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Asia’s wealthiest man Mukesh Ambani said he would list India’s largest mobile network next year, in what is expected to be one of the country’s biggest initial public offerings.
The chair of Reliance Industries told shareholders at the conglomerate’s annual general meeting on Friday that “all arrangements” were being made to list Reliance Jio Infocomm in the first half of 2026.
“I assure you that this will demonstrate that Jio is capable of creating the same quantum of value like our global counterparts,” Ambani said during his online address. “I am sure that it will be a very attractive opportunity for all investors.”
Since launching Jio in 2016, Ambani has established the company as India’s dominant player with more than 500mn subscribers.
Jio is the biggest operator in the country alongside Sunil Mittal’s Bharti Airtel after a brutal price war cut down other mobile companies.
Investors in the mobile operator, which is controlled by Reliance, have been awaiting an opportunity to cash in on Jio’s success since Ambani in 2019 first outlined a goal to list Jio and Reliance’s retail arm within five years.
US investment bank Jefferies last year estimated that Jio’s listing could value the operator at $112bn.
https://www.ft.com/content/887ef8f8-c92c-4b09-97ec-095291f2e6b8
