Reliance Retail Targets IPO by 2028 as Expansion and Restructuring Gather Pace: Reports

BY - Opportunity India Desk
Editor Dec 12, 2025 /

42 / 2 Min Read

Reliance Retail Targets IPO by 2028 as Expansion and Restructuring Gather Pace: Reports

The retail arm of Reliance Industries Ltd (RIL) is reportedly adding close to 2,000 stores annually on a net basis, underscoring the scale of its nationwide growth push.

Reliance Retail is preparing to launch its initial public offering (IPO) by 2028, according to media reports, as the company intensifies efforts to expand profitably and streamline its balance sheet. The retail arm of Reliance Industries Ltd (RIL) is reportedly adding close to 2,000 stores annually on a net basis, underscoring the scale of its nationwide growth push.

In the run-up to the planned listing, the company has begun reducing debt as part of a broader restructuring exercise. Reports indicate that Reliance Retail’s non-current borrowings dropped sharply from ₹53,546 crore in FY24 to ₹20,464 crore in FY25.

Alongside strengthening its core retail network, Reliance Retail is also seeking a larger footprint in the fast-growing quick-commerce category. The company is said to be building more dark stores across the top seven cities to support rapid delivery capabilities.

Earlier, the company completed an internal restructuring that shifted its consumer business to a new entity named New Reliance Consumer Products Ltd (New RCPL). The composite scheme of arrangement - involving Reliance Retail Ltd (RRL), Reliance Retail Ventures Ltd (RRVL), and RCPL - became effective on 1 December 2025, according to RIL’s exchange filing. As part of this transition, RRL transferred its FMCG brands portfolio to New RCPL.

In a key leadership move, Reliance Industries has reportedly appointed Jeyandran Venugopal as president and CEO of Reliance Retail Ventures Ltd, the holding company for the group’s retail businesses. Venugopal is expected to work closely with Isha Ambani and the broader leadership team under the guidance of Mukesh Ambani and Manoj Modi. His mandate includes accelerating omnichannel expansion, enhancing operational efficiency, and strengthening the company’s diverse retail portfolio.

If the current trajectory continues, the proposed IPO could mark one of the most anticipated market debuts from the Reliance conglomerate later this decade.

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Reliance Retail Targets IPO by 2028 as Expansion and Restructuring Gather Pace: Reports