If Jio Platforms and Reliance Retail’s value (after applying 25% and 20% holding company discount, respectively, based on Nuvama Institutional Equities estimates), is deducted from Reliance’s market capitalization, then O2C, exploration and production (E&P), new energy, FMCG and the media businesses have a net market capitalization of ₹5.5 trillion.
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