Speaking at the Vibrant Gujarat Regional Conference in Rajkot on Sunday (January 11, 2026), Mukesh Ambani, Chairman of Reliance Industries, said Gujarat is far more than just a location for the group.

“For Reliance, Gujarat is our body, heart, and soul. We are a Gujarati company,” he said.

Mr. Ambani said he was making five firm commitments to the State. He said that Reliance is already Gujarat’s largest investor, having invested over ₹3.5 lakh crore in the last five years.

“We will double this investment to ₹7 lakh crore over the next five years. This will create exponential employment, livelihoods, and prosperity for every Gujarati and every Indian,” he said.

The second commitment, he said, is to establish global leadership in clean energy and green materials. At Jamnagar, Reliance is building the world’s largest integrated clean energy ecosystem, covering solar power, battery energy storage, green hydrogen, green fertilisers, sustainable aviation fuel, maritime fuels, and advanced materials.

“Jamnagar, once the world’s largest exporter of hydrocarbon fuels, will in the coming years become India’s largest exporter of green energy and green materials,” Mr. Ambani said.

He said Reliance’s multi-gigawatt, utility-scale solar project, among the largest in the world, will deliver round-the-clock clean power through advanced storage and modern grid integration, powering India’s growth and reinforcing Gujarat’s leadership in renewable energy.

The fourth commitment is to make Gujarat India’s artificial intelligence pioneer. Mr. Ambani said Jio is building India’s largest AI-ready data centre in Jamnagar with the goal of making AI affordable and accessible to every Indian.

“Jio will launch India’s first people-centric AI platform, built in India for India and the world. It will enable every citizen, starting from Gujarat, to access AI services in their own language, on their own devices, every day, making them more efficient and productive,” he said.

The fifth commitment is partnering with the Gujarat government’s Olympic ambitions and social initiatives. Mr. Ambani said the Reliance Foundation fully supports the Prime Minister’s vision of bringing the 2036 Olympic Games to Ahmedabad.

“As part of this effort, Reliance will partner with the Gujarat government to manage the Veer Savarkar Multisports Complex in Naranpura, which will serve as a hub for national and international sporting events and for training future champions,” he said.

He also announced the establishment of a world-class hospital in Jamnagar in the Saurashtra region and the expansion of Reliance’s educational institutions. “The development of Gujarat is central to everything we do,” he said.

Mr. Ambani further said the world is changing rapidly and geopolitical developments are creating new challenges and uncertainties. However, he said India remains resilient.

“What is reassuring is that these challenges cannot disrupt our nation or its people. India today stands protected by an invincible protective wall called Narendrabhai Modi.”

Gujarat is our foundation, says Karan Adani

Karan Adani, managing director of Adani Ports and SEZ Limited (APSEZ) said that for the Adani Group, Gujarat is not just a State of investment — it is our foundation. “Gujarat is where our journey began, and Gujarat is where our long-term commitment remains anchored.”

“Building on this foundation, the Adani Group commits to invest ₹1.5 lakh crore over the next five years in the region of Kutch. We will complete our Khavda project and commission full 37 Gigawatt of capacity by 2030, and we will also double our port capacity at Mundra in the next ten years’ time,” Mr. Adani said.

Published – January 11, 2026 03:22 pm IST

New Delhi:

India’s decision to allocate satellite spectrum, rather than auction it, will give consumers more choice, the telecoms minister said on Monday, playing down concern by Mukesh Ambani’s Reliance Jio that it could lose out to Elon Musk’s Starlink.

Starlink has long wanted to launch in India and has in recent months clashed with billionaire Ambani’s company over how the country should grant spectrum for satellite services.

Reliance had urged an auction but the Indian government sided with Musk who wanted it to be allocated administratively, in line with global trends. Analysts say an auction, requiring much more investment, would likely deter foreign rivals.

Ambani said he wanted a level playing field and has been worried that his telecom company, which spent $19 billion in airwave auctions, now risks losing broadband customers to Starlink and potentially even data and voice clients later as technology advances.

“My job as telecoms minister is to make sure that you have as many choices as possible,” Jyotiraditya Scindia told Reuters during an interview at his ministry’s office in New Delhi.

