Ambani’s Jio seeks to raise $3.2B in what could be India’s biggest IPO

Jio, the telecom subsidiary of Reliance Industries, is planning to raise $3.2 billion through an initial public offering (IPO) in what could be India's largest IPO. The proceeds from the IPO will be primarily used to repay debt, as the company expands its operations beyond the telecom sector. This move is part of the company's strategy to reduce its financial burden and focus on its other business ventures.