IPO: Reliance Jio announces what may be India's biggest-ever share sale

India's largest telecom operator is expected to raise around $4bn (£3.02bn), according to media reports.

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The company's board has approved a draft prospectus for the initial public offering (IPO), Ambani said at Reliance's annual shareholder meeting on Friday.

India's largest telecom operator, which has more than 500 million subscribers, is expected to raise around $4bn (£3.02bn), according to media reports.

Investors will be watching the listing closely as a test of appetite for new offerings after months of volatility in the country's stock markets.

"The proposed listing of Jio will demonstrate to the world that India can build technology companies of global scale, global capability, and global value," Ambani, one of the world's richest men, said.