MUMBAI: The corporate pecking order in India is about to flip. Once the Jio Platforms IPO clears the regulatory hurdles, Reliance Industries (RIL) Group will officially dethrone Tata Group, securing the top spot in the country’s corporate rankings. The shift is driven by a massive valuation jump: RIL’s group market capitalisation is projected to hit Rs 28.5 lakh crore, overtaking Tata’s current standing of Rs 25.5 lakh crore. This data comes from ET Intelligence, which tracked the valuations as of Oct 15.
The financial engine behind this leap is the Jio listing itself. Priced at the upper end of the Rs 1,065-1,119 per share band, the deal values Jio at an estimated Rs 10.3 lakh crore. It is not just a large raise; it is a record-breaker. The IPO is expected to inject Rs 30,188 crore into the company, making it India’s largest primary offering ever. For the RIL Group, which stood at Rs 18.2 lakh crore before this move, the jump is stark and immediate.
Uday Kotak, speaking at a media briefing for the Jio Platforms IPO, framed the event as a generational handover. “RIL Group, after Jio's listing, will be India's largest conglomerate by market cap under the leadership of Mukesh Ambani,” Kotak stated. He specifically highlighted the role of the next generation, naming Akash and Isha Ambani as key figures in this development. The narrative extends beyond balance sheets; it touches on the origin story of Jio itself. Isha Ambani recalled a frustrating moment in 2009-10, when she returned to Mumbai from college in the US. “I had an assignment to submit online. I tried to submit the assignment, but unfortunately the internet did not work, and I couldn't submit it,” she said. That single failed upload convinced her brother Akash that India needed a dedicated digital technology platform. Jio launched in 2016, and the rest is market cap history.
Analysts point to a structural advantage in this move. Currently, Jio’s value is locked inside Reliance Industries. “A separate listing will unlock that holding company discount,” one analyst noted. By separating the entities, the combined market capitalisation of Reliance Industries and Jio Platforms creates a clear gap between the RIL and Tata groups. This isn't just about one company; it reshapes the entire top tier of Indian capital.
The hierarchy below the new leader remains stable but distant. Adani Group currently ranks third with a market cap of Rs 17.48 lakh crore. HDFC Group follows at Rs 13.91 lakh crore, with Bajaj Group close behind at Rs 13.88 lakh crore. Akash Ambani emphasized Jio’s rapid ascent, noting the company went from being the “14th operator to enter the market in 2016” to becoming India’s largest telecom operator. Today, Jio carries more than 60% of India’s data traffic. As the IPO proceeds, the market will watch to see if this valuation holds steady under public scrutiny.