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The revised plan would involve the sale of a 2.5 per cent stake through new shares, with the proceeds flowing to Jio Platforms rather than to shareholders seeking exits. The change marks a significant adjustment in what is expected to be one of the largest public offerings in the country’s capital markets, and places long-term growth funding ahead of partial monetisation by early backers.

Jio Platforms, controlled by Mukesh Ambani’s Reliance Industries, owns Reliance Jio Infocomm and houses a broad portfolio of digital services spanning telecom, broadband, cloud, media, payments and consumer technology platforms. Its shareholder base includes Meta, Google, Vista Equity Partners, KKR, Mubadala, Abu Dhabi Investment Authority and Saudi Arabia’s Public Investment Fund, many of which entered the company during the 2020 fundraising cycle.

Earlier discussions had explored an offer-for-sale structure under which foreign investors could have sold about 8 per cent of their individual holdings, amounting to roughly 2.5 per cent of Jio Platforms. That approach has now been set aside, with investors opting to remain exposed to the business rather than reduce stakes at the listing stage.

The decision strengthens Reliance’s control over the IPO narrative. A fresh issue allows the company to present the listing as a growth-financing event instead of an exit window for private investors. It also limits the risk that the market interprets selling by marquee shareholders as a signal of valuation caution, particularly at a time when global technology listings are being judged closely on profitability, cash generation and regulatory exposure.

Jio Platforms is widely seen as the centrepiece of Reliance Industries’ transition from an energy-heavy conglomerate to a broader consumer, digital and technology group. The telecom arm has become one of the world’s largest mobile operators by users, while its digital ecosystem has helped Reliance build links across retail, entertainment, finance and enterprise services.

The company’s operating performance has supported expectations of a high-profile listing. Jio Platforms reported strong profit growth for the quarter ended March 2026, helped by tariff-led gains, subscriber additions, higher data consumption and expansion in home broadband. Average revenue per user rose to ₹214, reflecting improved monetisation after tariff increases and a better customer mix.

The proposed IPO has been closely watched since Ambani told shareholders that Jio Platforms was being readied for a market debut in the first half of 2026. Preparations gathered pace after listing rules were adjusted to make it easier for very large companies to float a smaller portion of equity while still meeting public-shareholding requirements over time.

A 2.5 per cent offering would keep public float modest at the start, but even that limited stake could translate into a multibillion-dollar transaction if the company commands a valuation close to estimates that have placed Jio Platforms around $180 billion. At that level, the IPO could rank among the largest listings ever seen on domestic exchanges.

The timing remains sensitive. Equity markets have been volatile as investors weigh interest-rate expectations, geopolitical risks, technology valuations and capital flows into emerging markets. Several large companies have adjusted listing timetables as issuers and bankers test demand from institutional and retail investors.

Reliance has assembled a large banking syndicate for the transaction, underlining the scale and complexity of the planned sale. The deal will require careful pricing to balance investor appetite, Reliance’s valuation expectations and the interests of existing shareholders who invested at a premium during the digital fundraising boom.

For Meta and Google, continued ownership preserves access to one of the world’s largest digital consumer markets through partnerships linked to messaging, cloud services, devices and online commerce. For sovereign wealth funds and private equity investors, remaining invested offers exposure to a mature telecom platform with rising cash flows and expanding digital adjacencies.

The IPO will also have implications for Reliance Industries’ own market valuation. Investors have long debated whether separate listings of Jio Platforms and Reliance Retail could unlock value trapped inside the conglomerate structure. A successful Jio debut may narrow the holding-company discount, while a weak listing would raise questions over the pace and pricing of Reliance’s broader demerger and monetisation strategy.

The agreements were signed at the Vietnam–India Business Forum, held as part of the State visit of General Secretary and President To Lam to India, in the presence of General Secretary and President To Lam and Maharashtra Chief Minister Shri Devendra Fadnavis.

