Mukesh Ambani plans to take Reliance Retail public in 2027, a year after Reliance Jio’s anticipated IPO, with the retail arm potentially valued at nearly $200 billion. As part of preparations, Reliance has demerged its FMCG unit and is closing underperforming outlets to boost margins. The IPO will also provide exits for major investors, including GIC, ADIA, Qatar Investment Authority, KKR, TPG, and Silver Lake.