New Delhi, Oct. 20 -- 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 Rs.18.05 lakh crore. Reliance Industries accounts for the lion's share, with a market value of Rs.16.2 lakh crore, followed by Jio Financial Services at Rs.1.41 lakh crore.

Jio Platforms, which is set to become the 13th publicly listed company under the group, is estimated to be va...