Mukesh Ambani announces Reliance’s mega JIO IPO project approval; Isha, Anant, Akash to lead project

[00:00:00]Ladies and gentlemen, good afternoon. It is 2:00 p.m. and time to start the meeting. I welcome all of you to the 49th annual general meeting of the company. This meeting is held through video conferencing in compliance with the circulars issued by the regulators.

[00:00:20]The company has taken all feasible steps to ensure that the shareholders are provided an opportunity to participate in the annual general meeting. Adequate video conferencing facility and live webcast of the proceedings of this meeting have also been provided.

[00:00:38]Requisite quorum is present and therefore I call the meeting to order.

[00:00:43]the register of directors, key managerial personnel and their shareholding, the register of contracts or arrangements in which directors are interested and a certificate from the secretarial auditor on employees stock option scheme are available for inspection by the members. I wish to introduce for the benefit of new members my colleagues on the board of our company Dr. Shumit Banerjee Shrimati Arunati Bhachara His Excellency Yaser Al-Rayan Shri Kvi Chadri Sri Kvi Kamat Sri Hig Kaitan Sri Dhanabar Sri Nikl Mewani Sri Hal Mewi Sri PMS Prasad Sri Anantamani Shrimati Isha Amani Pramal Shri Akash Amani all directors of the company are present at this meeting. Shri Vishri Kant, Chief Financial Officer, Shrimati Savvitri Parak, company secretary and Shri Ketu Raman and the representatives of our statutory auditors and secretarial auditors of the company are also present at this meeting. Notice dated May 27, 2026 convening this annual general meeting and a copy of the annual report for the financial year ended March 31, 2026 have already been circulated electronically to the members of the company. A letter providing the web link of the annual report has been sent to those shareholders who have not registered by their email address. With your permission, I shall take them as read.

[00:03:08]The auditor's report on the standalone and the consolidated financial statements and the secretarial audit report of the company for the financial year ended 31st March 2026 do not contain any qualifications, reservations, adverse remark or disclaimer. Accordingly, these reports are not required to be read out as provided in the company's act 2013. Now, I will begin my formal address to the shareholders. My dear shareholders, namaste and a very warm welcome to the 49th annual general meeting of Reliance Industries Limited this afternoon. At the very outset on behalf of the entire Reliance family including all our shareholders let me congratulate our beloved prime minister Shri Narendra Bhai Modi GI on achieving the stupendous feat of becoming the longest serving elected prime minister of India. Later this year on the 7th of October he will complete 25 uninterrupted years in public office. first as chief minister of Gujarat and then as prime minister of India. Over these years, the number of votes he has pulled is by far the largest by any leader in the democratic world. We congratulate him on this remarkable milestone in public service.

[00:04:39]His vision for India's growth and the corresponding execution plan have been instrumental in the rapid all-around growth India has witnessed over the last decade. Dear friends, the past six years have been the most volatile and uncertain in several decades. COVID 19 increased geopolitical frictions, conflicts and wars, energy market disruptions, supply chain fragmentation, sharp swings in commodity prices and shifting capital market dynamics have combined to create a far more unpredictable global operating environment than before. The war in West Asia added to these problems. However, tough times never last. Tough nations do. And India is among the most resilient nations in the world. With unity, positivity and self-confidence, we have overcome the worst crisis in the past. Under the able, experienced and far-sighted leadership of Prime Minister Shrim Modi Gi, India has handled the situation with exemplary competence, commitment and wisdom. I can see India emerging much stronger in the fastchanging multipolar world. India will play the role of a balancer, a promoter of peace and a friend to all.

[00:06:12]This is not merely my hope. It is my confidence and my conviction. Friends, the most important lesson for India from these volatile times is that we must intensify and speed up our efforts to make our country atma in critical resources and technologies.

[00:06:34]Maximum energy self-sufficiency and AI self-sufficiency must become our national missions. The success of these missions is critical to the success of Vixit Parat. Reliance is playing a leading role in both the national imperatives. We have laid the foundation for Reliance to emerge as a leading deep tech and advanced manufacturing company.

[00:07:00]For this, we are investing an extraordinary amount in innovation and R&D effort. Here is proof that will make all of you proud. According to the latest report by the World Intellectual Property Organization, Geo Platforms has jumped from a rank of 340 to 20 in just one year in terms of the velocity of innovations through patents. This places Jio above several global tech giants and is the only Indian company in the top 20 in this ellight league. Let us warmly congratulate our brilliant team of scientists, engineers and innovators.

[00:07:43]They have made India proud. Friends, this is a landmark year for us for not one but two reasons. Geo completes 10 years of stellar success becoming the primary enabler of India's digital and AI revolution. Reliance Retail completes 20 years as a trailblazer becoming the catalyst of India's organized retail revolution. In both businesses, we remain the unbeatable number one. two phenomenal anniversaries, two spectacular transformations, and they affirm one abiding truth. When a patriotic, high-erformance company consistently serves the aspiration of 1.5 billion Indians, there is no limit to what it can achieve. Dear friends, our founder chairman Sri Dhubhai Amani taught us that behind every obstacle is an opportunity through adaptability, reinvention and strategic diversification. Reliance has consistently achieved long-term value creation at scale. As I address you today, I do so in the firm belief that Reliance's best chapters lie ahead. Our foundations are strong. Our strategy is clear. And the opportunity for growth in India and with India and for India is immense. Allow me to take you through the business and financial performance of Reliance. Dear shareholders, I am happy to share with you that Reliance posted a record high revenue, a record high eida and a record high net profit for the financial year 26 despite global challenges. The consolidated revenue stood at 11 lak 75,919 crores up 9.8% yearonear. Despite the volatility, rapid scaling up of our retail and digital businesses played a key role in meeting our commitment to doubling RIIL's Eida over 5 years. Our Eida for the financial year 21 was 97,580 crores which rose to 2 lak 7,911 crores for the year 26.

