At its annual shareholder meeting on Friday, Reliance unveiled two things at once: paperwork for what could be India’s biggest-ever stock-market listing, and a plan to put a Starlink rival into orbit.
Jio Platforms, the digital and telecom arm of Mukesh Ambani’s Reliance Industries, filed draft papers for an initial public offering widely expected to rank as the largest in the country’s history. At the same meeting, Jio set out plans for a sovereign low-orbit satellite network to deliver broadband across India, a direct challenge to Musk’s Starlink.
The listing
Jio filed its draft prospectus with the regulator on Friday, proposing a fresh issue of up to 270 million shares, with most of the roughly $3bn to $4bn raised earmarked to cut debt.
Reliance owns about 66 per cent of Jio Platforms, with Google and Meta holding minority stakes from their 2020 investments. If it lands near the top of estimates, the listing would surpass Hyundai Motor India’s record to become the country’s biggest.
