Jio Platforms Listing Makes Mukesh Ambani Owner of India’s Two Most Valuable Companies
Jio Platforms’ $137 billion listing boosts Mukesh Ambani’s business empire past Tata Group, with combined Reliance and Jio valuations near ₹29 lakh crore. (Image NSE India)
By SANJAY SINGH
Jio Platforms’ market debut pushes the combined market capitalisation of Reliance Industries and Jio Platforms to around ₹29 lakh crore, taking the Ambani-led group ahead of Tata Group.
New Delhi, October 29, 2026 — Billionaire Mukesh Ambani has emerged as the owner of India’s two most valuable companies following the stellar stock market debut of Jio Platforms, the country’s largest telecom operator and digital services firm. The combined market capitalisation of Jio Platforms and Reliance Industries has reached around ₹29 lakh crore.
Following Jio Platforms’ listing, the Reliance Group’s market value has surpassed that of Tata Group, making the Ambani family’s business the country’s most valuable conglomerate.
Jio Platforms shares continued to rise on Thursday, opening 3.3 per cent higher, a day after their market debut. The company was listed on Wednesday at a premium of more than 25 per cent to its initial public offering (IPO) price, taking its market capitalisation to over ₹13.05 lakh crore, or approximately $137 billion.
Reliance Industries, Ambani’s flagship company and India’s most valuable listed company, holds more than 64 per cent of Jio Platforms following the IPO.
The approximately 3 per cent stake dilution through the offering has also helped Jio Platforms raise funds to reduce its legacy telecom debt by nearly ₹30,000 crore.
Telecom sector analysts expect Jio Platforms’ free cash flow to improve significantly as the IPO proceeds are deployed towards debt repayment and the company’s next phase of investment in 5G infrastructure.
However, analysts caution that much of the company’s growth potential may already be reflected in its valuation following the strong listing gains. At its current market capitalisation, Jio Platforms is valued alongside some of the world’s largest telecom companies.
Data from LSEG puts Jio Platforms’ market capitalisation at around $137 billion, compared with approximately $139 billion for American telecom major AT&T and $179 billion for Verizon Communications.
Ahead of Wednesday’s listing, Akash Ambani, Mukesh Ambani’s eldest son and managing director of Jio Platforms, outlined the company’s ambitions for the coming decade.
The 35-year-old executive said Jio would democratise technologies capable of transforming Indian lives over the next 10 years. He identified artificial intelligence, cloud computing, connected devices and connectivity from space among the areas the company intends to pursue.
Jio Platforms’ plans to enter satellite communications have also attracted criticism from Elon Musk, the billionaire behind SpaceX and Starlink. Earlier this month, Musk blamed the Ambani-led group for delays in Starlink’s launch in India, highlighting the intensifying competition in the country’s satellite internet market.
With its stock market debut, Jio Platforms has secured a valuation placing it among global telecom heavyweights. The next challenge for Ambani’s digital business will be to translate investor expectations into sustainable growth, stronger cash flows and returns from its expanding technology investments.
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