Reliance Industries, one of India's largest conglomerates, is taking steps towards the potential initial public offering (IPO) of its telecommunications subsidiary, Jio. The company has begun preparing the Draft Red Herring Prospectus (DRHP), a crucial document in the IPO process.

Key Developments

• Reliance Industries has initiated the preparation of the DRHP for Jio's potential IPO.
• The company is awaiting guidelines from the Securities and Exchange Board of India (SEBI) before officially filing the IPO documents.

What is a DRHP?

The Draft Red Herring Prospectus is a comprehensive document that provides potential investors with detailed information about the company considering going public. It typically includes:

• Company background and business model
• Financial statements and performance metrics
• Risk factors
• Proposed use of IPO proceeds
• Management structure and compensation

Significance of Jio's Potential IPO

Jio's possible IPO is generating interest in the Indian market for several reasons:

1. Market Impact: Since its launch in 2016, Jio has significantly influenced the Indian telecom sector with its pricing strategy and digital-first approach.
2. Subscriber Base: Jio has acquired a large subscriber base, establishing itself as a major player in the telecom industry.
3. Digital Ecosystem: Beyond telecom, Jio has expanded into various digital services, including e-commerce and digital payments.

Next Steps

While the preparation of the DRHP is an important step, the timeline for Jio's potential IPO remains uncertain. The process may involve:

1. Finalizing the DRHP based on SEBI guidelines
2. Submitting the DRHP to SEBI for approval
3. Addressing any feedback or queries from SEBI
4. Setting the price band and IPO date, if approved
5. Opening the IPO for public subscription

Investors and market watchers may closely follow these developments, as Jio's IPO, if it proceeds, could be significant in the Indian stock market.

Note: As the IPO process is in its early stages, specific financial details and the size of the potential offering are not yet available. Investors are advised to wait for the official DRHP filing, if it occurs, for more comprehensive information.

Reliance Industries Limited (RIL) has made a significant move in the global cricket arena, acquiring a 49% stake in The Hundred's Oval Invincibles franchise. This strategic partnership, announced on December 3, 2025, sees RIL joining forces with Surrey County Cricket Club, which retains a 51% stake in the franchise.

Key Highlights of the Partnership

• Ownership Structure: Reliance Strategic Business Ventures Limited (a wholly-owned subsidiary of RIL) now owns 49% of the franchise, with Surrey County Cricket Club holding the majority 51%.
• Rebranding: From 2026, both the men's and women's teams will be known as MI London.
• Expansion of Mumbai Indians: This deal expands the Mumbai Indians' global presence to seven teams across five countries.

Oval Invincibles: A Powerhouse in The Hundred

The Oval Invincibles have established themselves as the most successful team in The Hundred's history:

Mumbai Indians' Growing Global Footprint

This acquisition further solidifies Mumbai Indians' position as a global cricketing powerhouse:

Strategic Implications

1. Global Expansion: This move aligns with Mumbai Indians' vision to grow cricket globally and engage fans across continents.
2. Talent Development: The partnership aims to nurture emerging talent, leveraging both organizations' expertise.
3. Brand Enhancement: The rebranding to MI London is expected to boost the franchise's commercial value and global appeal.

Statements from Key Figures

• Nita M. Ambani (RIL representative): Emphasized the significance of London in cricket's heritage and expressed honor in being part of it.
• Akash Ambani: Highlighted the alignment of The Invincibles' winning record with MI's ethos of passion, resilience, and teamwork.
• Oli Slipper (Surrey Chair): Expressed confidence in Reliance's cricket and business expertise, and the potential for growing the fanbase globally.

This partnership marks a significant step in the globalization of T20 cricket franchises, potentially influencing the future landscape of international cricket leagues and talent development.

Note: All specific dates mentioned are based on the information provided in the news release dated December 3, 2025.