Adani, RIL, Tata drive surge in new listed firms in 5 years

Top 10 Indian conglomerates added 20 listed firms since January 2021, up 25% in five years

- Dipali Banka, Nehal Chaliawala & Varun Sood

The number of listed companies under the top 10 conglomerates in India by market capitalization has risen by about a fourth in nearly five years, driven by acquisitions, initial share sales, and demergers, according to a Mint analysis.

These conglomerates have added 20 listed firms since January 2021, taking their tally to 105. In comparison, they had added 20 listed companies over the preceding decade from 2011 to 2020.

There are at least four more public offers expected from these business houses in the coming two years, including Reliance's Jio Platforms, Tata Capital, Adani Airports, and one from the JSW Group. Tata Motors is expected to soon split into two separately listed companies.

The sharp increase in the number of listed companies tells only a partial story—these business houses have also made significant unlisted acquisitions as well as large investments in their existing businesses. Nevertheless, the number of listed firms is an important proxy to evaluate growth across these diverse conglomerates.