Asked if there was merit in Reliance’s concerns, he said, without naming any company: “Technology is never constant”, adding that companies need to keep evolving.

Scindia noted that current satellite technology for communications requires devices to have the sky in their sight, and smartphones cannot use that technology for indoor services that are provided by terrestrial networks.

“The minute you come into this building, you’re done,” he said.

India is one of the world’s biggest telecom markets with 942 million users and stiff competition among Reliance and rivals Bharti Airtel and Vodafone Idea. Data prices are among the cheapest in the world and internet connectivity has risen rapidly.

Deloitte predicts India’s satellite broadband service market will be worth $1.9 billion by 2030, making it lucrative for players like Starlink, Amazon and Ambani.

Scindia said Starlink and Amazon Kuiper’s applications for a licence to launch satellite broadband services in the country were still under review.

VODAFONE IDEA

Musk has a reputation for disrupting markets. In Kenya, he priced Starlink at $10 per month, versus $120 in the United States, prompting a complaint by Kenya’s Safaricom last year.

A former aviation minister, Scindia is also overseeing many more telecom initiatives for Prime Minister Narendra Modi.

India’s government owns a stake in Vodafone Idea, and the company in November disclosed it still had around $24 billion in dues owed to the government.

Scindia repeatedly declined to answer in the interview if there were any plans for relief on the outstanding dues.

The Indian government is, however, working towards reviving state-run telecom player, Bharat Sanchar Nigam Limited (BSNL), which lost market share amid fierce competition over the years, he said.

BSNL has 99 million users but is being supported with expanded offerings of 4G services.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

FILE PHOTO: A bird flies past a Reliance Industries logo installed on its mart in Ahmedabad, India January 16, 2017. REUTERS/Amit Dave/File Photo
| Photo Credit: Reuters

“Reliance Industries is in talks with banks for a loan of as much as $3 billion to refinance debt that is due next year,” Bloomberg News reported on Tuesday (December 10, 2024), citing people familiar with the issue.

Reliance expects to complete merger with Disney’s India business in Q3

“Around six banks are in talks with the company for the loan, which would be syndicated to the wider market in the first quarter of 2025,” the report said, adding that the terms of the loan have not been finalised yet and are subject to changes.

Reliance did not immediately reply to Reuters’ request for comment. Its chairman Mukesh Ambani told shareholders in August that the conglomerate is on track to more than double in size before the end of the decade, as it unveiled measures to step up its adoption of Artificial Intelligence. Reliance’s outstanding debt as of September 30 was 3.36 trillion Rupees ($39.60 billion). ($1 = 84.8340 Rupees)

Billionaire Mukesh Ambani’s Reliance has asked the telecom regulator to review the potential reach of Elon Musk’s Starlink and Amazon’s Kuiper before awarding satellite spectrum amid concerns local players could suffer, a letter showed on Friday.

Reliance’s letter, which is not public, is Mr Ambani’s last-ditch effort in an ongoing face-off with Mr Musk over how India should grant spectrum for satellite services. While Reliance has called for an auction, India has sided with Mr Musk who – in line with global trends – wanted an administrative allocation.

In the letter, reviewed by Reuters, Reliance said it carried about 15 billion gigabyte of data every month in India after spending about $23 billion on spectrum auctions over the years, but Starlink would target the same customers with a potential capacity of nearly 18 billion gigabyte of data via its satellites with a likely much lower outlay.

Experts say auctions tend to mean higher initial investments which could have deterred foreign players in favour of Reliance.

“The authority should critically examine the capacities created by these mega … constellations such as Starlink and Kuiper,” the letter dated November 15 said.

A senior government source at the telecom regulator said all feedback being received would be reviewed before making final recommendations, tentatively before the year end. Starlink, Amazon and Reliance did not respond.

Starlink is seeking security clearance for a licence to offer satellite broadband services in India and will get a permit if it satisfies all conditions, Telecom Minister Jyotiraditya Scindia said this week.

