Mukesh Ambani hands next value-creation chapter to Ambani heirs

Mukesh Ambani on Friday used Reliance Industries’ 49th Annual General Meeting to unveil more than just the long-awaited Jio Platforms IPO. In what may be the clearest signal yet of the conglomerate’s succession roadmap, the Reliance chairman announced that Akash Ambani, Isha Ambani and Anant Ambani would lead the Jio listing process, effectively placing the group’s next generation at the centre of its future value-creation agenda.

The announcement accompanied the approval of Jio Platforms’ draft red herring prospectus (DRHP) for a proposed initial public offering comprising a fresh issue of up to 27 crore equity shares. Calling the offering Reliance’s “most important value-creation milestone” this year, Ambani said the listing would unlock significant value for shareholders and demonstrate that India can build technology companies of global scale, capability and value.

“The Jio IPO is the most important value creation milestone for Reliance this year and is expected to unlock significant value for Reliance shareholders while offering an attractive investment opportunity to new investors,” Ambani told shareholders.

The bigger message from the AGM, however, extended well beyond the IPO. Reliance used the platform to showcase how the company is evolving from an energy-to-consumer conglomerate into a technology-driven enterprise built around digital connectivity, artificial intelligence, retail, advanced manufacturing and next-generation infrastructure.

Ambani said Jio, which completes 10 years this year, and Reliance Retail, which marks its twentieth anniversary, have emerged as the group’s defining growth engines.

“Jio completes 10 years of stellar success. Reliance Retail completes 20 years as a trailblazer. In both businesses, we remain the unbeatable Number One,” he said.

“When a patriotic, high-performance company consistently serves the aspirations of nearly 1.5 billion Indians, there is no limit to what it can achieve.”

The chairman said Reliance delivered record revenue, record EBITDA and record net profit in FY26 despite what he described as one of the most volatile and uncertain global environments in decades.

The financial performance reflects a broader shift underway within the conglomerate. Ambani said Jio and Reliance Retail now contribute nearly half of the group’s EBITDA, underscoring the growing importance of consumer and technology-led businesses within Reliance’s portfolio.

The company also highlighted the unprecedented scale of its investment programme. Capital expenditure in FY26 stood at ₹1,44,271 crore ($15.2 billion), taking cumulative investments over the last five years to ₹6,48,428 crore (more than $68 billion). According to Ambani, Reliance alone accounted for nearly one-third of the total capital expenditure undertaken by India’s top 50 corporates during the period.

Reliance also remained India’s largest contributor to the national exchequer. Ambani said the company paid ₹2,16,472 crore ($22.8 billion) in taxes and duties during FY26, while cumulative contributions over the past five years crossed ₹9.78 lakh crore, or more than $100 billion. Corporate social responsibility spending stood at ₹2,248 crore during the year, the highest by any Indian company.

Positioning Reliance within a rapidly changing geopolitical landscape, Ambani said the past six years had been among the most volatile and uncertain in several decades. He credited India with navigating the turbulence with competence and wisdom and said the country was well placed to emerge stronger in an increasingly multipolar world.