The partnerships are expected to open direct access channels to all customer segments, stimulate travel demand and experiential tourism, and ultimately position Vietnam as a “preferred destination” for India’s 1.47 billion people.

Representing India are three of the country’s most influential and trusted travel distribution channels: Thomas Cook India, SOTC Travel, and MakeMyTrip. Thomas Cook India has strong expertise in group travel, corporate travel, and large-scale MICE tourism. SOTC Travel is well known for family vacations, group tours, and mid- to high-end leisure travel. Meanwhile, MakeMyTrip, India’s leading online travel platform, has a strong advantage in reaching younger travelers, independent tourists, and digitally-driven booking behaviors.

Representing Vietnam is Vinpearl, the country’s leading hospitality, tourism, and entertainment brand, operating nearly 60 properties nationwide. Its diverse five-star “all-in-one” ecosystem offers accommodation, shopping, dining, entertainment, golf, and MICE services, making it particularly well-suited to the travel preferences of Indian visitors, including large group travel, multi-generational family vacations, and experience-rich holidays.

Through these partnerships, the parties aim to maximize each other’s strengths, enhance tourism development capabilities, and shape tailored travel products, gradually positioning Vietnam as a “preferred destination” for Indian travelers in the near future.

Speaking at the event, Ms. Ngo Thi Huong, CEO of Vinpearl, said: “India is one of the key markets in Vinpearl’s international expansion strategy. Through partnerships with leading industry players, we are not only broadening our market reach but also proactively developing products tailored to each customer segment. Vinpearl aims to strengthen its presence in the Indian market while contributing to positioning Vietnam as an attractive and distinctive destination on the global tourism map.”

Mr. Anubhav Bansal, Vice President of MakeMyTrip and representative of the three Indian partners, added: “Vinpearl operates one of the region’s leading integrated tourism and hospitality ecosystems, with a scale, product diversity, and destination experience portfolio that increasingly align with the preferences of Indian travelers. We believe Vinpearl is playing an important role in positioning Vietnam as an attractive destination for this market. Combined with the extensive distribution strengths of both sides, this partnership is expected to significantly boost Indian tourist arrivals to Vietnam in the coming years.”

India is currently the world’s most populous country, with 1.47 billion people. The country’s rapidly expanding middle class is driving a strong surge in demand for international travel.

Recognizing the strategic importance of the Indian market, Vinpearl has not only leveraged its scale and integrated “all-in-one” ecosystem but has also continuously developed specialized offerings for Indian travelers, including luxury wedding tourism, MICE travel, multi-generational family holidays, group trips, and couple getaways. In 2025, the number of Indian guests staying within the Vinpearl system surged by a record 402% year-on-year, followed by a further 335% increase during the first four months of this year compared to the same period last year.

The signing of MoUs with these three major market access partners marks the next step in Vinpearl’s strategy to sustainably grow its visitor base from the 1.47 billion-population Indian market, while also helping position Vietnam as a “preferred destination” for Indian travelers.

Hashtag: #Vinpearl

https://vinpearl.com/en

The issuer is solely responsible for the content of this announcement.

About Vinpearl

Vinpearl is Vietnam’s leading hospitality, tourism, and entertainment brand, currently operating 60 properties across 20 provinces and cities nationwide. Its ecosystem includes a network of five-star hotels and resorts in 35 provinces and cities with more than 17,300 rooms; 15 VinWonders theme parks offering attractions for all age groups; six world-class golf courses; and three international-standard convention centers and theaters under the VinPalace brand. The ecosystem also features two semi-wildlife conservation and care parks, an equestrian academy, and spectacular multi-million-dollar live performance shows in destinations such as Nha Trang and Phu Quoc, attracting millions of visitors each year.

About Thomas Cook India

Founded in 1881, Thomas Cook (India) Limited (TCIL) is one of India’s leading omnichannel travel and tourism groups, operating across foreign exchange, corporate travel, MICE, leisure travel, and value-added services.

