Mukesh Ambani's jet stays parked in Mumbai as Jio IPO plans shift

Mukesh Ambani's Boeing 737 MAX 9 BBJ, VT-AKV, appears to have conducted only local pattern work out of Navi Mumbai International Airport on May 12, 2026, climbing no higher than 4,925 feet — a short hop that suggests a test flight or crew training rather than a business trip.

The same week, Reliance Industries is reportedly revising the structure of Jio Platforms' upcoming initial public offering, India's largest ever. According to a Business Standard report citing the Economic Times, the conglomerate may now issue entirely new shares instead of allowing existing investors to sell down, a shift driven by disagreements over valuation. Some Jio shareholders are pushing for a higher price band, while Mukesh Ambani's team favors a more conservative approach to protect retail investors from listing-day losses. The draft prospectus is expected within the next fortnight, potentially pushing the listing to July.

Mukesh Ambani has been active on the global stage recently — he flew to Doha in May 2025 to attend a state dinner for President Donald Trump hosted by Qatar's Emir, per Firstpost and BW Businessworld — and his jet has logged long-haul trips to Tokyo, Bangkok, and Dubai in recent months. For now, though, the action is on the ground in Mumbai, where the paperwork for Jio's IPO is being redrafted.