Reliance Industries is evaluating “strategic pathways” that can “broaden stakeholder participation”, chairman and managing director Mukesh Ambani said, in a hint to the much-awaited initial public offer of the conglomerate’s digital arm, but withheld further update on the timing.
In his address to the shareholders in RIL’s annual report, Ambani said the company is taking “deliberate steps to strengthen its institutional framework, enhance transparency, and prepare it for the opportunities ahead”.
The IPO, anticipated to be India’s largest yet with an offering pegged at $4 billion, is in the works from 2025 when Ambani told shareholders at the annual general meeting that Jio would go for listing.
The recent weakness in the equity markets, hit by the twin blows of elevated crude oil prices and falling rupee against dollar, has cast a shadow on a number of mega IPOs on valuation concerns.
“We will continue to evaluate strategic pathways that can broaden stakeholder participation and support Jio’s long-term growth, always guided by the principle of sustainable value creation,” he wrote.
New energy
While Jio’s IPO remains a work in progress, RIL outlined an aggressive expansion roadmap for its new energy business, sharing timelines for battery manufacturing, green hydrogen and ammonia production, and large-scale renewable power projects.
“We are building integrated capabilities across solar PV manufacturing, energy storage, and green energy infrastructure to help India achieve energy independence,” he said.
The company said the energy storage (BESS) project is in an advanced stage of commissioning. RIL will be operationalising 40 gigawatt-hour of annual capacity, with a roadmap to 100 GWh. With civil construction complete and equipment installation underway, production will ramp through second half of 2026, focused on LFP chemistry for utility-scale BESS and mobility, RIL said in the annual report. The battery project forms a central part of RIL’s broader new energy strategy anchored around its Jamnagar green energy complex.
The company also provided fresh timelines for its green hydrogen and green ammonia business, which is expected to emerge as a major long-term export opportunity. RIL said it is working towards 3 million tonnes per annum of green hydrogen production capacity by 2032 for global markets.
Moreover, it also informed that the company has started delivering solar modules from its complex at Jamnagar.
FMCG push
The company also outlined aggressive expansion plans for its fast-moving consumer goods business, signalling that Reliance Consumer Products Ltd (RCPL) will be a key growth engine for the group over the next decade.
RIL said RCPL expects its revenues to grow “multifold” by 2030, as it aspires to emerge as one of the leading global branded consumer products companies. RCPL’s gross revenue doubled year-on-year to ₹22,000 crore in FY26, driven largely by growth in staples and beverages, according to the annual report.