UNLOCK, SCALE, DOMINATE

GIGA-SCALE FACTORIES, AI-NATIVE PLATFORMS AND THE NEXT GENERATION'S LEADERSHIP MANTRA-INDIA'S LARGEST PRIVATE SECTOR COMPANY IS BUILDING ON ITS SCALE AND CAPITAL TO LEAPFROG INTO THE NEXT PHASE OF GROWTH.

- BY NEVIN JOHN

THE MEN streaming into Maker Chambers IV at Nariman Point these days are largely investment bankers, and their presence signals one thing—the buildup to what could be India's most-anticipated stock market event. Across the table sits Mukesh Ambani and, beside him with growing regularity, his elder son Akash, who is quietly steering conversations around the planned public listing of Reliance Jio.

For global investors, the countdown has already begun. If Reliance Industries Ltd (RIL) proceeds with its plan to list Jio by mid-2026, the markets could witness one of the largest value unlocks in India's corporate history. Bankers have started framing expectations around a valuation of $130-170 billion, a scale that would instantly place Jio among the country's top listed companies. The excitement is not just about monetisation, but about how the listing may reshape dynamics within one of India's most influential conglomerates.

Mukesh Ambani has long positioned RIL as a company driven by audacity—by building businesses at industrial scale and entering spaces where few Indian corporates have ventured. “Reliance has always been about creating impact, about doing things which nobody else has done,” he told employees recently. He believes the conglomerate is entering a unique window where it can aspire to be among the world's Top 20 corporations, not just by financial strength, but by technological depth and societal reach as well.