Reliance Industries Ltd (RIL) is browsing an initial public offering (IPO) for its Reliance Jio Infocomm unit in the latter half of 2020 at the earliest. The first priority would be getting investors for the two infrastructure investment trusts (InvITs), which own the company’s tower and fiber assets.
Multiple meetings have taken place over the last month or so among company executives, bankers and consultants, indicating that the IPO initiative has “picked up the pace.”
The company was the only telco to post profits in the March quarter, up 65 percent from the year-earlier on a 56 percent rise in revenue. But sequential profit growth was 1 percent against 22 percent in the preceding quarter, constrained by the ARPU fall and higher network and depreciation and amortization expenses.
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The telco started its commercial operations in September 2016 but reported its first numbers at the end of March 2017.