Reliance Industries to list Jio by first half of 2026 in landmark IPO, unlocking value in India’s digital crown jewel

Reliance Industries to list Jio by first half of 2026 in landmark IPO, unlocking value in India’s digital crown jewel

Reliance Industries Ltd, India's most valuable company, said it is preparing to take its telecom arm, Reliance Jio Infocomm Ltd, public in what would unlock value for its 4.4 million shareholders.

“Today, it is my proud privilege to announce that Jio is making all arrangements to file for its IPO. We are aiming to list Jio by the first-half of 2026, subject to all necessary approvals,” Chairman Mukesh Ambani told shareholders at the company’s 48th annual general meeting.

The IPO would crystallize nearly a decade of breakneck growth that has reshaped India’s telecom and digital economy. Since its commercial debut in 2016, Jio has amassed more than 500 million customers, more than the combined populations of the US, UK, and France, by offering affordable data and free voice calls. The company’s network has underpinned India’s UPI payments boom, and the emergence of dozens of unicorn startups.

Jio has also built the world’s fastest 5G rollout, with ambitions to expand into smart homes, enterprise digitisation, and consumer AI services.

Ambani said Jio’s roadmap includes connecting every Indian household with mobile and broadband, launching smart home solutions, digitising enterprises and small businesses, and leading an “AI Everywhere for Everyone” push, alongside international expansion.

in FY25, it reported revenue of Rs 1.28 lakh crore and EBITDA of Rs 64,170 crore. A public listing would give global investors direct access to India’s most dominant telecom operator and unlock substantial value at the conglomerate level.

The move marks the latest phase in Reliance’s evolution. Over the past six years, Ambani has transformed the oil-to-chemicals giant into a consumer-technology powerhouse, bringing in strategic partners including Facebook, Google, and sovereign wealth funds, who collectively invested more than $20 billion into Jio Platforms in 2020. At the same time, Reliance has expanded into retail, new energy, and artificial intelligence, while carefully preparing for a leadership transition to the next generation of the Ambani family.

For Ambani, listing Jio is both a financial milestone and a symbolic one — unlocking value for shareholders while anchoring Reliance’s future in digital, consumer, and AI-driven businesses.

AI takes centerstage with Google and Meta partnerships, new Reliance Intelligence subsidiary

Highlighting the critical role that artificial intelligence will play in Reliance’s future growth, Chairman Mukesh Ambani announced that the company has entered into a partnership with Google to establish an AI driven Cloud region in Jamnagar, Gujarat which will use Google Cloud’s AI technology to support various Reliance companies.

“Google and Reliance are partnering to help all of Reliance's businesses transform, using AI – from Energy and Retail to telecom and financial Services. To support this AI adoption, together we are establishing a Jamnagar Cloud region,” said Sundar Pichai, chief executive officer(CEO), Google while addressing the RIL AGM.

During the AGM, Reliance also announced another collaboration with Meta to combine open-source AI with Reliance's deep domain knowledge across industries to create an enterprise ready AI which will help thousands of small businesses in India. The collaboration aims to use AI to boost productivity, creativity, and innovation across India.

“It is a key step forward towards ensuring that everyone has access to AI, and eventually, superintelligence. Meta and Reliance are going to deliver our open-source AI models to Indian businesses to help them fuel their work.” said Mark Zuckerberg, chief executive officer, Meta.

At the AGM, the Reliance Chairman has also announced the formation of a new wholly owned subsidiary called Reliance Intelligence to spearhead its efforts in Artificial Intelligence.

The subsidiary will work with four major aims, he commented.

“First, to create and House India’s next generation AI infrastructure along with building gigawatt scale AI-ready data centers. Second, to forge and house global partnerships by bringing together world’s best tech companies and open-source communities. Third, to build AI services for India through Reliance Intelligence which will deliver trusted, easy-to-use AI services for consumers, small businesses, and enterprises. And finally, to house AI talent by creating a home for world-class researchers, engineers, designers, and product builders,” said Mukesh Ambani.

FMCG business targets Rs 1 lakh cr revenue in 5 years

RIL’s fast moving consumer goods business Reliance Consumer Products Limited (RCPL) is set to become a direct subsidiary of Reliance industries.

Explaining the benefits of this decision, Isha Ambani, Director Reliance Retail said that this move will consolidate all of Reliance’s consumer brands into a single, sharply focused company.

“As a separate company, RCPL will give this business the independence to focus exclusively on its markets, products, and customers without competing for management bandwidth. It will provide the agility to respond quickly to changing consumer trends and competitive dynamics. It will also allow us to attract the best talent in the industry, offering them a clear mandate and an exciting growth platform. This structure will enable sharper execution, faster innovation cycles, and deeper operational focus – all critical to winning in consumer markets,” said Isha Ambani.

She added that RCPL’s performance already speaks volumes about Reliance’s ability to capture this opportunity.

“In just 3 years, RCPL has achieved what took other companies, decades. Last year alone, we had revenues of ₹11,500 crore ($1.4 billion), making us the fastest-growing FMCG player in India,” she noted.

She added that the FMCG business will also be the blueprint for expansion into apparel, electronics, and other large and high-value consumer categories.

“Our near-term ambition is clear – to be the fastest consumer brands company to reach ₹1 lakh crore ($11.7 billion) in revenue within 5 years. Our long-term ambition is to become India's largest FMCG company with a global presence. This will make RCPL a big new value-creating engine for the Reliance Group, comparable to our Retail business in size and profitability,” said Isha Ambani.

Value creation roadmap

Highlighting Reliance’s growth journey, Chairman Mukesh Ambani asserted that the best of Reliance is yet to come.

“In 2022, I made a promise that we will double Reliance by the end of our Golden Decade in 2028. At that time, our EBITDA was about ₹1.25 lakh crore ($ 14.6 billion). I reiterate that Reliance will more than double its EBITDA by the end of its Golden Decade,” he said.

Ambani specifically noted the creation of two large new growth engines –RCPL and Reliance Intelligence.

“Each of them has the potential to grow larger than our existing business segments.

RCPL, as a subsidiary of RIL, is a strategic move to create India's largest FMCG company. Our new Intelligence business will drive the AI revolution in India. This will enable Indians to adopt AI at scale and make our country a global force in AI.”

Ambani added that he sees RIL’s new energy business surpassing everything Reliance has done so far.

“I am sure that our New Energy business will be a major driver of growth for many decades, with the potential to become as big as our Oil-to-Chemicals business within the next 5-7 years. In scale, ambition, and impact, it will surpass everything Reliance has done so far. It will create unprecedented, perpetual value for both India and Reliance,” said Mukesh Ambani.

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