Jio Platforms board approves DRHP, to be filed with SEBI soon: Mukesh Ambani

Jio Platforms’ (JPL) board on Friday approved the draft red herring prospectus (DRHP), and it will be filed with the markets regulator, the Securities and Exchange Board of India (SEBI), soon, said Reliance Industries Chairman Mukesh Ambani.

“This is a deeply emotional moment for me, for the entire Reliance Family, and millions of its shareholders,” Ambani said during the oil-to-conglomerate’s 49th annual general meeting (AGM).

The Jio initial public offering (IPO) process is being led by Isha Ambani, Akash Ambani, and Anant Ambani, who will drive the next generation of value creation opportunities, according to him.

“The proposed listing of Jio will demonstrate to the world that India can build technology companies of global scale, global capability, and global value,” the Reliance Industries chairman said. “I assure you, and all prospective new investors, that a brighter future awaits Jio.”

JPL’s IPO will involve a fresh issue of 27 crore equity shares of ₹10 each, at an issue price that will be determined through the book-building process, Reliance said in a regulatory filing earlier in the day.

Mukesh said Reliance Intelligence will be the newest growth engine for the company, with a vision of building profitable AI infrastructure, platforms, and services business.

“We set out with a clear vision, identified the focus areas, and began building the right partnerships with Google, Meta, and Nvidia. Now, we are entering the next phase – execution,” he said. “A decade ago, Jio promised broadband connectivity to everyone, everywhere. And we delivered on that promise.”

He said in 10 years of operations, Jio’s user base has crossed the 524-million mark, cementing its market leadership as the no. 1 telecom operator, while 5G subscriber base has crossed 268 million, the largest for any single-country operator outside China, with 77 million net additions during FY26.

Its fixed wireless access (FWA) service, JioAirFiber, has scaled to 13 million connected homes.

The total data traffic on Jio’s network in FY26 stood at 241 exabytes, growing 30.8% year-on-year, placing the telco among the largest data operators on the planet.

Mukesh said JPL delivered revenue of ₹1,46,885 crore ($15.5 billion), growing 14.6% year-on-year, where EBITDA (or core operating profit) reached ₹76,255 crore ($8 billion), an 18.8% growth with EBITDA margin improving by 190 basis points to 51.9%.

“For the first time in our history, Profit After Tax crossed ₹30,000 crore ($3.2 billion), growing 15.1% year-on-year,” Mukesh said.

The top executive of Reliance Industries said the next chapter of Jio’s growth will be powered by five factors: its “Jio5G” network; its FWA service; digitisation of Indian enterprises and small businesses through the JioPC initiative; democratising access to AI; and the deployment of Jio’s indigenous technology in international markets.

“The proprietary deep-tech stack at Jio, built for 5G, fixed wireless access, and AI services, is now ready for deployment with international partners in select geographies,” he said.

Satcom ambitions

Mukesh said Jio is also “evaluating the development of a sovereign Low Earth Orbit (LEO) satellite constellation for India”.

While he did not divulge further details, Mukesh said Jio is also partnering with leading global constellation providers by leasing satellite capacity, so that service availability can be accelerated while building long-term sovereign capability.

“This dual approach will enable Jio to meet India’s connectivity needs faster, while laying the foundation for the Indian satellite broadband platform of global scale. To anchor this ambition, Jio is also building its own ground station infrastructure in India,” Mukesh said.

Notably, in June last year, Starlink acquired a Global Mobile Personal Communication by Satellite (GMPCS) authorisation, a key regulatory requirement for commercial satellite operations, from the Department of Telecommunications (DoT).

Bharti-backed Eutelsat-OneWeb and the Jio-SES satellite venture have also received the GMPCS licence.

“With this initiative, Jio is strengthening India’s atmanirbharta (self-reliance) in space, placing India firmly on the global satellite broadband services map. All these initiatives show that the best of Jio is yet to come.,” Mukesh said.