Mr Ambani once gave data for free on his mobile plans, and Mr Musk has adopted similarly aggressive tactics. In Kenya, Mr Musk priced Starlink at $10 per month, versus $120 in the US, unsettling local telecom players.

Mr Ambani, Asia’s richest man, has more than 479 million Indian telecom users, making Reliance Jio the No. 1 player. Mr Musk’s Starlink, a unit of SpaceX, has 6,400 active satellites orbiting Earth providing low-latency broadband to four million customers.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

Billionaire Mukesh Ambani’s Reliance has asked the telecom regulator to review the potential reach of Elon Musk’s Starlink and Amazon’s Kuiper before awarding satellite spectrum amid concerns local players could suffer, a letter showed on Friday.

Reliance’s letter, which is not public, is Mr Ambani’s last-ditch effort in an ongoing face-off with Mr Musk over how India should grant spectrum for satellite services. While Reliance has called for an auction, India has sided with Mr Musk who – in line with global trends – wanted an administrative allocation.

In the letter, reviewed by Reuters, Reliance said it carried about 15 billion gigabyte of data every month in India after spending about $23 billion on spectrum auctions over the years, but Starlink would target the same customers with a potential capacity of nearly 18 billion gigabyte of data via its satellites with a likely much lower outlay.

Experts say auctions tend to mean higher initial investments which could have deterred foreign players in favour of Reliance.

“The authority should critically examine the capacities created by these mega … constellations such as Starlink and Kuiper,” the letter dated November 15 said.

A senior government source at the telecom regulator said all feedback being received would be reviewed before making final recommendations, tentatively before the year end. Starlink, Amazon and Reliance did not respond.

Starlink is seeking security clearance for a licence to offer satellite broadband services in India and will get a permit if it satisfies all conditions, Telecom Minister Jyotiraditya Scindia said this week.

Mr Ambani once gave data for free on his mobile plans, and Mr Musk has adopted similarly aggressive tactics. In Kenya, Mr Musk priced Starlink at $10 per month, versus $120 in the US, unsettling local telecom players.

Mr Ambani, Asia’s richest man, has more than 479 million Indian telecom users, making Reliance Jio the No. 1 player. Mr Musk’s Starlink, a unit of SpaceX, has 6,400 active satellites orbiting Earth providing low-latency broadband to four million customers.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

New Delhi:

India’s internet and telecom sector is likely to get a new entrant – Elon Musk’s Starlink – a game-changer for internet users in the world’s most populous country. Elon Musk will be taking on behemoths like Mukesh Ambani’s Jio and Sunil Bharti Mittal’s Airtel besides national carrier BSNL to provide ultra-high speed connectivity to Indian users.

Whether or not he will be able to match Jio and Airtel on pricing is yet to be seen. India currently has the world’s lowest pricing in terms of broadband and WiFi internet. Elon Musk, currently the world’s richest person, may aim to compete aggressively in the world’s most vibrant internet data market.

Starlink, which provides wireless internet service with the help satellite constellations in near-Earth orbit, is currently seeking the required security clearances for a licence to offer satellite broadband services in India and is expected to get a permit should it satisfy authorities of the conditions laid out, the telecom minister said today.

Starlink has been looking to enter India for years and its plans got a major boost last month when New Delhi said it wouldn’t auction spectrum for satellite broadband but rather award it administratively – just as Elon Musk wanted. Rival Indian telecom billionaire Mukesh Ambani had wanted an auction.

India’s Telecom Minister Jyotiraditya Scindia confirmed today that Starlink is in the process of obtaining the necessary security clearance, which requires it to satisfy the Government of India that the company processes and stores all data locally in India, and that its satellite signals are encrypted and 100 per cent secure.

“When you check all the boxes, you get the licence. If they (Starlink) do that, we will be very happy,” Mr Scindia said.

Mukesh Ambani’s Reliance Jio currently dominates India’s broadband market with more than 14 million wired subscribers. Jio also has a user base of nearly 500 million mobile internet users. Airtel too has close to 300 million broadband subscribers. However, they are concerned that after spending more than 20 billion dollars in spectrum auctions, they now have the risk of losing customers to Elon Musk’s Starlink as satellite technology advances.

