In what could be perhaps one of the biggest IPOs to hit the Indian equities market, Reliance Industries’ (RIL) telecom arm Jio Platforms filed its DRHP for a fresh issue only IPO. As per the draft IPO papers, the public issue will consist solely of a fresh issue of 27 Cr shares.
Promoter group RIL holds the majority stake in Jio, the company’s cap table features 105 diverse shareholders. While promoter entity Reliance Industries holds the highest stake, 66.43% precisely, tech giants Meta and Google are substantial shareholders in the company.
While Facebook parent Meta controls 9.98% (89.22 Lakh shares) stake in Jio, Google commands 7.73% stake.
Both these investors joined Jio’s ₹1.52 Lakh Cr in a funding round back in 2020 from a cohort of 13 investors. After signing an investment deal with RIL in November 2020, both Google and Meta became group A investors.
Under the round, Jio also signed shareholder agreements with L Catterton (via Interstellar Platform Holdings Pte Ltd), Kingdom of Saudi Arabia’s sovereign wealth fund The Public Investment Fund (PIF), General Atlantic, Abu Dhabi Investment Authority’s Platinum Jasmine, KKR’s Omicron Asia Holdings, TPG Capital’s India Markets Pte Ltd, Vista Equity Partners, Mubadala Investments, Intel and Qualcomm.
All of these investors are Jio’s Group B investors.
While KKR and Vista each hold 2.31%, other investors’ holding is below 2%. While ADIA holds 1.16% stake, TPG Capital commands 0.93%.
Jio has evolved into India’s largest telecom operator and one of the nation’s most valuable digital platforms with big investors from across the globe onboard ever since it made its debut in 2016.
Currently, the company has 34 subsidiaries, of which, 14 are based in India and the remaining outside the country. Its subsidiaries include businesses like Haptik, Saavn, Jio Satellite, among others.
The IPO would mark the second instance for a mega fund raise for Jio after 2020. From the fresh proceeds, which have been estimated to be in the range of $4 Bn, the company intends to utilise ₹27,500 Cr (about $3 Bn) to prepay certain outstanding borrowings of its subsidiary Reliance Jio Infocomm Ltd (RJIL), while a portion of the funds would be used for general corporate purposes.
RJIL entered external commercial borrowing – term loan facility agreements in 2024 for a loan of $676 Mn (₹6,388.60 Cr) and JPY 44,923 Mn (₹2,635.85 Cr). The lenders include Australia and New Zealand Banking Group, The Bank of Nova Scotia, Citibank, SBI, Standard Chartered Bank, MUFG Bank, among 16 lenders.
On the financial front, Jio Platforms’ net profit rose 13% to ₹7,935 Cr in Q4 FY26 from ₹7,023 Cr in the corresponding quarter last year. Operating revenue rose 12.6% to ₹38,259 Cr from ₹33,986 Cr in Q4 FY25.
A Break Down Of Jio’s Leadership Deck
Board of Directors
Mukesh Dhirubhai Ambani
RIL chairman Mukesh Ambani also serves as the chairman and non-executive director of Jio since July 7, 2020. He also founded RIL’s retail business Reliance Retail Limited and digital connectivity business Reliance Jio Infocomm Limited.
Manoj Modi
Modi has been with RIL since 1980 and is responsible for its overall corporate strategy. Currently, he serves as a non-executive director of the company. He also conceptualised and developed the strategy for RJIL and Reliance Retail Limited.
Akash Ambani
Akash Ambani, managing director of Jio Platforms, is also serving as the chairman of RJIL from 2022. He is also a non-executive director on the board of RIL. He received a gross remuneration of ₹10.8 Cr in FY26 from the company.
Isha Ambani
Isha Ambani, also a non-executive director of the company, is also an active part of the executive leadership teams at Reliance Retail, Reliance Jio, Reliance Foundation, among others.
Anant Ambani
Anant Ambani is a non-executive director of the company. He is also an executive director on the board of directors of RIL and a non-executive director on the board of Reliance Retail Ventures Limited.
Besides his business interests, he is actively involved in several initiatives related to wildlife care, where Ambani founded an animal rescue project Vantara in Gujarat.
Raminder Singh Gujral
Gujral is an independent director of the company currently. Previously, he worked with the central government in several departments such as revenue, expenditure, road, transport and highways ministry, as secretary. Further, he has been the chairman of National Highways Authority of India (NHAI). Gujral was allotted a sitting fee of ₹8 Lakh in FY26.
Shumeet Banerjee
Banerji, founder of Condorcet LP, is an independent director at Jio. Also, he serves as an independent director on the boards of directors of RIL and Reliance Retail Ltd. Banerji was assigned a sitting fee of ₹10 Lakh in the fiscal year 2025-26.
Haigreve Khaitan
Khaitan, managing partner at Khaitan & Co, is also an independent director at Jio. Besides Jio, he is on the board of various companies including RIL, Tech Mahindra Ltd, Dalmia Bharat Ltd and Grasim Industries Ltd.
Khaitan was entitled to a sitting fee of ₹8 Lakh in FY26.
Dinesh Hasmukhrai Kanbar
Kanabar, an independent director at the company, is also the founder, chairman and chief executive of Dhruva Advisors India Pvt Ltd. Besides, he is the vice chairman at Ryan LLC. He is also on the boards of companies like RIL, PVR INOX Pictures, among others.
Meanwhile, Kanabar was assigned a sitting fee of ₹7.5 Lakh in the fiscal year ending March 2026.
Zia Jaydev Mody
Mody cofounded AZB & Partners in 2004 and has been the managing partner for more than 22 years. She is dual-licensed to practice law in India and the United States.
Key Managerial Personnel
Pankaj Mohan Pawar
Pawar, the chief executive of Jio, is also serving as the managing director at RJIL. His journey with the Reliance Group dates back to the 2000s, and holds about three decades of experience in building large scale consumer and digital services businesses. Within the Reliance Group, he has held several leadership positions across telecommunications and retail consumer businesses.
In fiscal 2026, Pawar was paid an aggregate compensation of ₹8.2 Cr by Jio Platforms.
Mathew Oommen
Oommen is the group president of the company, who is also a director of the board of RJIL. He has been with the Reliance Group since 2011. He also heads Jio’s global technology and business relations for the licensing and deployment of its platforms and technologies in markets outside India.
Oommen received a remuneration of ₹53.7 Cr for the fiscal year ending March 31, 2026.
Saurabh Sancheti
Sancheti, chief financial officer at Jio, joined the company in April 2020 and has been serving in this position for six years. Previously, he has worked with companies like Den Networks Ltd, BMR Advisors, Reckitt Benckiser and Lehman Brothers, holding an overall experience of more than 18 years in the industry.
For the full year FY26, he received a compensation of ₹7.1 Cr.
Savithri Parekh
Parekh is the company secretary at Jio Platforms. She has been associated with Reliance Group since 2018, and is currently the company secretary and compliance officer of RIL.
Venkataraman Ramachandran
Ramachandran is the compliance officer at Jio Platforms. He holds over three decades of experience in audit, accounting, finance, taxation and corporate law functions across various business sectors.
He was appointed in the company in 2026-27, and did not receive any compensation for the previous fiscal year from Jio.
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