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Reliance Jio Postpones IPO Beyond 2025 as It Focuses on Growth and Expansion

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Indian telecom and digital powerhouse Reliance Jio Platforms, led by billionaire Mukesh Ambani, has decided to delay its much-anticipated initial public offering (IPO) beyond this year, according to sources familiar with the matter. The postponement pushes back one of India’s largest planned stock offerings as Jio aims to strengthen its revenue base, grow its subscriber count, and expand its digital services before going public.

Jio Platforms is valued by analysts at over $100 billion. Its telecom arm, Reliance Jio Infocomm, remains the dominant contributor to Jio’s $17.6 billion annual revenue, accounting for nearly 80%. Despite a recent subscriber churn linked to price hikes, the company has returned to growth this year with more than 488 million users. Meanwhile, Jio is rapidly developing niche digital ventures in AI, apps, and connected devices.

The delay disappointed the market as shares of Reliance Industries, Jio’s parent company, fell as much as 1.8% in Mumbai following the Reuters report, wiping out approximately $6 billion in market value. Reliance closed the day down 1.2%, weighing on the broader Indian stock market.

Sources said that Jio had not yet appointed bankers to manage the IPO process, underscoring that the company wants its business to be more mature before listing. Earlier, Ambani had indicated a five-year timeline from 2019 for listings of both Jio and Reliance Retail, the parent’s retail arm. The Reliance Retail IPO is expected to be delayed further, unlikely before 2027 or 2028.

Jio also faces growing competition as Elon Musk’s Starlink internet service prepares to launch in India soon. Jio counts major global investors Google and Meta among its backers and has partnered with Nvidia to build AI infrastructure.

Brokerages have trimmed profit forecasts for Jio due to higher costs and anticipated price increases by late 2025, cutting its valuation from $117 billion to $111 billion, though some analysts value it even higher.

India remains one of the world’s biggest IPO markets, raising $5.86 billion in the first half of 2025. Market jitters from trade tensions and Middle East instability have moderated but are gradually easing.

Ambani has raised around $25 billion in investments from global firms including KKR, Abu Dhabi Investment Authority, General Atlantic, and Silver Lake to fuel growth across his digital, telecom, and retail ventures.

One source emphasized that investors remain patient, confident in the company’s long-term prospects despite the IPO delay: “They know the money is sitting in front of them.”

Musk’s Starlink Receives Final Regulatory Approval to Launch Commercial Operations in India

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India’s space regulator, the Indian National Space Promotion and Authorization Centre (IN-SPACe), granted Starlink a license on Wednesday to commence commercial satellite internet operations in the country. This clears the last regulatory barrier for Elon Musk’s satellite broadband provider to enter the Indian market.

Starlink had been waiting since 2022 for the necessary approvals. Last month, it received a key license from India’s telecom ministry, but awaited clearance from the space regulator. The newly issued license is valid for five years.

Starlink becomes the third company authorized by India to provide satellite internet services, following approvals granted to Eutelsat-backed OneWeb and Reliance Jio. Next steps for Starlink include securing spectrum allocation from the government, establishing ground infrastructure, and conducting testing to comply with India’s security regulations.

The licensing process was marked by a prolonged dispute between Musk’s Starlink and billionaire Mukesh Ambani’s Reliance Jio over how satellite spectrum should be allocated. The Indian government sided with Starlink, ruling that spectrum should be assigned directly rather than auctioned.

Starlink Secures Indian License to Launch Satellite Services Amid Regulatory Hurdles

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Elon Musk’s Starlink has obtained a license from India’s telecom ministry to commence commercial satellite communications operations in the country, according to two sources speaking to Reuters. The approval marks a key milestone for Starlink, which has been pursuing entry into the Indian market since 2022.

Starlink becomes the third company to receive such a license from India’s Department of Telecommunications, joining Eutelsat’s OneWeb and Reliance Jio. While the telecom ministry and Starlink have not publicly commented on the development, sources indicate that Starlink still faces several regulatory steps before it can begin offering services.

The satellite operator must now secure a separate license from India’s space regulator, which it is reportedly close to obtaining. Beyond that, Starlink will need to acquire spectrum rights from the government, build local ground infrastructure, and conduct testing to meet stringent security requirements. The full process is expected to take several more months.

Musk previously met Indian Prime Minister Narendra Modi during Modi’s U.S. visit in February, where Starlink’s entry plans and India’s security concerns were discussed.

The licensing breakthrough arrives at a sensitive time for Musk. His feud with U.S. President Donald Trump over government contracts has put approximately $22 billion of SpaceX’s U.S. government work at risk, making Starlink’s international expansion even more crucial.

In a surprising twist earlier this year, Indian telecom giants Jio and Bharti Airtel announced they would stock Starlink equipment in their stores, despite directly competing in broadband services. Notably, Musk and Jio’s Mukesh Ambani had clashed for months over how satellite spectrum should be allocated in India. Ultimately, the Indian government sided with Musk’s preference for assigned rather than auctioned spectrum.

India’s telecom regulator has proposed a 4% annual revenue share fee for satellite providers, which some domestic firms argue is too low and could harm their businesses. Nevertheless, the Indian satellite broadband market is projected to reach $1.9 billion by 2030, according to Deloitte, attracting global competitors like Starlink and Amazon’s Kuiper, which is still awaiting licensing approval.