Reliance Industries Ltd (RIL) is likely go for an initial public offering (IPO) of its telecoms unit Jio in the next two or three years, reported Mint.

Billionaire Mukesh Ambani-led conglomerate plans to list the unit once its consumer business becomes bigger revenue-wise in comparison with its energy business, the report said citing a person with knowledge of the matter.

“Reliance Jio’s plans are massive and when it reaches that stage, the company shouldn’t be a 100% subsidiary of a refinery company…many RIL investors don’t understand data services or digital services and many of those who want to invest in digital services may not want to invest in refineries…at some point, when everything has stabilized, you will have to give investors options to invest where they want to.” the report said quoting a person with knowledge of the matter as saying.

The development comes after Jio shook the country’s telecom industry and waged a price war in the sector.

With Jio having close to 20 crore customers, the listing will lead to further consolidation of the sector, which is already evolving in to an arena with three key players including Jio, Idea and Airtel-Vodafone.

Disclosure: RIL, the promoter of Reliance Jio, also controls Network18, the parent company of CNBCTV18.com.