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Asia’s richest man Ambani announces what could be India’s biggest share sale

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Mukesh Ambani is one of the world's richest men with an estimated worth of $90.6bn according to Forbes [BBC]

Jio Platforms, the telecom unit of billionaire Mukesh Ambani’s Reliance Industries, has announced what analysts say could be one of India’s biggest share sales.

The company’s board has approved a draft prospectus for the initial public offering (IPO), Ambani said at Reliance’s annual shareholder meeting on Friday.

India’s largest telecom operator, which has more than 500 million subscribers, is expected to raise around $4bn (£3.02bn), according to media reports.

Investors will be watching the listing closely as a test of appetite for new offerings after months of volatility in the country’s stock markets.

“The proposed listing of Jio will demonstrate to the world that India can build technology companies of global scale, global capability, and global value,” Ambani, one of the world’s richest men, said.

Launched in 2016, Jio shook up India’s telecom sector with low-cost mobile data plans, soon racking up millions of users. The company has since expanded into areas including cloud computing, enterprise services and artificial intelligence.

Last year, Jio and rival Bharti Airtel signed separate deals with Elon Musk’s SpaceX to bring the Starlink internet service to India.

The IPO comes after a year-long wait for Jio to go public. Last year, Ambani had said the company would be listed in the first half of 2026.

Unlike the secondary markets, where investors buy and sell existing stocks of companies, IPOs are used by privately held firms to sell their shares to investors for the first time, and debut on the public markets.

The Jio IPO was announced a day after the National Stock Exchange (NSE) filed papers for its long-awaited market debut, adding momentum to India’s capital markets.

While details of the offer price and valuation have not yet been disclosed, media reports have estimated that the NSE IPO could raise around more than $3bn.

Together, the Jio and NSE listings would be among India’s largest IPOs in recent years, rivalling Hyundai Motor India’s $3.3bn blockbuster share sale two years ago.

Jio’s listing is especially a close watch for investors and analysts who say a successful offering could boost sentiments in India’s IPO market after a recent slowdown in new listings.

Bloomberg via Getty Images An information sign for sim cards at a Reliance Jio Infocomm Ltd. store, a subsidiary of Jio Platform Ltd., in New Delhi, India, on Thursday, Nov. 6, 2025. I
Launched in 2016, Jio has emerged as one of India’s biggest telecom operators [BBC]

 

In recent years, Jio has expanded its ambitions beyond telecommunications into artificial intelligence and digital infrastructure.

Earlier this month, Meta announced it would lease capacity at an AI enabled data center being built by Reliance in the western state of Gujarat. The facility is expected to have a capacity of 168 megawatts.

The agreement builds on a partnership that began in 2020, when Meta invested $5.7bn in Jio.

Since then, the companies have broadened their collaboration, including initiatives aimed at making Meta’s open-source AI models more accessible to Indian businesses and developers.

Investment bank Jefferies estimated in November that Jio was worth around $180bn, potentially making it one of the world’s most valuable telecoms companies.

The listing would also be a landmark moment for the Reliance group, marking the first major public offering by one of its businesses since Reliance Petroleum was listed in 2006.

[BBC]



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From Mt. Fuji to Sri Pada: Lessons from a father-son climb

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by SK Samaranayake

For Daham Gunasena, reaching the summit of Mt. Fuji with his 12-year-old son was not the end of the journey but the beginning of a different kind of lesson.

Gunasena, Director – Commercial at SPAR Sri Lanka and a senior business leader, academic and Chartered Accountant, spent nearly 12 hours on August 19 climbing Japan’s highest mountain with his son, Methum. After eight hours of climbing, the pair reached the 3,776-metre summit before beginning a demanding four-hour descent to Fujinomiya 5th Station.

“The summit was only halfway,” Gunasena reflected, describing the experience as a lesson in preparation, perseverance and responsibility.

Their journey began two days earlier with a trial excursion to the 6th Station and the volcanic landscape around Mt. Hoei. The experience allowed Gunasena to assess the altitude, terrain, weather and equipment before deciding whether his son was ready for the summit attempt.

The climb itself reinforced the value of taking one step at a time. Rather than focusing on the distant summit, father and son concentrated on the next marker, the next few steps and short periods of rest.

Reaching the summit brought another lesson. After taking photographs and celebrating, they still had four hours of descent ahead of them over loose volcanic terrain.

“Reaching the top was an achievement. Returning safely was success,” Gunasena said.

The experience also prompted him to reflect on how Japan manages Mt. Fuji, including visitor education, digital information, sanitation, transport, safety and environmental protection.

Having climbed Sri Pada 12 times last year and five times so far this year, Gunasena sees opportunities to apply some of these principles in Sri Lanka without compromising the mountain’s unique pilgrimage traditions.

He suggested a comprehensive digital platform for Sri Pada providing information on weather, congestion, transport, sanitation, first aid and emergencies, while educating foreign visitors about its religious significance.

For Gunasena, however, the most enduring lesson was personal: a mountain can teach what lectures cannot—through preparation, perseverance, respect for nature and the shared experience of taking each step together.

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FLIR, Marlbo promote smarter industrial maintenance

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Sri Lankan industries are being encouraged to adopt advanced condition monitoring technologies to detect equipment problems before they develop into costly failures, as global technology company FLIR and its local partner Marlbo Trading Company strengthen their collaboration.

The companies brought together industry professionals at a technical seminar held on August 20 at Taj Samudra, Colombo, focusing on the use of thermography and acoustic imaging to reduce unplanned downtime, improve energy efficiency and lower maintenance costs.

Organised by Marlbo under the theme “Condition Monitoring Using Thermography and Acoustic Imaging for Measurable ROI,” the seminar highlighted the growing importance of proactive and predictive maintenance in improving equipment reliability and operational efficiency.

FLIR Sales Director – Instrumentation, India, Bhaskar Lala, and APAC Condition Monitoring Specialist David Gambarte shared their expertise on the latest diagnostic technologies and their practical industrial applications.

Thermal imaging can identify abnormal heat patterns linked to electrical and mechanical faults, while acoustic imaging can detect problems that may go unnoticed during routine inspections.

The technology is particularly useful in identifying compressed-air leaks, which can cause significant energy losses and increase operating costs.

Shevon Liyanage, Engineer – Measuring Instruments at Marlbo, also shared insights into applying condition monitoring technologies in the Sri Lankan industrial environment.

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Lumbini Tea Valley wins intl award for Singharaja Wirytips

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Chaminda Jayawardana receiving the award

Lumbini Tea Valley Ceylon won an award for its Singharaja Wirytips at The Leafies: International Tea Awards held in London in 2024, marking another international recognition for the Sri Lankan tea producer.

The award comes as the company marks two decades of direct exports, with its premium and organic Ceylon teas now reaching 35 countries across six continents.

Established in 1984, Lumbini Tea Valley began its direct export drive after Chaminda Jayawardana joined the family business in 2000 alongside his father, Dayapala Jayawardana. The initiative materialised in 2006 with the company’s first direct shipment—a 15-kilogram consignment of Flowery Broken Orange Pekoe (FBOP) tea to the United States.

Since then, the company has expanded its direct-export operations, which now account for around 20% of its total manufacturing output. Following its transition to organic production, approximately half of its organic tea output is exported directly by the company.

Its key export markets include Japan, the United States, France, the Netherlands, Switzerland and Australia, with direct shipments now reaching 35 countries.

The company said its direct-export model would continue to expand amid growing international demand for traceable, single-origin Ceylon tea, with premium and organic grades at the centre of its export strategy.

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