TCIL owns and operates several major B2C and B2B brands, including Thomas Cook, SOTC, TCI, SITA, Sterling Holiday Resorts, Asian Trails, and Desert Adventures. The group has a presence in 28 countries across five continents and is one of the largest travel service networks headquartered in the Asia-Pacific region.

About SOTC Travel

Established in 1949, SOTC Travel is one of India’s oldest and most reputable travel and tourism brands. The company is part of Fairfax Financial Holdings through Thomas Cook (India) Limited (TCIL).

Operating through an omnichannel model, SOTC offers a wide range of services across leisure travel, incentive travel, and corporate travel. With more than 75 years of experience, SOTC has served millions of travelers across destinations worldwide and is recognized for its deep understanding of Indian travelers’ preferences and behaviors.

About MakeMyTrip

MakeMyTrip is India’s leading online travel booking platform, holding a dominant position in flight bookings, hotel reservations, and travel packages. With tens of millions of users and a strong digital ecosystem, MakeMyTrip covers the entire customer journey while maintaining a strong advantage in reaching younger travelers and independent tourists.

As Gulf markets accelerate toward smart and sustainable mobility, VinFast is expanding its EV presence in the Middle East with technology-focused products, connected vehicle capabilities, and long-term ownership solutions.

DUBAI, UAE – Media OutReach Newswire – 8 May 2026 – The Middle East is increasingly emerging as one of the next major battlegrounds for global electric vehicle brands, particularly as younger consumers across Gulf countries show rising interest in smart, technology-focused mobility solutions that combine premium specifications with advanced software and digital experiences. That shift has opened the door for newer EV manufacturers to compete alongside more established automotive brands.

The opportunity reflects larger market dynamics already transforming the region. Asian EV brands have rapidly expanded their footprint across Gulf countries in recent years, supported by growing demand for feature-rich vehicles, manufacturing scale advantages, and increasingly competitive pricing.

Against that backdrop, VinFast is positioning itself as part of a broader transformation reshaping the automotive landscape across the region. As governments accelerate investments in renewable energy, charging infrastructure, and smart city development, the transition toward electric mobility is gaining momentum across the Gulf.

For VinFast, the Middle East represents a strategic growth market within its wider international expansion plan. The company has been strengthening its presence with the VF 8 electric SUV, targeting consumers seeking a combination of advanced technology, premium features, and long-term ownership value.

VinFast’s broader strategy aligns closely with those changing consumer expectations. Rather than operating solely as a conventional carmaker, the company is developing a vertically integrated EV ecosystem that combines intelligent software, connected services, and smart manufacturing capabilities.

Globally, VinFast has delivered more than 400,000 vehicles and accumulated several years of real-world driving data. That foundation has supported the development of Advanced Driver Assistance Systems, connected vehicle technologies, and over-the-air software capabilities designed to continuously improve the ownership experience.

In the Middle East market, the VF 8 is positioned around technology, comfort, and practicality for regional driving conditions. The all-electric SUV offers dual-motor all-wheel drive capability with up to 402 horsepower in the Plus variant and a driving range of up to 493 km on a full charge under the NEDC standard.

Developed in collaboration with Italian design house Pininfarina, the VF 8 combines a modern exterior design with a spacious cabin focused on digital integration and passenger comfort. Available features include a 15.6-inch infotainment display, ventilated seats, a panoramic sunroof, an air ionization-equipped climate control system, and multiple ADAS technologies, including Highway Assist, Adaptive Cruise Control, Blind Spot Detection, and 360-degree Surround View Monitoring.

VinFast is also emphasizing after-sales support and ownership assurance as key differentiators in the region. The company offers a 10-year vehicle warranty or 200,000 km, alongside a 10-year unlimited-kilometer battery warranty. Customers additionally receive access to mobile services, roadside assistance, DC fast charging networks, and over-the-air software updates.