As per a Reuters report, Reliance Jio already has the necessary clearances to launch its own satellite broadband service, but hasn’t done so yet. Starlink has now informed the Government of India that it is willing to comply with India’s rules and regulations for security, data storage, and servers.

When Reliance Jio had first launched services, Mukesh Ambani, then Asia’s richest person, had offered broadband services for free to all subscribers to capture a majority market share. Elon Musk, who is the world’s richest person is now adopting a similar strategy – In Africa, Musk offers Starlink services for as little as $10 (roughly Rs 800) per month. In the US, Musk offers the same Starlink service for as much as $120 (roughly Rs 10,000) per month.
 

Reliance Industries Limited (RIL) chairman Mukesh Ambani. File
| Photo Credit: PTI

Reliance Industries Ltd reported second quarter consolidated net profit dropped 2.8% to ₹19,323 crore from ₹19,878 crore in the same period last year.

Gross revenue for the quarter ended September 30, 2024 remained stable Y-o-Y at ₹2,58,027 crore, the company said in a filing.

Oil to Chemicals (O2C) revenue improved with higher volumes and increased domestic placement of products.

Digital services revenue increased with the impact of revised telecom tariffs for mobility services and scale-up of homes and digital services businesses. Lower gas price realizations led to 6% lower revenue in the Oil and Gas segment, the company said.

The company’s EBITDA decreased by 2.0% Y-o-Y to ₹43,934 crore. EBITDA for Jio Platforms Limited (JPL) increased 17.8% Y-o-Y due to better subscriber mix, digital services scale-up and revision in telecom tariffs, the company said.

EBITDA margin for Reliance Retail Ventures Limited (RRVL) improved by 30 bps with continued focus on streamlining of operations and calibrated approach in B2B. O2C EBITDA was lower by 23.7% on account of sharp decline in product margins. Fuel cracks declined by nearly 50% Y-o-Y, it said.

Downstream chemical also declined with muted global demand in a well-supplied market. RIL benefited due to superior ethane cracking economics driven by sharp fall in ethane prices.

Oil and Gas segment EBITDA increased by 11.0% on account of sustained volume growth and one time provisioning towards decommissioning cost for Tapti field in Q2 FY 24.

Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited said: “I am happy to note that during this quarter Reliance once again demonstrated the resilience of its diversified business portfolio. Our performance reflects robust growth in Digital Services and Upstream business. This helped partially offset weak contribution from O2C business which was impacted by unfavorable global demand-supply dynamics.”

“Growth in Digital Services was led by increased ARPU and improving customer engagement metrics reflecting the strong value proposition of our services. The home broadband segment is witnessing accelerated momentum on the back of our unique industry-leading JioAirFiber offering. Jio’s broad spectrum of offerings enables it to digitally empower every village, town and city in India as well as the country’s small and medium scale enterprises. The digital services business continues to focus on innovative deep-tech solutions on a national scale and is on track to deliver the path-breaking benefits of Artificial Intelligence to all Indians,” he said.

“The retail segment continues to increase its consumer touchpoints and product offerings across physical and digital channels. The unique omni-channel retail model enables the business to service a wide range of requirements of a vast, heterogenous customer base. The retail business continues to partner with renowned domestic as well as global players, expanding its basket of quality product offerings. The focus on strengthening our Retail operations will help us rapidly scale-up this business in the coming quarters and years and sustain our industry-leading growth momentum,” he added.

New Delhi:

Adani Group chairman Gautam Adani emerged as the biggest dollar gainer on Thursday among the list of Forbes India’s 100 richest tycoons, with the family’s net worth rising to $116 billion.

Along with his brother Vinod Adani, Gautam Adani added $48 billion to climb up to the second position on the list. The Forbes report said Mr Adani posted a strong recovery from “last year’s short-selling attack”. This amounts to a 71 percent rise in wealth.

Reliance Industries chairman and managing director Mukesh Ambani’s wealth increased by $27.5 billion to bring his total net worth to $119.5 billion. Mr Ambani’s wealth rose by 30 percent, even as he emerged as the second biggest dollar gainer this year. Reliance had announced a bonus issue of shares as a Diwali gift to Reliance investors.

