Kotak Mahindra Bank founder Uday Kotak believes Reliance Industries Group is all set to become India’s largest conglomerate by market capitalisation once Jio Platforms makes its stock market debut. The much-anticipated public issue is being viewed as a landmark moment for Reliance, as well as a major development for India’s telecom and digital economy.
Jio Platforms’ initial public offering (IPO) will open for subscription on October 21 and close on October 23. With an issue size of Rs 30,188 crore at the upper end of the price band, the offering is set to become India’s largest IPO to date.
Speaking at the Jio Platforms IPO press conference on Thursday, Kotak described the issue as evidence of the next generation of leadership emerging within Reliance Industries Limited (RIL). He also credited Jio’s sustained efforts with helping it establish a leading position in the country’s mobile connectivity and home broadband markets.
Kotak said Jio’s public listing reflects the company’s evolution and the broader transformation of India’s digital landscape over the past decade. The offering comes nearly 20 years after Reliance’s previous major public issue, making it a major event for investors tracking the group’s expansion.
He highlighted the scale of the change in India’s connectivity ecosystem, pointing to the transition from limited 4G adoption to widespread access to both 4G and 5G services.
“From a data scarce nation of less than less than 4 crore 4G customers to a data abundant nation of a 100 crore 4G and 5G customers happened over the last ten years,” said Kotak while underlining that “Jio is the only player globally with prorprietry end-to-end digital connectivity stack,” he said.
Kotak also recalled the industry’s response when Reliance entered the telecom market in 2016, saying its arrival fundamentally changed the way Indians accessed mobile and internet services.
“I remember 2016, and many of the other players were saying, ‘What are Reliance Group going to do?’ But when they came, they came with a bang. They transformed the concept of how mobile connectivity and digital in India would be in the years to come. It transformed the lives of every individual, who got lower prices for the service, and democratised internet connectivity in the country,” he added.
Jio Targets A Larger Share Of India’s Digital Economy
Jio Platforms managing director Akash Ambani outlined the company’s ambitions for the coming years, including plans to capture a substantial share of India’s expanding digital economy.
“We expect a $1.4-trillion digital economy by FY31; we will take a huge market share of this,” Akash Ambani said, highlighting the opportunities across mobile services, home broadband, enterprise solutions and international business.
The company’s strategy centres on strengthening connectivity while expanding the commercial potential of its technology and digital infrastructure. These areas are expected to support Jio’s growth as it looks beyond its established consumer telecom business.
