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)

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Gautam Adani, founder and chairman of the Adani Group, is now the richest person in Asia. The billionaire has overtaken Mukesh Ambani, the chairman and managing director of Reliance Industries. This comes on the back of gains in Adani Group stock values.

Ambani was Asia’s richest for many years before this shift. Now, Adani’s wealth stands at $92.6 billion while Ambani’s wealth is about $90.8 billion, according to Bloomberg Billionaire Index. Both tycoons are among the top 20 richest people in the world. 

Interestingly, the share price of Adani Group companies surged today. The Adani Power share price was up nearly 1 per cent. Adani Total Gas was up over 2 per cent. Adani Green Energy gained 0.44 per cent while Adani Ports & Special Economic Zone were up 1.6 per cent. Many other Adani firms were also trading in the green.

However, the ranking changes often as wealth figures are based on stock prices and business performance. Hence, the shift reflects swings in global markets.

While Adani Group’s businesses include infrastructure, energy and logistics. The Reliance Industries — led by Ambani — is strong in energy, telecom and retail. 

Top 20 Richest People (Global) – April 2026

According to the index, seven of the world’s 20 richest individuals have recorded declines in 2026. Bernard Arnault, CEO of LVMH, has taken the sharpest hit, losing $44 billion.

Other than Adani and Ambani, the other big names from India in the Bloomberg Billionaires Index include:-

(NDTV)

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Indian businessman Mukesh Ambani’s Reliance Industries has inked a deal with Sri Lankan cricketer Muttiah Muralitharan’s company Ceylon Beverage International for a mega-project.

Mukesh Ambani-led Reliance Industries is working aggressively to establish its dominance in the massive soft drink market in India. In order to achieve this goal, Mukesh Ambani has launched the decades-old brand Campa Cola in a new avatar. Mukesh Ambani’s Reliance is signing agreements with an aim to capture the maximum share of the Indian soft drink market and is expected to emerge as strong competitors for major companies like Pepsi and Coca-Cola.

Reliance has inked a deal with veteran Sri Lankan cricketer Muttiah Muralitharan’s company Ceylon Beverage International and as part of the deal, Muralitharan’s company will do packing work for Campa Cola in cans. It is expected that Ceylon Beverages would set up a packaging plant in India in the future for packing work. Until the plant comes up, canned Campa Cola will be imported from Ceylon Beverages’ Sri Lanka factory.

Reliance Consumer Products, a unit of Reliance Industries, has earlier tied up with Kali Aerated Water Works, a Chennai-based company for a manufacturing and distribution partnership of Reliance’s Campa soft drinks range.

Reliance Consumer had bought Campa Cola from Pure Drinks Group in 2022. After that Reliance Consumer relaunched this brand by giving it a new look. It has been introduced in the market of Andhra Pradesh and Telangana. Reliance is set to launch Campa Cola across India very soon and it is expected that the recent deals would help the company to expand its network across the country. (DNA)

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