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    Mukesh Ambani working on listing of Reliance Retail with $200-billion valuation

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    By Janaki Krishnan

    Copyright thehindubusinessline

    Mukesh Ambani working on listing of Reliance Retail with $200-billion valuation

    Mukesh Ambani, who announced the launch of the initial public offer (IPO) of Reliance Industries’ telecom arm Reliance Jio next year, is also parallelly working on a listing of Reliance Retail, with a potential valuation of close to $200 billion, sources with knowledge of developments said.

    The process of tightening and streamlining Reliance Retail, the country’s largest retailer, has already started with the demerger of the fast-moving consumer goods (FMCG) business, Reliance Consumer Products, that will now be a direct subsidiary of Reliance Industries.

    Sources indicated that the FMCG demerger and the rationalisation of Reliance Retail’s store network, by closing down under-performing stores, is being done to boost the margins of Reliance Retail, the target being to fetch it a good valuation, so that it can go to the market.

    While it is early days as yet, indications are that an imminent public listing can be expected in 2027, a year after the listing of Reliance Jio.

    The listing will give exit opportunities to its investors such as Singapore’s GIC, Abu Dhabi Investment Authority, Qatar Investment Authority, KKR, TPG, Silver Lake and others.

    After the carve out of Reliance Consumer, Reliance Retail will be left with formats such as Reliance Smart, Freshpik, Reliance Digital, JioMart, Reliance Trends, 7-Eleven, Reliance Trends, Reliance Jewels and others.

    The demerger of Reliance Consumer is expected to be completed by this month-end, with all regulatory approvals coming through.

    Consolidation talks

    Sources said that there may even be a consolidation of the formats, though the talks are still preliminary.

    RIL did not respond to an email request for comments on its future plans.

    Over the past several quarters, Reliance Retail has been rationalising its store network by closing down under-performing outlets. The aim is to take it to a double-digit operating margin.

    In FY25, Reliance Retail reported operating profit of $2.9 billion on revenue of $38.7 billion. Its EBITDA margin in FY25 was at 8.6 per cent, which improved marginally to 8.7 per cent in the June quarter.

    Published on September 15, 2025

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