Mumbai, August 29, 2025 — Reliance Industries Ltd.’s annual investor meeting, a red-letter event in India’s financial calendar, will this year see attention divided between future growth plans and geopolitical headwinds.
Traditionally a stage for Chairman Mukesh Ambani to unveil ambitious targets, bold ventures, and shareholder rewards, the gathering on Friday comes just two days after the US doubled tariffs on India in retaliation for imports of discounted Russian oil — a trade in which Reliance has been a key participant.
Russian Oil Bind
Reliance has purchased large volumes of Russian crude under a 10-year deal with Rosneft Oil Co PJSC, helping India save an estimated $3.8 billion in FY25, according to ICRA. Bloomberg calculations suggest Reliance alone saved about $571 million in the first six months of 2025.
But that advantage comes at a cost: Reliance’s $214 billion empire now faces exposure to tariffs, possible US sanctions, and reputational risks. Nayara Energy, which operates a refinery near Reliance’s Jamnagar complex, was blacklisted by the EU in July, serving as a cautionary example.
Prime Minister Narendra Modi’s government has resisted US pressure, insisting Russian oil is not sanctioned. A withdrawal, however, would rupture Reliance’s long-term deal and erode its refining edge.
Ambani’s Speech: Focus on Future, Not Russia
Despite heightened scrutiny, Ambani’s much-anticipated address is expected to sidestep Russia, focusing instead on:
- Digital services and AI innovations via Reliance Jio
- Retail expansion, now with more than 19,000 stores
- Clean energy manufacturing, including solar modules, batteries, and electrolyzers
Reliance did not respond to queries from Bloomberg on whether Ambani would address the oil issue.
US Pressure Mounts
Senior US officials have intensified criticism, with White House trade adviser Peter Navarro accusing India of funding Russia’s “war machine.” While Ambani has not been named, US statements targeting “India’s richest families” underscore the stakes.
“Will commitments on reduction of Russian oil purchases and shifting to US sources be enough for the Trump administration?” asked Mark Linscott of The Asia Group. “It’s hard to know, given how difficult it is to read its objectives.”
Oil Still Pays for Diversification
Though Reliance has pivoted toward consumer businesses and green energy, its oil, gas, and chemicals arm still generates over half of annual revenue and two-fifths of profit (EBITDA). The refining segment’s contribution was surpassed only recently by digital services.
The Russian oil discount, therefore, remains a crucial pillar funding Reliance’s transformation — even as it draws Ambani into the geopolitical crossfire.
