Kotak expects “RIL’s telecom business IPO by H1CY26” and noted its “target to double EBITDA between FY22 and FY27E.” The firm sees “20%+ revenue CAGR in organized retail over the next three years” and highlighted the company’s “long-term ambition of being India’s largest FMCG company with a global presence,” backed by new technology partnerships with Meta and Google Cloud.
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