Billionaire Mukesh Ambani on Friday unveiled a sweeping roadmap for Reliance Industries Ltd’s next phase of growth spanning artificial intelligence, satellite broadband, clean energy and consumer businesses, as its digital unit Jio Platforms filed draft papers for what could become India’s largest-ever initial public offering.
Jio Platforms, the telecom-to-technology company that transformed India’s digital landscape over the past decade, filed a draft red herring prospectus with market regulator SEBI for a fresh issue of up to 27 crore shares. Sources familiar with the matter said the offering could raise about Rs 37,700 crore (USD 4 billion), valuing the company at roughly USD 137 billion.
“The Board of Jio Platforms has approved the Draft Red Herring Prospectus earlier today, and it will be filed with SEBI today,” Reliance Chairman Mukesh Ambani told shareholders at the company’s 49th annual general meeting. Shortly after Ambani ended his speech, the DRHP was filed with stock exchanges and market regulator SEBI.
Describing the proposed listing as a landmark moment for the group, Ambani said, “The proposed listing of Jio will demonstrate to the world that India can build technology companies of global scale, global capability, and global value.”
Ambani said the IPO process is being led by his three children – Akash Ambani, Isha Ambani and Anant Ambani – who are increasingly taking charge of the conglomerate’s key businesses.
The offering aims to unlock value from Jio Platforms, whose telecom arm has grown into the world’s second-largest mobile operator by subscribers in a single country after China Mobile.
As of March 31, Reliance Jio served 524.4 million subscribers, including 268.5 million users on its 5G network.
Jio Platforms reported a revenue of Rs 1.47 lakh crore and profit after tax of about Rs 30,000 crore in FY26. The company counts Meta and Google among its largest strategic investors, alongside a roster of global financial backers, including KKR, Silver Lake, Mubadala, ADIA and Saudi Arabia’s Public Investment Fund.
Beyond the IPO, Ambani used the annual meeting to outline what he described as Reliance’s next generation of growth engines, with artificial intelligence emerging as a central pillar.
