Mukesh Ambani, chairman, Reliance Industries, said that he will share an update on the planned initial public offer (IPO) of Reliance Retail and Reliance Jio in the annual general meeting (AGM) of the company next year.
During his speech in the AGM, Ambani announced the launch of Jio 5G services in India. By Diwali 2022, Jio 5G will be rolled out in the metro cities across the country. His statements come at a time when shareholders, investors, and the Street was abuzz that the oil-to-telecom conglomerate may make announcements on the IPOs during RIL’s 45th AGM on Monday.
The RIL chairman said, “I will take up your inputs with our board of directors on the question on IPO for Jio and Retail. The principles on timing and valuation of IPOs remain unchanged. I have outlined the plans for both businesses. Jioo is embarking on an aggressive launch of our 5g service and retail is on a path of exponential growth.”
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“I will update you on the IPO in my speech next year,” he added.
He also laid out a succession plan at Reliance, where he served as chairman for over two decades and has been associated for 45 years and personally attended all the AGMs.
Ambani said his youngest son Anant to lead the new energy businesses, in which the company plans to spend Rs 75,000 in the next few years.
Ambani’s elder son Akash took over as the chairman of Reliance Jio last quarter after he stepped down from the board of Reliance Jio. While Akash’s twin sister Isha, a director at Reliance Retail, is likely to be elevated to the chairperson role.
Reliance has also committed a total investment of Rs 2 lakh crore for 'standalone, true' 5G network rollout.
Reliance will also invest Rs 75,000 crore in petrochemicals and textile business, while Ambani announced Giga factory for power electronics.