Indian company Reliance Industries plans to launch an initial public offering (IPO) for its telecoms arm by mid-2026.

As reported by the Financial Times, Mukesh Ambani, the chair of Reliance Industries, told shareholders of the plan during last week's AGM. The company has not yet stated what exchange it expects to list on.

“I assure you that this will demonstrate that Jio is capable of creating the same quantum of value like our global counterparts,” said Ambani, India's richest man. “I am sure that it will be a very attractive opportunity for all investors.”

He noted to investors that arrangements to formalize a listing are being made.

Reliance's mobile network operator, Reliance Jio, is the biggest mobile carrier in India, serving more than 500 million subscribers.

Last year, US investment bank Jefferies estimated that Jio’s listing could value the operator at $112 billion.

Ambani had previously outlined plans in 2019 to list Jio within five years.

Separately last week, Reliance and Meta announced a new AI JV with an initial investment of about $100 million.

Meta CEO Mark Zuckerberg said the new unit will deliver Meta's open-source AI models to Indian businesses. Meta will hold 30 percent in the JV, while Reliance will hold the majority with 70 percent.

Earlier this month, Jio launched 5G network slices for the Indian market as part of the carrier's 5G Standalone (5G SA) push.