Reliance to list telecom arm next year, unveils new drivers

New Delhi, Aug 29 (PTI) Billionaire Mukesh Ambani on Friday unveiled plans to list his group's telecom unit by the first half of 2026, announced partnerships with Meta and Google for developing AI and charted out a roadmap for clean energy as he looked to propel his oil-to-telecom conglomerate into next phase of growth.

Jio Platforms, an entity that houses Reliance Industries' telecom and digital businesses and valued at over USD 100 billion, is making all arrangements to file for its initial public offering, he said.

"We are aiming to list Jio by the first half of 2026, subject to all necessary approvals," Ambani, chairman and managing director of Reliance Industries Ltd, said during his annual address to shareholders.

Jio Platforms houses India's largest telecom operator, Reliance Jio Infocomm, which has over 500 million users. Ambani had first spoken of potential listing of Jio in 2019, within a five-year time frame.

At the annual general meeting on Friday, he said Reliance will create an artificial intelligence unit, Reliance Intelligence with Alphabet's Google and Meta as strategic partners.

"Jio will herald the AI revolution in India. Our motto is AI Everywhere for Everyone," he said.

All this, as the company continues to expand its mainstay cash cow oil-to-chemicals (O2C) business alongside rapid foray into clean energy. It will also continue to expand retail business.

"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 Rs 1.25 lakh crore (USD 14.6 billion). I reiterate that Reliance will more than double its EBITDA by the end of its Golden Decade in 2027," he said.

In just one generation, Reliance has transformed itself from a Fortune 1000 company to a Fortune 40 global powerhouse, creating over USD 200 billion in value - all within India.

Ambani saw O2C business achieving substantial growth and delivering stable returns as geopolitical tensions subside. He also saw rapid, innovation-driven growth in Reliance's materials business as the firm produces high-value green fuels and chemicals which India and the world will need.

While Jio, the largest data company globally, will see its subscribers moving to 5G and eventually 6G by 2030, Reliance Retail - now synonymous with the consumption basket of over 300 million Indians every month - will continue to grow in both B2B and B2C spaces with our customer-centric, omni-channel strategy.

His most ambitious plans were however in the new and clean energy space.

The company is investing in producing every single piece of clean energy -- modules that will turn sunlight into electricity, batteries that can store the energy, electrolysers that can use such renewable energy to split water molecule to produce the fuel of the future -- hydrogen, giga factories to produce green hydrogen and its derivatives like green ammonia and green methanol for domestic and export market, make sustainable aviation fuel, and produce biofuels from organic waste.

"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," he said. "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." The creation of two new large growth engines - Reliance Consumer Products Ltd and Reliance Intelligence, each with a potential to grow larger than the firm's existing business segments.

RCPL, as a subsidiary of Reliance, 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," he said.

Also, Reliance's Intelligence business will drive the AI revolution in India. This will enable Indians to adopt AI at scale and make the country a global force in AI. PTI TEAM ANZ HVA