Mukesh Ambani flies within Mumbai as Reliance weighs Jio IPO overhaul

Mukesh Ambani operated a brief flight from Navi Mumbai International Airport on May 11, returning to the same airport later that day, according to flight data. The short hop—aboard his Boeing 737 MAX 9 BBJ, VT-AKV—comes as Reliance Industries reportedly shifts its IPO strategy for Jio Platforms toward an all-new-share offering, a major reversal from earlier plans for an offer-for-sale structure, as reported by Business Standard on Monday.

The same week, Reliance also confirmed plans to begin a maintenance shutdown at its Jamnagar refinery in late May, per a separate Business Standard report. Ambani’s movement within the Mumbai metro area suggests he is likely shuttling between Reliance’s corporate offices and the newly operational Navi Mumbai airport, where the group has significant infrastructure interests.

The Jio IPO, potentially India’s largest, has faced internal debate over valuation, with some shareholders pushing for a higher price band. The revised structure would send all proceeds to Jio rather than existing investors. Ambani’s recent flights have primarily connected Mumbai to global hubs, but this brief domestic loop underscores a period of intense corporate decision-making at Reliance headquarters.