Reliance Industries board approved a Jio Platforms IPO at the AGM, alongside AI services in 22 Indian languages, satellite broadband, and JioTeleFrame. No listing date or valuation was disclosed.
Reliance Industries won board approval for a Jio Platforms initial public offering, Chairman Mukesh Ambani told shareholders at the company's annual general meeting Thursday. The IPO size and timeline were not disclosed.
Ambani laid out a broader technology push that includes building what he called India's sovereign AI infrastructure, satellite-based broadband services, and AI-powered tools covering 22 Indian languages. The company also showed a new smart display device, JioTeleFrame, and outlined expansion plans across its retail and manufacturing arms.
The Jio IPO has been a market focus since the digital unit raised over $20 billion from investors including Meta and KKR between 2020 and 2021. Thursday's announcement formalizes a listing that analysts have expected for years, though the lack of a specific date or valuation range leaves the near-term share sale timing uncertain.
On the AI front, Ambani said Reliance would develop large language models trained on Indian languages and deploy them across Jio's network. The company plans to offer AI services in 22 languages, targeting users who do not speak English. The initiative positions Jio against global tech firms that have been slower to localize AI products for Indian-language speakers.
Satellite connectivity was another headline. Reliance said it would launch broadband-from-space services, competing with Starlink and Amazon's Project Kuiper in a market where regulatory approvals for foreign satellite operators remain pending. Jio's existing spectrum holdings and fiber network give it an infrastructure advantage, though satellite economics remain unproven at scale in India.
JioTeleFrame, a smart display device, was announced as a home-entertainment and communication product. The company did not disclose pricing or a launch date.
Retail expansion plans included deeper penetration into smaller cities and new private-label categories. Reliance Retail, already India's largest retailer by revenue, is adding more grocery, electronics, and fashion formats. Manufacturing updates covered the company's green energy push, including solar panel production and battery storage.
Ambani did not address the company's debt levels or capital expenditure funding for the multiple new ventures. Reliance's net debt stood at roughly $18 billion as of the last fiscal year, and the simultaneous expansion across telecom, AI, retail, and energy will test its balance sheet flexibility.
The AGM came as Reliance shares have underperformed the broader Nifty 50 over the past year, weighed by slower earnings growth in its oil-to-chemicals business and rising competition in telecom. The Jio IPO announcement gave the stock a modest lift in after-hours trading, though the absence of a concrete listing timeline kept gains in check.
Jio Platforms reported a 12% rise in net profit for the June quarter, driven by higher average revenue per user and subscriber additions. The unit's valuation in private transactions has ranged from $65 billion to $100 billion, making it one of the most anticipated Indian IPOs.
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