Bengaluru, June 22 -- A businessman instrumental in Reliance Industries Ltd's telecom entry 16 years ago now stands to gain substantially from Jio Platforms Ltd's proposed listing, likely realising over a 100-fold gain on a six-year-old investment.

Mahendra Nahata's 0.54% holding in Jio Platforms, purchased for Rs.48 crore in 2020, is now worth $611 million ( Rs.5,800 crore) based on a Motilal Oswal analysis that values the telecom and digital giant at $114 billion. This dramatic increase stems from his early association with Reliance's telecom push.

Jio Platforms, incorporated on 15 November 2019, filed its draft prospectus on Friday to issue 270 million new shares, reducing Reliance Industries' ownership from 66.43% to 64.5%. Reliance...