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Last Updated:<\/span>August 29, 2025, 17:50 IST<\/time><\/p>\nHere’s Reliance Chairman Mukesh Ambani’s Full Address To Shareholders During 48th RIL AGM.<\/h2>\n\n
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Mukesh Ambani speaks at 48th RIL AGM.<\/p>\n<\/figure>\n
Mukesh Ambani\u2019s Full Speech At RIL AGM 2025:<\/strong> Reliance Industries Chairman Mukesh Ambani on Friday announced key growth initiatives at the company\u2019s 48th AGM, including a timeline for Jio\u2019s IPO, the launch of a new AI-focused subsidiary \u2018Reliance Intelligence\u2019, and partnerships with Google and Meta to accelerate India\u2019s artificial intelligence ecosystem.<\/p>\nHere\u2019s Mukesh Ambani\u2019s Full Address To Shareholders During 48th RIL AGM.<\/p>\n
\u201cMy Dear Shareowners,<\/em><\/p>\nNamaste, and a very warm welcome to the 48th Annual General Meeting of Reliance Industries Limited.<\/em><\/p>\nWe meet today on the most auspicious occasion of Ganesh Chaturthi. Lord Ganesh has arrived in our homes and in pandals on our streets. Let us begin this meeting by seeking the blessings of Bhagwan Ganesh \u2013 for you, your families, the entire Reliance Parivar, and for all the people of India and the world.<\/em><\/p>\nFriends,<\/em><\/p>\nThe global economy today is navigating through an era of great uncertainty. Geopolitical tensions are rising, volatility is persistent, and predictability is scarce.<\/em><\/p>\nThe world is realising that conflict produces no winners, whereas co-operation ensures shared prosperity. When nations co-operate, trade flows freely, investments flourish and everyone wins.<\/em><\/p>\nIn today\u2019s inter-dependent world, the prosperity of each country is inseparably linked to the prosperity of all. Paradoxically, while uncertainty surrounds us, humanity also stands at the threshold of a golden age in the 21 century \u2013 an age defined no longer by scarcity, but by super-abundance and super-affordability for all eight billion people on this planet.<\/em><\/p>\nThis has become possible because of the convergence of three powerful technological transformations:<\/em><\/p>\n\u00b7 Breakthroughs in Clean Energy are unlocking a future of abundance, sustainability, and security, raising hopes for overcoming the climate crisis.<\/em><\/p>\n\u00b7 Breakthroughs in Genomics promise dramatic improvements in cure of diseases, longevity, and overall health.<\/em><\/p>\n\u00b7 Breakthroughs in Artificial Intelligence and allied Deep Technologies have already begun to boost productivity, efficiency and human potential to unimaginable levels.<\/em><\/p>\nOwing to its miraculous power, AI can now be called the new Kamdhenu \u2013 the divine wish-fulfilling cow of our age.<\/em><\/p>\nAt Reliance, we see these three convergent transformations not as distant possibilities, but as immediate opportunities for India. Therefore, we are building the world\u2019s most advanced Clean Energy ecosystems. We are expanding into the frontiers of Digital Health, Life Sciences and Genomics. And we are developing AI as a new growth engine, besides embedding AI across all our businesses \u2013 from retail to telecom, from energy to entertainment.<\/em><\/p>\nIndia, with its scale, talent, and entrepreneurial spirit, is uniquely positioned to lead in this new era of AI, Clean Energy, and Genomics. And Reliance has positioned itself confidently to lead our nation\u2019s mission to ensure that abundance and affordability become the birthright of every Indian.<\/em><\/p>\nThis is our solemn promise.<\/em><\/p>\nFriends,<\/em><\/p>\nThe possibilities created by these new technologies are staggering. The global GDP, at $110 trillion today, has the potential to reach $500 trillion within the next 25-30 years.<\/em><\/p>\nImagine, in our own lifetime, we can end poverty globally and ensure that every human being has access to all basic needs. For this vision to be realised, it is our hope that the world leaders choose co-operation over conflict, dialogue over discord, and win-win agreements over zero-sum rivalries.<\/em><\/p>\nDespite geopolitical uncertainty, one truth is crystal clear. India is on the rise, and India\u2019s rise is unstoppable. Today, India already ranks among the world\u2019s top four global economies.