[00:10:10]Retail and digital businesses contributed nearly half of the financial year 26 EIDA. Together they are increasingly becoming the primary drivers of Reliance's future growth. The net profit for the financial year 26 stood at 95,754 crores up 17.8% over last year. Friends, Reliance's contribution to India's inclusive economic growth and nation building remains unsurpassed. Reliance has maintained its top position in investing for India's growth. Reliance's capeex stood at 1 lak 44,271 crores for the year 26. Over the last 5 years, Reliance's capital expenditure has stood at a massive 6 lak 48,428 crores or over 68.4 billion US more than any other company in India. Reliance contributed almost onethird of the total capital invested by India's top 50 corporates during the last 5 years.

[00:11:21]Reliance's exports were 2 lak 78,88 crores which was 6.7% of India's total merchandise exports for the year. Reliance remained the largest contributor to the national excheer contributing 2 lak 16,472 crores. With that, our cumulative contribution over the last five years to the national excheer crossed rupees 9 lakh 78,000 crores or in excess of hund00 billion.

[00:11:58]Reliance's commitment to inclusive growth remains unwavering. Our CSR expenditure in the financial year 26 stood at 2,248 crores, the highest by a single Indian company. Importantly, these achievements are supported by a prudent capital allocation framework, proactive risk management and a strong balance sheet and growing cash flows. This is reflected in steady improvement in Reliance's global credit rating by SNP to A minus and by Moody's to BAA1 both of which are two notches above India's sovereign credit rating. Reliance ranks amongst the largest employers in India.

[00:12:44]Every year we are consistently creating an increasing number of high-paying direct and indirect employment. Our digital and retail businesses have also catalyzed lacks of micro entrepreneurship opportunities. My dear shareholders, with great delight, let me tell you that the board of geo platforms has approved the draft red herring prospectus earlier today and it will be filed with sebi today. This is a deeply emotional moment for me, for the entire Reliance family, and for millions of its shareholders. The relationship Reliance shares with its shareholders is a deep and sacred relationship founded on pride, trust, respect, and shared growth. The commitment to shared growth was deeply personal to Dhubai. It is equally sacred to me. Embiid in the same spirit, Isha, Akash and Anant are heading the GOIPO process and will lead the next generation of value creation opportunities in the future. The proposed listing of GIO will demonstrate to the world that India can build technology companies of global scale, global capability and global value. I assure you and all prospective new investors that a brighter future awaits Jio. Friends, 10 years ago, Jio began its journey with an audacious dream to remove digital inequality from India. At that time, voice was costly, data was expensive, speeds were poor. Jio made voice free, made high-speed data affordable and Jio made digital life possible for every Indian. Jio empowered students to learn, small businesses to grow, families to connect, entrepreneurs to dream, and India to become the world's largest data market. Now Jio is preparing for its next big mission.

[00:14:54]Friends, in the past I have spoken to you about the revolutionary power of artificial intelligence. I firmly believe that India should not be a mere consumer of AI created elsewhere. It must become a creator, adopter and a global leader in AI. That is why we announced Reliance Intelligence last year as our newest growth engine. Our objective is to build a profitable AI infrastructure platform and services business serving consumers, enterprise and governments at scale. We set out a clear vision, identified the focus areas and began building the right partnerships with Google, Meta and Nvidia. Now we are entering the next phase execution the details of which will be provided by Akash. A decade ago Jio promised broadband connectivity to everyone everywhere and we delivered on that promise. Today Reliance Intelligence promises AI to everyone everywhere and we shall deliver on this promise too. My dear shareholders, the geo revolution is truly a result of courage, creativity and commitment of thousands of young Indian engineers. Before Jio, many believed that India could only import technology from the world. Our engineers proved otherwise. They built, tested, deployed and operated technologies at unprecedented scale. Today, JIO is not merely integrating technology. It is creating original technology. Reliance Intelligence offers an even bigger opportunity to our young engineers.

[00:16:56]They will get to work on problems of national scale and impact. They will build and deploy technology for 1.5 billion Indians. They will create Indiaborn innovation that the world can adopt. To them I say come build with us and build for India. Build AI that serves humanity. AI that is powerful, trusted yet affordable. AI that is fluent in every Indian language. AI that empowers farmers, students, doctors, shopkeepers, workers, creators and families. AI that improves efficiency while creating more opportunities to work and prosper for every Indian. AI that contributes to the productivity and job creation. We will give you the scale, the resources, the freedom and the responsibility to solve some of the most important challenges of our age. I now invite Akash Amani, managing director of Geo Platforms Limited. Akash leads Jio with passion, purpose and a deep commitment to India's digital future to tell you about the spectacular progress made and the even more spectacular future that will unfold.