Billionaire Mukesh Ambani’s Jio Platforms, India’s largest wireless operator and digital service provider, filed draft papers for an initial public offering on Friday.

The IPO will see the company issue up to 270 million shares, as per an exchange filing. 

Jio Platforms said in its draft prospectus that funds raised will be used to pare the debt of the company’s subsidiary, Reliance Jio Infocomm, which is India’s largest wireless operator.

“The proposed listing of Jio will demonstrate to the world that India can build technology companies of global scale, global capability, and global value,” said Mukesh Ambani at the annual shareholder meeting of Reliance Industries on Friday.

Jio Platforms, in which Ambani’s flagship company, Reliance Industries, owns a more than 66% stake. Google International owns 7.7%, and Meta Platforms owns nearly 10%, per LSEG data.

Jio Platforms owns Reliance Jio Infocomm, which has over 526.94 million subscribers in India. This amounts to nearly a 50% share of the wired and wireless internet market in the country, according to data from the Telecom Regulatory Authority of India.

Bharti Airtel, the second-largest telecom service provider with nearly 35% market share, is also the country’s third most valuable company with a market cap of over $120 billion, according to LSEG data. It trades at a price-to-earnings ratio of over 42 times.

In the annual shareholder meeting last year, Ambani had announced that the business would be listed before the middle of this year. However, the start of the Iran war has delayed many large IPOs in the country as investment sentiment soured.

The Indian stock market is underperforming global peers so far in 2026, falling over 9%. It lost its position as the fifth-largest market to Taiwan, and later fell below South Korea.

India is seen as an anti-artificial intelligence trade, with no major plays in the sector which has captured the attention of global investors. The economic challenges from the Middle East conflict further eroded investor interest from India.

But as war moves to peace in the Middle East, there are signs of a revival. On Thursday, India’s largest stock exchange, the National Stock Exchange, filed its IPO papers.

Both Jio Platforms and NSE are expected to be among the biggest IPOs ever to hit the Indian market. Hyundai Motor India’s $3.3 billion IPO in 2024 holds the record for the country’s largest so far. (CNBC)

The post Billionaire Ambani’s Jio announces what could be India’s biggest share sale appeared first on Newswire.

Jio Platforms Limited (JPL) announced an agreement with SpaceX to offer Starlink’s broadband internet services to its customers in India.

The company on Wednesday stated that this agreement, which is subject to SpaceX receiving its own authorizations to sell Starlink in India, enables Jio and SpaceX to explore how Starlink can extend Jio’s offerings and how Jio can complement SpaceX’s direct offerings to consumers and businesses.

It said, “Jio will make Starlink solutions available through its retail outlets as well as through its online storefronts”.

Through this agreement, the parties will leverage Jio’s position as the world’s largest mobile operator in terms of data traffic and Starlink’s position as the world’s leading low Earth orbit satellite constellation operator to deliver reliable broadband services across the country, including the most rural and remote regions of India.

The company also stated that it will not only offer Starlink equipment in its retail outlets but will establish a mechanism to support customer service installation and activation.

The company added that the agreement with SpaceX is part of it’s commitment to ensuring that reliable internet is fully accessible to all enterprises, small and medium businesses, and communities across India.

Starlink complements JioAirFiber and JioFiber by extending high speed internet to the most challenging of locations in a quick and affordable manner.

Jio and SpaceX are also evaluating other complementary areas of cooperation to leverage their respective infrastructure to further enhance India’s digital ecosystem.

Mathew Oommen, Group CEO, Reliance Jio said, “Ensuring that every Indian, no matter where they live, has access to affordable and high-speed broadband remains Jio’s top priority”.

He further added, “Our collaboration with SpaceX to bring Starlink to India strengthens our commitment and marks a transformative step toward seamless broadband connectivity for all. By integrating Starlink into Jio’s broadband ecosystem, we are expanding our reach and enhancing the reliability and accessibility of highspeed broadband in this AI-driven era, empowering communities and businesses across the country.”

Jio Platforms Limited, a subsidiary of Reliance Industries Limited, has built a worldclass all-IP data strong future proof network with latest 5G and 4G LTE technology (through its wholly owned subsidiary, Reliance Jio Infocomm Limited). (ANI)

The post Jio to bring SpaceX’s Starlink high-Speed internet to its customers appeared first on Newswire.

Two international companies have pre-qualified as bidders for the divestiture of the Sri Lankan Government’s shares in Sri Lanka Telecom PLC. 

According to the State-Owned Enterprises Restructuring Unit of the Ministry of Finance, the two companies are Jio Platforms Ltd, Gujrat, India and Gortune International Investment Holding Ltd c/o Capital Alliance Limited.

The State-Owned Enterprises Restructuring Unit said in a statement that the Government acting through the Ministry of Finance called for a Request for Qualification (RFQ) from potential investors for the divestiture of its shares in Sri Lanka Telecom PLC. The deadline for submission of proposals ended at 02.00 pm on Friday, 12th January 2024.

The Request for Quotes (RFQ) received was thereafter, evaluated based on the Special Guidelines on Divestiture of State-Owned Enterprises approved by the Cabinet in July 2023.

Accordingly, the Cabinet Appointed Special Project Committee (SPCC) and the Special Cabinet Appointed Negotiating Committee (SpCANC) have pre-qualified two bidders for the Request for Proposal (RFP) stage.

Among the selected pre-qualified bidders, Jio, part of Mukesh Ambani’s Reliance Group, is a strong contender, valued at $107 billion by brokerage BofA, while Gortune International Investment Holding is a private equity firm out of China’s southern hub – Guangdong province.

Meanwhile, Pettigo Comercio International LDA c/o NDB Investment Bank Ltd, a front for UK’s Lyca Group owned by Lankan-born entrepreneur Allirajah Subaskaran, has failed to qualify as a bidder. 

The Sri Lankan Government’s sale of a 50.23% stake in Sri Lanka Telecom has drawn interest from the Indian and Chinese firms.

The International Finance Corporation acts as Transaction Advisor for the divestiture of shares held by the Sri Lankan government in Sri Lanka Telecom PLC. (NewsWire)

The post Indian & Chinese companies battle to buy SLT, Lyca out appeared first on Newswire.