<\/em><\/p>\nUnder the determined leadership of our visionary Prime Minister, Shri Narendrabhai Modiji, India\u2019s GDP is growing faster than all major economies. With the right set of reforms, advanced manufacturing capabilities, and a national priority on Deep Tech, our economy can grow at 10% annually.<\/em><\/p>\nThis will mean that the per capita income of Indians could rise 4-5 times within the next two decades, making India not just a prosperous nation but also a more equal nation.<\/em><\/p>\nMore importantly, India need not copy any foreign model. We have the ability, and the responsibility, to create an India-first model of development.<\/em><\/p>\nThis model will use Deep Tech to bring prosperity and security to India, improve the quality of life of each and every Indian, and protect the environment. This model will also harmonise technology with democracy, economy with culture, spirituality with science, and national aspirations with friendship across all nations.<\/em><\/p>\nThis is the collective dream of nearly 1.5 billion Indians \u2013 to build a nation that leads with both prosperity and compassion. This, my dear shareholders, is the Indian Dream.<\/em><\/p>\nDear Shareholders,<\/em><\/p>\nAs Reliance approaches the close of its Golden Decade, we rededicate ourselves to the rapid realisation of this Indian Dream. We are resolutely transforming our operating model to become a Deep-Tech company with advanced manufacturing capabilities. We are making every one of our businesses AI-native, positioning them for hyper-growth.<\/em><\/p>\nOur corporate philosophy of \u201cWe Care” compels us to continuously improve the quality of our products and services in ways that promote the wellbeing of both People and Planet. Our operating model is now led more by innovation than capital intensity. That is why we are attracting and empowering super-talented young leaders who will drive the next wave of value creation with bold innovations.<\/em><\/p>\nReliance has never rested on its past laurels. Our Founder and Forever Guide, Shri Dhirubhai Ambani, instilled in us a DNA of relentless reinvention and reimagination. Again and again, we will reimagine and re-engineer ourselves to create greater wealth for our nation and higher value for society.<\/em><\/p>\nThis is my solemn commitment to you.<\/em><\/p>\nBusiness & Financial Performance<\/em><\/p>\nDear Shareholders,<\/em><\/p>\nI am happy to share with you the details of yet another stellar year of business and financial performance, achieved in spite of multiple challenges.<\/em><\/p>\nIn FY-25, Reliance delivered record consolidated revenue of Rs 10,71,174 crore ($125.3 billion), becoming India\u2019s first-ever company to cross $125 billion in annual revenues.<\/em><\/p>\nReliance\u2019s EBITDA stood at Rs 1,83,422 crore ($21.5 billion) and net profit grew to \u20b981,309 crore ($9.5 billion).<\/em><\/p>\nReliance\u2019s exports were \u20b92,83,719 crore ($33.2 billion), contributing 7.6% of India\u2019s total merchandise exports.<\/em><\/p>\nYour company invested cumulatively \u20b95.6 lakh crore ($65.5 billion) over the last three years.<\/em><\/p>\nAnd it remains the single largest contributor to the national exchequer, contributing Rs 2,10,269 crore ($24.6 billion) in FY-25. In the last six years, Reliance\u2019s contribution to national exchequer has crossed Rs 10 lakh crore ($117.0 billion).<\/em><\/p>\nI am also proud to report that Reliance\u2019s CSR spending in FY-25 rose to \u20b92,156 crore ($252 million). Our cumulative CSR expenditure over the last three years has crossed \u20b95,000 crore ($585 million).<\/em><\/p>\nThis is a clear reflection of our unwavering commitment towards creating a societal impact.<\/em><\/p>\nFriends,<\/em><\/p>\nEmployment generation for India\u2019s talented youth is a national priority. It is also a priority for Reliance.<\/em><\/p>\nGlobally, the dynamics of employment are undergoing a shift towards flexibility, driven mainly by AI and automation. Reliance has also adopted modern engagement formats that combine opportunities for upskilling, entrepreneurial drive, job satisfaction, and higher earning potential.<\/em><\/p>\nToday, our conventional and non-conventional workforce has grown to nearly 6.8 lakh people. I see this growing to more than 10 lakh people over the next few years. It gives me immense satisfaction to say that we rank among the most admired employers and largest job creators in India.