The race to become India’s largest business conglomerate by combined market capitalisation could intensify with the upcoming listing of Jio Platforms. Based on its estimated valuation, the IPO could propel Mukesh Ambani-led Reliance Group past the Tata Group to claim the top spot, with the Adani Group and HDFC Group following behind.
According to recent data, Reliance Group has 12 listed companies with a combined market capitalisation of ₹18.05 lakh crore. Reliance Industries accounts for the lion’s share, with a market value of ₹16.2 lakh crore, followed by Jio Financial Services at ₹1.41 lakh crore.
Jio Platforms, which is set to become the 13th publicly listed company under the group, is estimated to be valued at around ₹10.3 lakh crore at the upper end of its proposed IPO price band.
If listed at this valuation, the combined market capitalisation of the Reliance Group could rise to approximately ₹28.35 lakh crore, potentially surpassing the Tata Group’s combined market capitalisation of ₹25.92 lakh crore.
Reliance Industries remains the dominant contributor to the group’s market capitalisation, with a market value of ₹16.2 lakh crore. At its peak, the company commanded a market capitalisation of ₹21.2 lakh crore.