Reliance Industries is unlikely to go for an initial public offering (IPO) for its consumer businesses such as telecom and retail this year, a report by JP Morgan has said.

“RIL’s AGM tends to be announcement-heavy, and expectations run high in the run-up to the AGM (like the last three), 

and this year they centre on concrete timelines being announced for IPOs of the consumer business,” the brokerage said in a report released on Wednesday.

“We do not expect any concrete timelines from this year’s AGM on the consumer businesses IPOs (Jio and Reliance Retail),” it said.

Some recent media reports had talked about possible announcement of demerger and IPO of the telecom and retail businesses of RIL during this year’s AGM.

Incidentally, RIL chairman and managing director Mukesh Ambani in his 2019 AGM speech had said about listing these businesses in the next five years.

With tariff hike largely in the base and smartphone demand slowing, Goldman Sachs said it expects Jio’s June quarter revenue growth to be 2% quarter on quarter.