As Gulf markets continue embracing electrification and smart mobility concepts, VinFast is seeking to establish itself as a long-term player in the region’s evolving automotive sector. By combining advanced technology, connected vehicle capabilities, and scalable EV solutions, the company is reinforcing its ambition to compete in one of the world’s fastest-changing mobility markets.

Hashtag: #VinFast

The issuer is solely responsible for the content of this announcement.

Sarvam has partnered with YCP India to help enterprises move artificial intelligence projects from small pilots into structured, organisation-wide deployments aimed at measurable business gains.

The collaboration brings together Sarvam’s full-stack sovereign AI platform and YCP India’s consulting, digital transformation and execution capabilities. The two companies plan to work with businesses on use-case selection, technology integration, change management and deployment across functions where AI can cut costs, improve productivity or strengthen customer engagement.

The partnership comes as companies across sectors are trying to convert interest in generative AI into practical results. Many organisations have tested chatbots, document automation, coding assistants and customer-service tools, but have struggled to scale them because of legacy systems, data-quality issues, compliance concerns and weak alignment with business priorities. Sarvam and YCP India are positioning their alliance as a response to that gap, with an emphasis on deployment rather than experimentation.

Sarvam’s platform covers language, voice and multimodal systems, with a focus on operating conditions in India, including regulatory requirements, data sovereignty and cost-efficient deployment. That positioning is significant for banks, insurers, retailers, healthcare providers, manufacturers and public-facing enterprises that need AI tools capable of working across languages, accents and workflow environments.

YCP India is expected to bring sector knowledge, programme management and strategy advisory support. The company’s role will include helping clients identify high-impact use cases, redesign workflows, manage adoption within teams and ensure that AI deployments are tied to commercial outcomes rather than isolated technology trials.

The partnership will focus on three broad areas. The first is identifying and prioritising AI opportunities that have clear business value. This could include automating customer queries, improving internal knowledge retrieval, digitising documents, supporting frontline staff or building multilingual service channels. The second is co-delivering integrated solutions that connect Sarvam’s technology stack with enterprise systems. The third is joint execution, where YCP teams work with Sarvam engineers to support implementation and change management.

The timing reflects a wider shift in the AI market. Enterprises are moving from proof-of-concept work to production systems, but the transition requires more than access to a large language model. Companies need governance frameworks, reliable data pipelines, security controls, integration with enterprise resource planning and customer relationship management platforms, and clear accountability for outcomes. Without these elements, AI projects risk remaining confined to innovation teams without affecting day-to-day operations.

Sarvam has emerged as one of the key domestic AI companies building models and applications designed for the country’s linguistic and business environment. Its products include speech-to-text, text-to-speech, translation, document digitisation and conversational AI tools. The company has also been associated with broader efforts to develop sovereign AI capabilities, including foundational models built for secure, population-scale use.

The enterprise opportunity is expanding rapidly. The country’s AI market is expected to grow strongly through 2027, supported by enterprise technology spending, a deepening talent base and rising investment in AI-led transformation. Technology services firms and global capability centres are also pushing generative AI into software development, business process management, IT consulting and customer operations.

For Sarvam, the alliance with YCP India could strengthen access to boardroom-level transformation projects, where decisions are shaped by business value, risk controls and execution capacity. For YCP India, the tie-up adds a technology partner focused on locally relevant AI capabilities at a time when clients are demanding practical deployment roadmaps rather than advisory reports alone.

The challenge will be delivery. Enterprises often face fragmented data, uneven digital maturity and uncertainty over how AI should be governed. Regulated sectors also need clarity on privacy, auditability and accountability when automated systems influence customer interactions or internal decisions. The partnership will have to demonstrate that sovereign AI can be not only locally relevant but also robust, secure and commercially competitive against global platforms.

Cost will be another deciding factor. Many businesses are assessing whether AI systems can deliver enough savings or revenue gains to justify investment in infrastructure, integration and training. Sarvam’s emphasis on cost-efficient deployment could appeal to companies that want AI capabilities without depending entirely on expensive global model providers.