Jio Announces Plans to Launch IPO
He informed shareholders that draft red herring papers for Jio’s IPO have been filed with the market regulator SEBI on June 19. The board of Jio Platforms has already approved the IPO. Mukesh Ambani said that Isha Ambani, Akash Ambani, and Anant Ambani are leading the Jio IPO process.
He described the Jio IPO as a milestone for India’s digital services sector and said it will showcase India’s strength when listed on the market.
Akash Ambani, MD of Jio Platforms, addressed shareholders and said Jio is continuously growing. Its user base has crossed 534 million, with over 268 million 5G subscribers. He set a target to migrate all subscribers to 5G by 2030. Jio Hotstar has crossed one billion downloads.
Isha Ambani thanked shareholders and said Reliance Retail has achieved a gross revenue of over 3.70 lakh crore. Its customer base has grown to 387 million. JioMart has crossed 11 million downloads and is one of the largest quick commerce platforms in the country. The number of Reliance Retail stores has increased to 20,160.
Anant Ambani said that despite Middle East tensions and the closure of the Strait of Hormuz in March, Reliance successfully maintained throughput in its supply chain. Reliance E&P contributed 30% to India’s total gas output. He also spoke about the advanced materials and carbon fibre plant at Hazira and the Kutch Renewable Energy Hub, which will generate over 40 billion units of green energy annually.
Nita Ambani, Chairperson of Reliance Foundation, outlined future plans, including a world-class university, a public garden for 20 million people in Mumbai, and a medical city to expand access to education and healthcare. She said sports remains a major focus area for the foundation.
Mukesh Ambani expressed confidence that Reliance’s EBITDA will double in the next five years.
