Reliance Jio Infocomm, the telecom unit of Mukesh Ambani's Reliance Industries (RIL), could be headed for a mega IPO in 2025, a Jefferies note said. Jio 'could list at $112 billion valuation' (over ₹9.3 lakh crore) and add '7-15% upside' to the Reliance Industries share price. Jefferies maintained a 'buy' rating on the RIL stock, with a ₹3,580/share target price.