In the coming months Reliance Industries, an Indian corporate colossus(巨头，巨人), will spin off(剥离，分拆) Jio Platforms, its telecoms arm, in what is set to be the largest initial public offering in its country’s history. The flotation(（公司）上市，发行股票), 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(融入，交织于) much of life in India.
未来几个月，印度企业巨头信实工业将剥离其电信部门Jio Platforms，这将是印度历史上最大的首次公开募股。此次上市预计将使Jio估值达1300亿至1500亿美元，并筹集约35亿美元。此前十年，信实进行了一系列大规模的资本密集型赌注，将其从一家石油化工公司转变为融入印度日常生活的商业帝国。
Even by the standards of the country’s sprawling(蔓延的，杂乱扩展的) conglomerates, it is immense(巨大的，无边无际的). 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 global processing capacity. It also accounts for around a third of India’s natural-gas production. Jio, in which it will maintain a majority stake, is the world’s second-biggest mobile operator, measured by number of users, and runs the second-biggest streaming platform as well. Reliance’s retail business, which spans(跨越，涵盖) formats from neighbourhood grocery shops to large stores peddling(兜售，贩卖) clothes and gadgets, is among the world’s five biggest by store count and the largest in its home country.
即使按印度庞杂企业集团的标准来看，它也是巨大的。只有由26家上市公司组成的塔塔集团才更有价值。信实市值约2000亿美元，运营着全球最大的炼油厂，约占全球加工能力的1.5%。它还占印度天然气产量的大约三分之一。Jio（信实将保留多数股权）以用户数量计是全球第二大移动运营商，并运营着第二大流媒体平台。信实的零售业务涵盖从社区杂货店到销售服装和电子产品的大型商店等多种业态，按门店数量计位居全球前五，在印度国内则排名第一。
But Mukesh Ambani, the conglomerate’s boss, is not done yet(尚未完成，还没结束). Already he is onto his next big gamble(开始下一场豪赌), this time on artificial intelligence, with enormous investments planned both in infrastructure and software. Meanwhile, investors are beginning to ask what happens after Mr Ambani, who is 69, steps aside(让位，辞职). Whether he pulls off(成功做到（困难的事）) the next transformation of Reliance will matter not just to the company’s shareholders, but to India’s economy too.
但集团老板穆克什·安巴尼还没有停下脚步。他已经开始了下一场豪赌，这次是人工智能，计划在基础设施和软件方面进行巨额投资。与此同时，投资者开始询问69岁的安巴尼先生下台后会发生什么。他能否成功实现信实的下一次转型，不仅关系到公司股东，也关系到印度经济。
Ambani intelligence
安巴尼的智慧