Reliance Industries Chairman Mukesh Ambani on Friday said that the much-awaited Jio Platforms IPO is the most important “value creation milestone” this year, as the telecom major filed its DRHP with SEBI for its maiden public issue.
Speaking at the company’s 49th Annual General Meeting (AGM), Mukesh Ambani assured that Jio's IPO will unlock great value for Reliance Industries (RIL) shareholders and offer an attractive investment opportunity to others. The IPO comprises a fresh issue of up to 27 crore shares.
“This is a deeply emotional moment for me, for the entire Reliance Family, and millions of its shareholders. The relationship Reliance shares with its shareholders is a deep and sacred relationship founded on pride, trust, respect, and shared growth,” the industrialist said, adding that the proposed listing of Jio will show the world that India can build technology companies of global scale, global capability, and global value.
“I assure you, and all prospective new investors, that a brighter future awaits Jio,” he further said.
Reliance Jio Infocomm Chairman Akash Ambani, Reliance Retail Ventures Executive Director Isha Ambani Piramal and Reliance Industries Executive Director Anant Ambani will lead the IPO process, the RIL Chairman announced.
Also read: Jio IPO | Akash, Isha and Anant Ambani to lead IPO process, says Mukesh Ambani
“The Jio revolution is truly a result of the courage, creativity, and commitment of thousands of young Indian engineers. Before Jio, many believed that India could only import technology from the world. Our engineers proved otherwise. Today, Jio is not merely integrating technology. It is creating original technology,” Mukesh Ambani said.
Mukesh Ambani on secret to Reliance’s growth
The industrialist said he is often asked about the secret behind the growth of India’s most valuable company.
"The answer is hidden in just two words: the founder's mindset. Every new generation has to believe it is both the founder of Reliance and the first generation," he said.
According to Ambani, his children — Isha, Akash and Anant — are doing what he did 25 years ago when he took the helm of the conglomerate. He envisions each of the ventures growing as large as Reliance is today in the years ahead.
Jio IPO | Company to file DRHP today, plans fresh issue of up to 27 crore shares
Here’s what Akash Ambani said
Reliance Jio Infocomm Chairman Akash Ambani said Jio’s user base has crossed 524 million, while its 5G user base has crossed 268 million, the largest among any single-country operator outside China.
“Jio is evaluating the development of a sovereign Low Earth Orbit satellite constellation for India, while also partnering with leading global constellation providers. Jio is also building its own ground station infrastructure in India, strengthening India’s atmanirbharta in space,” he added.
The proposed Jio IPO is expected to overtake NSE's nearly Rs 30,000 crore and Hyundai Motor India's Rs 27,870 crore (about $3.3 billion) public offering to become the country's largest-ever IPO. The listing plans, however, have undergone multiple changes over the past year.
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