<\/em><\/p>\nReliance continues to lead across every key growth parameter \u2013 revenues, profitability, exports, market value, investments, contribution to the exchequer, and societal impact. I am confident that Reliance will keep breaking its own records in business performance next year and beyond.<\/em><\/p>\nDigital Services<\/em><\/p>\nDear Friends,<\/em><\/p>\nLet me begin by sharing with you the impressive performance of our digital business. Just a week from now, Jio will enter its 10th year of service to the nation. Looking back, these years have been the most glorious in India\u2019s digital history.<\/em><\/p>\nToday, I am proud to share with you that the Jio family has crossed 500 million customers. The 500-million milestone is a symbol of your unwavering trust and support. I offer my heartfelt gratitude to each and every one of you.<\/em><\/p>\nI have heard people say: \u201cJio changed my life”, and \u201cI love Jio”. But I say from my heart: \u201cActually, each and every Indian built Jio by simply making it a part of their lives.”<\/em><\/p>\nLet me present a short video of our Jio journey \u2013 how 500 million Indians made Jio.<\/em><\/p>\nFriends,<\/em><\/p>\nJio was conceived at a time when India\u2019s road to digital transformation was blocked. Prohibitive data prices, poor connectivity, and poorer speeds had stifled the digital aspirations of Indians. That is when we said, \u201cThis must end.” And Jio ended India\u2019s digital poverty within a few years.<\/em><\/p>\nJio\u2019s bold Deep-Tech initiatives sparked India\u2019s technological revolution and became the backbone of our Prime Minister\u2019s Digital India Mission. Let me mention only five major achievements of Jio, which were previously unimaginable:<\/em><\/p>\n\u00b7 First, Jio made voice calls free from anywhere to everywhere in India.<\/em><\/p>\n\u00b7 Second, Jio made it a habit for common Indians to watch videos on their mobile and do digital payments, also through mobiles.<\/em><\/p>\n\u00b7 Third, Jio laid the foundation for India\u2019s Digital Public Infrastructure such as Aadhaar, UPI, Jan Dhan, Direct Bank Transfer, and empowered a confident new generation.<\/em><\/p>\n\u00b7 Fourth, Jio enabled creation of the world\u2019s third-largest startup ecosystem in India comprising over 100 unicorns.<\/em><\/p>\n\u00b7 Fifth, Jio\u2019s nationwide 5G rollout, the fastest in the world, has laid the foundation for the AI revolution in India.<\/em><\/p>\nDear Shareholders,<\/em><\/p>\nAs a result of these achievements, the financial performance of Jio is scaling new heights with every passing year.<\/em><\/p>\nJio\u2019s revenue was Rs 1,28,218 crore ($15.0 billion), a growth of 17% YoY in FY-25; and EBITDA was Rs 64,170 crore ($7.5 billion). These figures are a testimony to the enormous value Jio has already created, and even greater value it is destined to create.<\/em><\/p>\nToday, it is my proud privilege to announce that Jio is making all arrangements to file for its IPO. We are aiming to list Jio by the first-half of 2026, subject to all necessary approvals.<\/em><\/p>\nI assure you that this will demonstrate that Jio is capable of creating the same quantum of value like our global counterparts. I am sure that it will be a very attractive opportunity for all investors.<\/em><\/p>\nFriends,<\/em><\/p>\nJio\u2019s plans for the future are even more ambitious. They rest on five assurances:<\/em><\/p>\n\u00b7 One: Jio will connect every Indian on mobile and home broadband.<\/em><\/p>\n\u00b7 Two: Jio will equip every Indian home with digital services such as Jio Smart Home, JioTV+, Jio TV OS, and seamless automation.<\/em><\/p>\n\u00b7 Three: Jio will digitise every Indian business and enterprise with simple, scalable, and secure platforms.<\/em><\/p>\n\u00b7 Four: Jio will herald the AI revolution in India. Our motto is AI Everywhere for Everyone.<\/em><\/p>\n\u00b7 Five: Jio will expand its operations outside India, taking our home-grown technology to people around the world.<\/em><\/p>\nI am extremely confident that the path ahead for Jio is even brighter than its journey so far\u2026<\/em><\/p>\nWe are proud of Akash and the entire Jio leadership team for their achievements. I am sure that you will surpass your successes in the future.