Mumbai, Oct. 8 -- Reliance Industries Ltd. may offer investors a cheaper way to own Jio Platforms Ltd. after the telecom unit lists, with analysts saying the parent company's shares reflect a substantial discount.

Reliance's share price implies a roughly 36% discount on its two-thirds stake in Jio, according to Nimish Maheshwari, co-founder of independent research firm Beat The Street. He sees about 25% as sustainable, in line with how the market values telecom rival Bharti Airtel Ltd.'s holdings in its listed subsidiaries.

Such discounts are common for parent companies because their shareholders only get indirect exposure to the businesses they own. Once a subsidiary lists, investors can simply buy its shares directly.

While these dis...