Reliance Is Said to Hold Talks With Banks for Record Jio IPO

Reliance Industries Ltd. has begun informal talks with banks about the potential listing of its unit Reliance Jio Infocomm Ltd., people familiar with the matter said, a deal that could eclipse the record for India’s biggest-ever initial public offering.

A formal process may begin by the end of this month and Reliance could start officially appointing investment bankers in November, the people said, asking not to be identified because the discussions are private.

The IPO could raise more than $6 billion with Reliance selling just 5% of Jio, Bloomberg News reported in July. That’s far more than the record ...