Last August, Mukesh Ambani promised shareholders that Jio Platforms Ltd. would seek a stock market listing in the first half of 2026.
Unknown to shareholders, Reliance Industries Ltd. was trying to solve three problems behind closed doors: persuade regulators to ease rules for initial public offerings, convince major investors to sell shares, and prepare the country’s biggest listing without revealing its structure, according to people familiar with the matter, who did not wish to be identified as discussions were private. Internally, the effort was known as Project Jupiter, a reference to its size and ambition.
