Mukesh Ambani plans an IPO for Reliance Retail, likely in 2027, with a valuation near $200 billion. The company is being streamlined: underperforming stores are closed, margins improved, and its FMCG unit demerged. Key formats like JioMart, Reliance Digital, and Trends remain. Investors including GIC, ADIA, Qatar Investment Authority, KKR, TPG, and Silver Lake may exit.