At Jio's IPO, next-generation Ambanis take the reins

Nearly five decades after Dhirubhai Ambani took Reliance Textile Industries to the public markets, his grandchildren Akash, Isha and Anant Ambani are stepping into the spotlight as Jio Platforms Ltd (JPL) prepares for its record ₹30,000-crore-plus initial public offering (IPO).

On October 15, following the filing of JPL's Red Herring Prospectus (RHP), the third-generation Ambanis greeted bankers, investors, analysts and the media ahead of the public issue and answered their queries. Unlike previous high-profile Reliance events, Mukesh Ambani was absent, leaving his eldest son, Akash, to lead the proceedings.

Dressed in a high-collared bandhgala blazer, Akash greeted guests before presenting Jio's business and growth over the past decade. He fielded most of the media's questions, covering the company's growth plans, future tariffs and ambitions in 6G.

Asked about the possibility of raising tariffs, Akash said, "We always have the ability to take prices up, but what we want to do is to really deliver more services to our customers so that they're very happy, rather than just pricing per GB as a lever that we want to control."

He added that growth across mobility, enterprise, home and digital services would drive revenue. "The volume of growth in the market going ahead – on the mobility, enterprise and home, and our digital services – will make sure that our revenue numbers also grow," he said.

Uday Kotak, director of Kotak Mahindra Bank, said Akash had held at least 50 one-on-one interactions with bankers, investors and authorities as part of the IPO process.

The event also saw Isha join her brother on stage, while Anant, the youngest of the siblings, sat among the audience. Anant was the first family member to arrive at the venue, greeting guests warmly. Akash's wife, Shloka, was also present.

Isha, who is associated with Reliance's consumer and retail businesses, recalled her grandfather in her speech. She described Reliance as more than a company, calling it "a promise that every Indian should have the opportunity to participate in the country's growth."

Kotak, who joined Akash and Isha on stage, recalled being inspired by Chowpatty's illumination ahead of Reliance Textile Industries' IPO in 1977, when he was just 18. "It was a magic moment for me," he said. It influenced his thinking as he ventured into financial services.

Akash became chairman of Reliance Jio Infocomm in 2022 and is now managing director of JPL. He has also been associated with Reliance's retail businesses since 2014. Isha is closely involved with the group's consumer and retail operations, while Anant is associated with its new-energy projects.

At Reliance Industries' annual general meeting in June, Mukesh said the generational transfer of day-to-day management was "almost complete", while indicating that he would continue to provide hands-on leadership.