Can Mukesh Ambani pull off his biggest gamble yet?

Unlock unlimited access to all our award-winning journalism, subscriber-only podcasts and newsletters Subscribe to The Economist Unlock unlimited access to all our award-winning journalism, subscriber-only podcasts and newsletters Your browser does not support the <audio> element. I n the coming months Reliance Industries, an Indian corporate colossus, will spin off Jio Platforms, its telecoms arm, in what is set to be the largest initial public offering in its country’s history. The flotation, expected to value Jio at $130bn-150bn and raise around $3.5bn, comes after a decade of huge, capital-intensive bets that have turned Reliance from an oil-and-chemicals company into a business empire woven into much of life in India. Even by the standards of the country’s sprawling conglomerates, it is immense. Only the Tata Group, made up of a network of 26 listed businesses, is more valuable. Reliance, which is worth some $200bn, runs the world’s biggest oil refinery, with roughly 1.5% of globa

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• Kavish Garg