In a record-breaking year, the collective wealth of India’s 100 richest tycoons surpassed the trillion dollar milestone for the first time as more than 80 per cent of the country’s richest tycoons are now wealthier than they were a year ago and twice as rich as they were in 2019, the Forbes report showed.

More than 80% of the richest Indians are wealthier with 58 of them adding $1 billion or more to their respective net worths. Half a dozen fortunes swelled by more than $10 billion each, including the top five, who as a group gained nearly $120 billion. The top 12 list members account for roughly half the group’s combined wealth.

India’s richest woman Savitri Jindal, matriarch of steel-to-power conglomerate OP Jindal Group, whose son Sajjan Jindal recently made an ambitious foray into electric vehicles with MG Motor, moved up to No. 3 for the first time. She’s one of nine women on the list, up from eight a year ago.

The new woman in the ranks is Mahima Datla, who controls privately-held vaccine producer Biological E. She’s one of four newcomers to the list, a group that includes B Partha Saradhi Reddy, founder of Hetero Labs, a maker of generic medicines and pharma ingredients.

The two other new faces are Harish Ahuja, whose apparel maker Shahi Exports supplies to labels such as H&M and Calvin Klein; India’s booming IPO market made Surender Saluja, founder and chairman of Premier Energies, which makes solar panels and modules, a multi-billionaire after his company got listed in September.

Dilip Shanghvi, founder of Sun Pharmaceutical Industries, jumped three spots to No. 5 with $32.4 billion on rising demand for its skin treatments for everything from acne to psoriasis; siblings Sudhir & Samir Mehta, whose Torrent Group flagship Torrent Pharmaceuticals is eyeing acquisitions, more than doubled their wealth to $16.3 billion.

Four prominent property fortunes on the list were up more than $16 billion combined. Another notable real estate gainer was Irfan Razack and his siblings, whose Bangalore-based developer Prestige Estates Projects rode the boom in India’s tech capital and is now making a mark in Mumbai, the country’s financial hub. The family is one of five members who had previously dropped out of the ranks but rejoined after a hiatus. The other four made their fortunes in everything from operating airports to making industrial explosives.

The storied Godrej family finally concluded a division of their holdings between two factions in April and as a result they appear separately for the first time: brothers Adi & Nadir Godrej, who control the listed companies under the Godrej Industries Group, and their cousins Jamshyd Godrej and Smita Crishna Godrej, who control their privately held flagship Godrej & Boyce under the Godrej Enterprises Group.

The youngest list member is Nikhil Kamath, 38 who cofounded and runs discount brokerage Zerodha with his brother Nithin, 45.

(Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani Group Company.)

New Delhi:
Gautam Adani’s family, with a wealth of Rs 11.6 lakh crore, has clinched the number 1 spot on the 2024 Hurun India rich list. This list refers to the richest Indians in the world. This is the 13th year of the list.

Here are the top 10 richest families in India who made it to the list:

Reliance Industries Ltd plans to commission its first solar giga-factory this year. File
| Photo Credit: PTI

Reliance Industries Ltd, India’s most valuable company, plans to commission its first solar giga-factory this year as part of a pivot towards green energy, its chairman Mukesh Ambani said on Thursday (August 29, 2024).

The solar giga factory will include the manufacturing of PV modules, cells, wafers and ingots, polysilicon, and glass at a single location. The modules convert sunlight into electricity.

Also Read: Reliance Industries to consider 1:1 bonus in its Sept 5th board meeting: Mukesh Ambani

Addressing the annual shareholders meeting, he said the first train of 20GW solar PV (photovoltaic) manufacturing “will commence production” by the end of this year.

It is also targeting industrialising sodium-ion cell production at the MW level in 2025 and the first 50 MWh a year lithium battery cells pilot in 2026.

Reliance, in 2021, announced plans to invest $10 billion over three years to develop a new fuels business based on 100 GW of renewable power capacity by 2030.

The plan involves setting up four giga factories for manufacturing renewable equipment, battery storage, fuel cells and hydrogen at Jamnagar in Gujarat.