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Reliance Industries to list Jio Financial Services, aiming for top non-banking lender status.

Aug 7, 2023

By: BlinkX Research Team

Reliance Industries Ltd. intends to list its financial services business, Jio Financial Services Ltd., aiming to become India's largest non-banking lender by leveraging digital and retail operations.

The conglomerate stated that it anticipates the listing of shares for its financial services business soon, aiming to unlock value for shareholders and offer them a chance to be part of a new growth platform, as conveyed by Reliance's chairman Mukesh Ambani in the annual report.

Reliance will hold its annual shareholders’ meeting on August 28, where Ambani is expected to reveal further details about Jio Financial Services Ltd., clean energy ventures, and digital businesses.

Jio Financial Services Ltd. was recently carved out as a separate unit valued at approximately $20 billion, with minimal current revenue but owning a 6.1 percent stake in Reliance Industries. It has already announced a partnership with BlackRock to establish an Indian asset management venture.

Ambani envisions Jio Financial Services to provide accessible, affordable, and innovative digital-first solutions.

Reliance Industries seeks to build an empire comparable to Alibaba Group Holding Ltd. and Tencent Holdings Ltd., aligning with Ambani's track record of transforming businesses.

Content source: Media reports

Keep an eye on the Jio Financial share price for the latest market updates.