Reliance Retail eyes IPO by 2028: Reports

As Reliance Retail sharpens its focus on profitable network expansion, it is targeting an initial public offering (IPO) by 2028, according to media reports. The company continues to scale up aggressively, adding nearly 2,000 stores annually on a net basis.

Reports also indicate that Reliance Retail has begun repaying debt as part of a broader balance sheet restructuring ahead of the IPO. Its non-current borrowings declined sharply from Rs 53,546 crore in FY24 to Rs 20,464 crore in FY25.

At the same time, the retailer is stepping up efforts to grow its presence in the quick commerce segment, with plans to set up additional dark stores across the top seven cities.

In an earlier development, Reliance Retail completed an internal restructuring exercise, under which its consumer business was transferred on a going-concern basis to a new entity, New Reliance Consumer Products (New RCPL). Reliance Industries informed stock exchanges that the composite scheme of arrangement involving Reliance Retail, Reliance Retail Ventures (RRVL) and RCPL became effective on December 1, 2025. As part of this arrangement, the FMCG brands business was moved from Reliance Retail to New RCPL.

Separately, Reliance Industries has appointed Jeyandran Venugopal as president and chief executive officer of Reliance Retail Ventures, the holding company for the group’s retail operations, reports said. Venugopal will work closely with Isha Ambani and the Reliance Retail leadership team under the overall guidance of Mukesh Ambani and Manoj Modi, and will focus on accelerating omnichannel growth, driving operational excellence and strengthening the company’s retail portfolio.