Jio Crosses 500 Million Customers; IPO to Unlock Next Growth Phase
Next year, the country is set to witness the biggest IPO in its history. Reliance Jio Infocomm Limited’s IPO is expected to break all previous records. So far, the largest public issue in India was by Hyundai Motor India Limited, which entered the market last year and raised ₹27,858 crore from the stock market. In 2022, Life Insurance Corporation of India (LIC) also raised ₹21,008 crore through its IPO. But now, all these records are about to be broken. As expected, during Reliance’s Annual General Meeting, company CMD Mukesh Ambani made an announcement about the Reliance Jio IPO. Both Reliance investors and market circles had been eagerly waiting for this declaration. Market experts estimate that the size of Reliance Jio’s IPO will definitely be above ₹50,000 crore. Mukesh Ambani clarified that the Reliance Jio IPO will take place within the first six months of next year. He described it as a wonderful opportunity for investors.
He also mentioned that Reliance is taking steps to expand Jio’s operations outside India. Back in 2019, at Reliance’s AGM, Mukesh Ambani had already announced that their telecom and retail businesses would be listed. Now, the Jio IPO announcement has finally been made. Reliance Jio is also going to focus specifically on the Artificial Intelligence (AI) technology sector. Mukesh Ambani revealed that Reliance Jio has crossed 500 million (50 crore) customers. In his speech, he described AI as the “Kamadhenu (divine cow) of this era”. He said that Reliance is integrating AI into its energy, retail, telecom, and entertainment businesses. He added that developments in clean energy, genomics, and AI will drive future growth. Reliance will also establish a joint venture for AI, in which Meta will be a partner. Another tech giant, Google, will also collaborate with Reliance in the AI space. It is already known that both these companies had previously invested heavily in Reliance Jio.
Reliance Infocomm Chairman Akash Ambani made important remarks about customer services in his speech. He said that their customer service is not just a department, but a promise. He emphasized that they are redesigning every touchpoint to make the Jio customer experience more enjoyable and satisfactory. He added that their mission is to connect every Indian, focusing on providing connectivity to all through mobile and home broadband services. In the Smart Home Solutions segment, offerings include Jio Smart Home, JioTV+, Jio TV OS, and automation to digitize every household. For businesses, Jio aims to drive digital transformation with easy, scalable, and secure platforms.
