Reliance Industries Group will become India’s largest conglomerate by the combined market capitalisation of its listed companies after Jio Platforms makes its stock market debut, Kotak Mahindra Bank founder Uday Kotak said on Thursday.
Speaking at the Jio Platforms initial public offering (IPO) press conference in Mumbai ahead of the company’s market debut, Kotak highlighted the significance of the upcoming listing, which is expected to strengthen the group’s position in India’s equity markets by giving its digital and telecom business a separate market valuation.
Kotak noted that when he was 18, in 1977, Marine Drive and Chowpatty in Mumbai were lit up to mark Reliance Industries’ IPO. Nearly five decades later, he said, Jio Platforms’ offering marked another significant moment for the group.
Recalling the moment, Kotak said that one evening in 1977, he saw the entire stretch of Marine Drive and Chowpatty illuminated and was told it was part of the IPO marketing campaign for Reliance Textile Industries, founded by Dhirubhai Ambani.
He described it as a magical moment that influenced his thinking about a future in financial services. Kotak also credited Dhirubhai Ambani for recognising the importance of going public, reaching out to investors and creating value for them, adding that the Jio Platforms IPO brought back memories of that experience.