. \"The generational transfer of day-to-day management at Reliance is almost complete,\" Ambani said. Ambani said Isha Ambani leads consumer businesses. Akash Ambani oversees technology operations. Anant Ambani heads energy businesses, alongside developing younger leaders.

Reliance told investors the transition comes as the group changes its mix of businesses. The company now spans telecom, digital services, artificial intelligence, retail, manufacturing and clean energy. \"The future of your company is not only in safe hands, Ambani told shareholders, but in hands that will take Reliance to far greater heights.\" The plans were presented alongside the Jio Platforms IPO filing.

With inputs from PTI