Reliance Industries shares end flat with negative bias post 48th AGM; check key points

The stock ended at ₹1,355 on the NSE, down 0.16%.

RIL Chairman Mukesh Ambani on Friday said Reliance Jio, India's largest telecom operator, is planning to launch its initial public offering (IPO) by the first half of 2026, which could be the biggest share sale in the country's history.

Addressing the shareholders, Ambani said Jio is aiming to list by June 2026.

According to market analysts, the initial share sale of Jio is expected to be the biggest IPO in India.

Till now, Hyundai Motor India's ₹27,870 crore (about $3.3 billion) IPO in October 2024 is the biggest initial share sale. This had surpassed the ₹21,000 crore offering by Life Insurance Corporation of India (LIC) in May 2022.

While Ambani did not disclose the quantum of shares to be listed, markets are speculating a 10% share sale. Jio Platforms – the holding company of all digital properties, including the telecom arm – is currently 66.3% owned by Reliance Industries Ltd.

Meta holds a 10% stake in Jio Platforms, while Google has another 7.7%. PE investors have the remaining 16%.

Analysts have pegged Jio's enterprise valuation at $136-154 billion. In April this year, Jefferies had said in a note, "We raise our EV (enterprise value) for Jio to USD 136 billion as we roll forward valuations to Mar-26."

Jio, in its 10th year of operation, has crossed the 500-million (50 crore) user mark.

Other key announcements

Digital firm Jio on Friday announced entry into the smartglass segment by unveiling JioFrames that will allow hands-free access to calls, music, recording of videos, etc., backed by an AI voice assistant in multiple Indian languages.

"JioFrames is an AI-powered wearable platform and ecosystem, made for India. With support for multiple Indian languages at launch, you can simply speak to Jio's multilingual AI voice assistant," Reliance Jio Chairman Akash Ambani said while sharing the "first look" of the device at the company's annual general meeting (AGM) on Friday.

It is a hands-free, AI-powered companion designed for the way India lives, works, and plays, he said.

The company also announced that Reliance will create an artificial intelligence unit, Reliance Intelligence, with Alphabet's Google and Meta as strategic partners.

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.

The company's most ambitious plans were, however, in the new and clean energy space, note analysts.

The creation of two new large growth engines – Reliance Consumer Products Ltd and Reliance Intelligence – each with the 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.