Analysts have valued Jio at over USD 100 billion. Sources said Reliance had appointed no bankers so far to discuss a potential stock market offering. "Jio (IPO) is not going to happen this year, it's just not possible. The company wants the business to be more mature," said one first source, Reuters reported.

Nearly 80 per cent of Jio Platforms' latest annual revenue of USD 17.6 billion came from its telecom business -- Reliance Jio Infocomm. However, Mukesh Ambani wants to fast expand his other niche digital businesses focused on developing apps, connected devices and AI solutions for enterprises.

Reliance Jio vs Starlink

Reliance Jio is also set to lock horns with Elon Musk, who is expected to launch Starlink internet service in India in the coming months. In 2019, Ambani said Jio will "move towards" a listing within five years. Jio Infocomm had struggled as tariff hikes led to a reduction in its subscriber base, but has returned to a growth path this year. It has more than 488 million subscribers.

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