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Investing.com - BofA Securities has reiterated its Buy rating on Reliance Industries (RIL:IN) with a price target of INR1,660.00, following key announcements at the company’s Annual General Meeting.
The most significant revelation was that Jio, Reliance’s telecommunications subsidiary, is preparing to file for an initial public offering with plans to list by the first half of 2026, subject to necessary approvals.
Reliance’s Chairman reaffirmed expectations that the company would double its 2022 EBITDA of $14.6 billion by the end of 2027, demonstrating confidence in continued growth across its business segments.
The company announced the formation of Reliance Intelligence, a joint venture with Meta structured as a 70:30 partnership, to develop AI infrastructure and services with an initial joint investment of $100 million. The transaction is expected to close by the fourth quarter of 2025.
Reliance also revealed a partnership with Google Cloud to establish an AI-focused cloud region at its Jamnagar facility, further emphasizing the company’s strategic push into artificial intelligence, a topic mentioned 80 times during the meeting.
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