Morgan Stanley flags Reliance Industries as key beneficiary of China’s energy rationalisation, says report; stock up 2%

In China, “involution” refers to cutthroat competition with minimal returns, while “anti-involution” marks efforts by companies and policymakers to counter it. Beijing’s focus on curbing overcapacity, particularly in polysilicon, is expected to support global players like Reliance.

Morgan Stanley estimates that Reliance’s fully integrated solar supply chain in India could help cut its energy costs by up to 40% by 2030 and lift the contribution of new-energy earnings to 13% by 2027.

At the company’s 48th annual general meeting last week, Chairman Mukesh Ambani confirmed plans to list Jio through an initial public offering by the first half of 2026. Jio, which has crossed 500 million subscribers, is expected to demonstrate value creation on par with global peers, he said.

Ambani also unveiled Reliance Intelligence, a new AI-focused subsidiary tasked with building gigawatt-scale, green energy-powered data centres, developing affordable AI solutions for key sectors, and creating a talent hub. Partnerships with Google and Meta will support accelerated AI adoption across India.

Reliance Jio Infocomm unveiled its latest consumer technology offering, Jio Frames, an artificial intelligence-powered wearable platform designed to integrate digital intelligence into daily life.

Announcing the product at the company’s 48th annual general meeting (AGM), Akash Ambani, Chairman of Reliance Jio Infocomm Limited, said the device would serve as a “hands-free AI-powered companion designed for the way India lives, works, and plays.”

The smart glasses will support multiple Indian languages at launch and feature Jio’s multilingual AI voice assistant. “With Jio Frames you can capture your world like never before. Take HD photos, record videos, or go live… every memory is instantly stored in Jio AI Cloud,” Ambani said.

The device will allow users to make calls, take meetings, listen to music or podcasts, and even get step-by-step instructions while cooking, through built-in open-ear speakers.