New Delhi: Billionaire Mukesh Ambani on Friday unveiled a sweeping roadmap for Reliance Industries Ltd's next phase of growth spanning artificial intelligence, satellite broadband, clean energy and consumer businesses, as its digital unit Jio Platforms filed draft papers for what could become India's largest-ever initial public offering.

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Jio Platforms, the telecom-to-technology company that transformed India's digital landscape over the past decade, filed a draft red herring prospectus with market regulator SEBI for a fresh issue of up to 27 crore shares. Sources familiar with the matter said the offering could raise about Rs 37,700 crore (USD 4 billion), valuing the company at roughly USD 137 billion.

"The Board of Jio Platforms has approved the Draft Red Herring Prospectus earlier today, and it will be filed with SEBI today," Reliance Chairman Mukesh Ambani told shareholders at the company's 49th annual general meeting.

Shortly after Ambani ended his speech, the DRHP was filed with stock exchanges and market regulator SEBI.

Describing the proposed listing as a landmark moment for the group, Ambani said, "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 said the IPO process is being led by his three children - Akash Ambani, Isha Ambani and Anant Ambani - who are increasingly taking charge of the conglomerate's key businesses.

The offering aims to unlock value from Jio Platforms, whose telecom arm has grown into the world's second-largest mobile operator by subscribers in a single country after China Mobile. As of March 31, Reliance Jio served 524.4 million subscribers, including 268.5 million users on its 5G network.

Jio Platforms reported a revenue of Rs 1.47 lakh crore and profit after tax of about Rs 30,000 crore in FY26. The company counts Meta and Google among its largest strategic investors, alongside a roster of global financial backers, including KKR, Silver Lake, Mubadala, ADIA and Saudi Arabia's Public Investment Fund.

Beyond the IPO, Ambani used the annual meeting to outline what he described as Reliance's next generation of growth engines, with artificial intelligence emerging as a central pillar.

A year after announcing Reliance Intelligence, the group's AI venture, Ambani said the company was moving from planning to execution.

"Our objective is to build a profitable AI infrastructure, platform, and services business serving consumers, enterprises, and governments at scale," he said.

Reliance has partnered with Google, Meta and Nvidia to develop AI infrastructure and services tailored for India. Ambani drew parallels with Jio's telecom rollout a decade ago, saying, "Today, Reliance Intelligence promises AI to everyone, everywhere. And we shall deliver on this promise too."

The company plans to build an AI infrastructure capable of supporting services across Indian languages and sectors ranging from agriculture and healthcare to education and enterprise applications.

Reliance also highlighted satellite broadband as another major growth opportunity. The company is preparing to expand connectivity offerings beyond terrestrial networks, complementing its nationwide 5G rollout and fixed-wireless broadband services.

Jio's broader digital ambitions include migrating its entire subscriber base to 5G by 2030, expanding enterprise technology services and commercialising proprietary software and network technologies in overseas markets.

Ambani also reiterated Reliance's aggressive push into clean energy, describing India as being at the beginning of an energy "supercycle" while remaining heavily dependent on imported fuels.

"Reliance is working on the most comprehensive, integrated, and future-focused plan by any Indian corporate to boost India's energy sources in every way possible," he said.

The conglomerate is investing across solar manufacturing, battery storage, green hydrogen, compressed biogas, bioenergy and underground coal gasification. Ambani said the company's long-term goal is to help India produce most of its energy requirements domestically while building globally competitive clean-energy businesses.

Reliance has already begun producing solar modules at its Dhirubhai Ambani Green Energy Giga Complex in Jamnagar and expects its battery manufacturing operations to commence this year. The company is targeting 20 GW of integrated solar manufacturing capacity and plans to scale battery production to 120 GWh annually.

"The world built its old energy on Middle Eastern oil. The world will now build its new energy on Indian sunshine," Ambani said.

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The group's traditional oil-to-chemicals business remains its largest earnings contributor, but Ambani said Reliance is reshaping the segment to focus increasingly on chemicals and advanced materials rather than transportation fuels.

"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."

Consumer businesses are expected to provide another major growth driver.

Reliance Retail crossed 20,000 stores during the year and plans to expand manufacturing capabilities in food, apparel, electronics and consumer goods, while building an export platform for Indian brands.

The company also outlined plans to develop a broader export ecosystem, targeting USD 125 billion to USD 150 billion of exports by 2032 across sectors including consumer goods, manufacturing, agriculture and energy products.

Taken together, Ambani said the group's future growth would be driven by five major pathways: oil-to-chemicals and advanced materials, new energy, artificial intelligence, FMCG and consumer businesses, and exports.

"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 annual meeting also offered the clearest update yet on succession at India's most valuable company.

"The generational transfer of day-to-day management at Reliance is almost complete," Ambani said.

He said Isha Ambani now leads consumer businesses, Akash Ambani oversees technology operations, and Anant Ambani heads the group's energy businesses, while a cadre of younger executives is being groomed across the organisation.

For investors, the transition comes at a pivotal moment as Reliance evolves from a fossil-fuel giant into a diversified conglomerate spanning telecommunications, digital services, artificial intelligence, retail, advanced 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."

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