The news landed like a bombshell in the City this morning. Mukesh Ambani, Asia’s richest man, is launching India’s biggest-ever share sale, and whispers of a £10 billion London listing have UK investors salivating. But for those of us who watch the real economy – the wages, the rents, the price of a litre of milk – this isn’t just another corporate milestone. It is a test of whether India’s booming markets are trickling down to the millions who power them.
Reliance Industries, Ambani’s sprawling empire from oil to telecoms, is seeking to raise billions via a rights issue and a potential secondary listing on the London Stock Exchange. The official line is that this will “unlock value” and “democratise wealth.” But unions and labour groups in India are asking: whose wealth?
The timing is sharp. India’s economy is growing at over 7% a year, yet real wages for the bottom half have barely budged. The gig economy – with its delivery riders and platform workers – has exploded, but protections are thin. Ambani’s Jio Platforms and Reliance Retail dominate these sectors, employing thousands on contracts that often lack sick pay or pension contributions.
“This share sale will make billionaires richer, but workers are still fighting for a minimum wage that covers basic food and rent,” said Priya Sharma, a labour organiser in Mumbai. She points to the recent strikes by gig workers at Swiggy and Zomato, both backed by Reliance investments. “The money could create secure jobs, but instead it flows to shareholders in London.”
UK investors, of course, see opportunity. London has long courted Indian giants – Vedanta, Tata, and now Reliance. A London listing would give Ambani access to deeper capital pools, while British fund managers get a slice of Asia’s hottest growth story. The Treasury is keen, with officials whispering about a “golden age of UK-India finance.”
But there’s a shadow. Indian corporate governance is under scrutiny after the Adani crisis, and Reliance has its own critics. Minority shareholders have raised concerns over related-party deals. And while the share sale is technically “open to all,” retail investors – the small savers in Mumbai and Delhi – often struggle to get a fair allocation. The real money, as always, goes to the big institutions.
Meanwhile, the clock is ticking for India’s labour. The government’s new labour codes promised universal social security for gig workers, but implementation has stalled. Delhi’s air is thick with protests from contract workers at Maruti Suzuki and textile mills in Tamil Nadu. They want a share of the growth, not just a share sale.
Back in the UK, the listing would be a feather in London’s cap, especially as it battles to stay relevant post-Brexit. But British workers know the game. When capital flows freely, labour often pays the price. We’ve seen it with outsourcing, with zero-hours contracts, with the race to the bottom on rights.
Ambani’s move is not just a business story. It is a story of inequality – of a world where the rich can raise billions in minutes while millions struggle for a daily wage. The question is not whether the share sale will succeed. It will, because money always finds a way to make more money. The question is whether the workers who built Reliance will ever see a fair slice.
That is the economy that matters. Not the stock ticker, but the kitchen table.
