Reliance Industries bets big on AI, green energy but no word on IPO timeline for Jio, retail business
Reliance Industries chairman and Managing Director Mukesh Ambani addressed shareholders on 47th annual general meeting (AGM) and shared his vision for the conglomerate’s businesses ranging from energy to entertainment.
Reliance has diverse interests spanning from refining, oil and gas, petrochemicals, telecoms, retail, and media. He outlined plans for the retail and telecom divisions to each surpass $100 billion in value, while aiming to double revenues and pre-tax profit within the next 3–4 years. Ambani projected that the new energy business would become profitable by 2031, with the core oil and chemical business continuing to serve as a robust growth engine for the conglomerate. Whereas, green fuels and AI-based solutions are expected to become long-term growth engines for Reliance.
Ahead of the annual general meeting, the company in a circular to exchange informed that its board will consider a bonus issue in the ratio of 1:1 on September 5.
Digital Services
- India is world’s largest data market with Jio’s network carries nearly 8% of global mobile traffic
- Jio with 490-million customers has grown to become the world’s largest mobile data company.
- The company announced in-house developed AI platform, Jio Brain — a comprehensive suite of AI tools and platforms to streamline the adoption of artificial intelligence (AI).
- The company introduced Jio AI-Cloud Welcome Offer in which they will provide up to 100 GB of free cloud storage to Jio users.
- Introduce Jio TvOS, our 100% home-grown operating system for the Jio Set-Top Box
- Jio introduced new offerings for its JioTV+ subscription service.
- Introduced new OS for the Jio Set-Top Box, JioTV OS
- Jio is also introduced Hello Jio, which now integrates generative AI for natural language understanding.
- A new JioHome app integrates the company’s Internet-of-things (IoT) solutions with JioTV OS, allowing users to manage various devices with a few taps.
Media and entertainment
- The Reliance Media & Entertainment business has seen a 49% growth in revenue
- Viacom18’s entertainment arm seeing a 62% growth.
- JioCinema crossed 15 million paying subscribers.
Reliance Retail
- Reliance Retail ranks among the Top-5 global retailers in terms of number of stores
- Largest and fastest-growing retailer
- The company has opened 1,840 new stores this year, moving its store count to 18,836 stores.
- Expansion of premium formats, Fresh Signature and Freshpik, in large cities.
- Expansion of Milkbasket subscription service to new geographies.
- Re-launch of beverages brands like Campa, Lotus Chocolates, and Sosyo.
- Establishment of 7-Eleven as a leading 24×7 convenience destination.
- Cater to diverse customer with a strong presence across all income segments, thanks to investments in brands like Kalanikethan, Zivame, Clovia, Amante, and Urban Ladder.
- Fashion and Lifestyle: End-to-end digital platform reducing time from concept design to store shelf to 30 days.
- The company plans to enter the luxury jewellery segment.