<\/em><\/p>\nDear Friends,<\/em><\/p>\nDisney, which is amongst the largest entertainment companies globally, has partnered with Reliance to form JioStar\u2026<\/em><\/p>\nWe look forward to a very strong partnership with Disney.<\/em><\/p>\nDear Shareholders,<\/em><\/p>\nLet me update you on our news and current affairs business.<\/em><\/p>\nNetwork18 is pioneering disruptive models with a sharp focus on credible journalism, creative content, and innovation.<\/em><\/p>\nMoneycontrol has consolidated its leadership as India\u2019s largest platform for business news, financial markets data, and investment analytics.<\/em><\/p>\nWith over one million paid subscribers, Moneycontrol Pro ranks among the top 15 subscription platforms globally, alongside The Wall Street Journal and The New York Times.<\/em><\/p>\nFirstpost is growing rapidly as India\u2019s digital-first global view of the world, with a strong presence across platforms. In May this year, it recorded over 400 million video views, becoming the most-viewed Indian English news channel on YouTube globally. It is now India\u2019s first truly global news brand for geopolitics, strategic affairs, culture, and lifestyle. In the coming year, Firstpost will expand further with new bureaus in key world capitals.<\/em><\/p>\nNetwork18 continues to lead with CNN-News18, the No. 1 general news channel for three consecutive years.<\/em><\/p>\nCNBC-TV18 has retained its leadership in business news for more than two decades, with an overwhelming market share. With CNBC-TV18 Prime and CNBC-TV18 Access, it is delivering premium content to CXOs and decisionmakers nationwide. It is now looking beyond India for global mindshare, market share, and revenue share, delivering delight across screens and platforms.<\/em><\/p>\nI am counting on the leadership team at Network18 to carry the flag of Indian journalism around the world.<\/em><\/p>\nReliance Intelligence<\/em><\/p>\nDear Shareholders,<\/em><\/p>\nI am proud that Artificial Intelligence is already at the heart of Reliance\u2019s transformation into a Deep-Tech enterprise. To bring even more focus and speed to this agenda, today, it is my great pleasure and privilege to announce the formation of a new wholly-owned subsidiary called Reliance Intelligence.<\/em><\/p>\nThis new company is conceived with four clear missions:<\/em><\/p>\n\u00b7 First, to house India\u2019s next-generation AI infrastructure. Reliance Intelligence will build gigawatt-scale, AI-ready data centres, powered by green energy and engineered for training and inference at national scale. Work has already begun on the gigawatt-scale, AI-ready data centres in Jamnagar. These facilities will be delivered in phases aligned to India\u2019s growing needs, powered by Reliance\u2019s new-energy ecosystem, and custom-made for AI training and inference.<\/em><\/p>\n\u00b7 Second, to house global partnerships. Reliance Intelligence will bring the world\u2019s best tech-companies and open-source communities together with Reliance\u2019s deep-domain expertise and execution strength, to deliver performance leadership, resilient supply, and India-first compliance for AI.<\/em><\/p>\n\u00b7 Third, to build AI services for India. Reliance Intelligence will deliver trusted, easy-to-use AI services for consumers, small businesses, and enterprises, and solutions for sectors of national importance such as Education, Healthcare, and Agriculture. The services will be reliable at scale and affordable for every Indian.<\/em><\/p>\n\u00b7 Fourth, to house talent for AI. Reliance Intelligence will create a home for world-class researchers, engineers, designers, and product builders, combining the speed of research with the rigour of engineering, so that ideas become innovations and applications, providing solutions to India and the world.<\/em><\/p>\nFriends,<\/em><\/p>\nToday, I am delighted to announce a deeper, holistic partnership for AI with our long-standing partner, Google. Through this partnership, we are marrying Reliance\u2019s proven capability to build world-class assets and execute at India\u2019s scale with Google\u2019s leading cloud and AI technologies, so that developers, start-ups, and enterprises can innovate faster, operate more securely, and reach every corner of India\u2026<\/em><\/p>\nDear Shareholders,<\/em><\/p>\nToday, I am also pleased to unveil a new, India-focused AI joint venture with our close partner, Meta. Together, we want to pair the power of open-source AI with Reliance\u2019s deep domain knowledge across industries.