Connect with us

Hi, what are you looking for?


Reliance Industries to List Jio Financial Services

Photo credit: Poetra.RH / Shutterstock

Mukesh Ambani, the billionaire chairman of Reliance Industries Ltd., has announced that the conglomerate expects to list its financial services business, Jio Financial Services Ltd., soon. This move aims to establish Jio Financial as India’s largest non-banking lender, capitalizing on the strength of the digital and retail businesses.

In his message to shareholders during the annual report for the financial year ending on Mar. 31, Ambani highlighted that the creation of this new entity would unlock value for shareholders and offer them an opportunity to participate in a new growth platform.

The annual shareholders’ meeting, scheduled for Aug. 28, is expected to shed more light on Ambani’s strategies for Jio Financial Services, clean energy, and digital businesses. Reliance Strategic Industries Ltd., later to be renamed Jio Financial, was recently valued at approximately $20 billion after its shares were spun off in a special session conducted by exchanges to determine its trading value.

Despite currently generating limited revenue, the newly formed Jio Financial Services owns a 6.1% stake in Reliance Industries and has already announced a partnership with BlackRock to establish an Indian asset management venture. Ambani emphasizes that the primary goal of Jio Financial Services is to provide simple, affordable, and innovative digital-first solutions.

Mukesh Ambani’s past track record demonstrates his ability to transform businesses successfully, steering Reliance Industries from a traditional focus on crude oil refining and petrochemicals businesses into a consumer services behemoth over the last decade.

With this upcoming listing and focus on Jio Financial Services, Ambani aims to continue driving the growth and expansion of Reliance Industries, further solidifying its position as a prominent player in the Indian market.


You May Also Like


In the past year, Peloton, manufacturers of stationary exercise bicycles and treadmills, has been experiencing some severe financial difficulties. The company went through a...


While the ongoing supply chain problems affecting the global economy have had the expected effects, they’ve also had some decidedly unexpected effects. Specifically, many...


As gas prices continue to rise and consumer confidence drops, not to mention the ongoing war in Ukraine, the European economy is taking a...


As the environmental need for electric vehicles becomes more pressing, and the car-buying public becomes more eager for them, automotive manufacturers are getting ready...


This morning, Coinbase CEO Brian Armstrong sent a mass email out to his company informing everyone that, as stock and crypto prices slip and...


Last week, a former cybersecurity expert for Twitter, Peiter “Mudge” Zatko, released a whistleblower report on the social platform. In his report, Zatko cited...


Zelle is a peer-to-peer payment app and service that can be used by individuals to send and receive money, in a similar vein to...


Earlier this week, following the third-term victory of Chinese President Xi Jinping, market shares in Hong Kong experienced a sudden, violent sell-off. Xi’s controversial...