<\/em><\/p>\nThat is why, we are forming a dedicated joint venture with Meta to combine open models and tools with our execution in Energy, Retail, Telecom, Media, and Manufacturing, and to deliver sovereign, enterprise-ready AI for India\u2026<\/em><\/p>\nOur joint venture with Meta is a game-changer for Indian enterprises and for sectors of national importance. It will bring transparency, portability, and community-driven progress; enable sovereign hosting and governance within India; and lower inference costs while raising safety and trust, so that adoption accelerates from pilot to production across the economy.<\/em><\/p>\nDear Friends,<\/em><\/p>\nAnother exciting frontier for AI is Robotics, especially Humanoid Robotics. Astonishing advances are taking place in this field. Intelligent automation will transform factories into adaptive production systems, warehouses into autonomous supply chains, and hospitals into centres of precision care.<\/em><\/p>\nWe are investing to make India a leader in human-centric robotics powered by AI, creating new types of industries and services, new types of agriculture, new types of jobs, and attractive new opportunities for our youth.<\/em><\/p>\nDear Shareholders,<\/em><\/p>\nA decade ago, digital services became a new growth engine for Reliance. Now, the opportunity before us with AI is just as large, if not larger.<\/em><\/p>\nJio promised and delivered digital everywhere and for every Indian. Similarly, Reliance Intelligence promises to deliver AI everywhere for every Indian.<\/em><\/p>\nWith Reliance Intelligence and our strong partnerships, green infrastructure, and India-first governance, we are building for the next decade with confidence and ambition. I am excited about what we will achieve, and I look forward to keeping you updated on our progress in the coming years.<\/em><\/p>\nRetail Business<\/em><\/p>\nDear Shareholders,<\/em><\/p>\nIt fills me with immense pride to stand before you today and speak about one of the most impactful growth journeys in modern India \u2013 the journey of Reliance Retail.<\/em><\/p>\nWe have today, India\u2019s most advanced, scalable, and inclusive retail ecosystem, delivering the highest quality and widest choice at affordable prices across the country. And it is amongst the fastest growing retailers globally, with scale and depth that is unparalleled in the world. Reliance Retail is now ready to write the next chapter of super growth<\/em><\/p>\nReliance Consumer Products Limited (RCPL) had an outstanding growth in just the first year of operations. It has achieved a turnover of Rs 11,500 crore ($1.4 billion), making it the fastest-growing FMCG company ever. It is bringing some of India\u2019s most loved brands like Campa to the consumers in a new avatar, making everyone love them once again\u2026<\/em><\/p>\nDear Shareholders,<\/em><\/p>\nLet us applaud Isha and the entire Retail Team for their superlative achievements. Isha has presented a truly ambitious growth path for our Retail and Consumer Products businesses. We will achieve these ambitious goals by riding India\u2019s growth wave, powered by technology, and driven by our passion to create products that inspire loyalty and love.<\/em><\/p>\nDear Shareholders,<\/em><\/p>\nNow we turn to our energy business\u2026<\/em><\/p>\nLet me congratulate the entire leadership team of Energy Business for their operational excellence in challenging times. I am sure that they will set global benchmarks in executing all their projects, making New Energy a large growth engine for Reliance\u2026<\/em><\/p>\nReliance Foundation<\/em><\/p>\nWhat Reliance Foundation has achieved in the past 15 years is, of course, highly impressive. But you have raised the bar higher by aiming to amplify its impact five-fold by 2035, when Reliance Foundation celebrates its Silver Jubilee. More power to you and your highly motivated team.<\/em><\/p>\nValue Creation Roadmap<\/em><\/p>\nDear Shareowners,<\/em><\/p>\nI shall now share with you our Value Creation Roadmap for the coming year and beyond.<\/em><\/p>\n