Jio Financial Services Listing Date, Plans: BIG MESSAGE from Reliance Industries Chairman Mukesh Ambani
Reliance Industries Ltd. has announced its plans to list shares of its financial services business
Reliance Industries Ltd. has announced its plans to list shares of its financial services business, Jio Financial Services Ltd., in an effort to establish it as India's largest non banking lender. The move aims to leverage the conglomerate's digital and retail businesses to unlock value for shareholders and offer them opportunities for growth.
The newly formed firm, previously known as Reliance Strategic Industries Ltd., was valued at approximately $20 billion after its shares were spun off last month through a special trading session.
Despite having little revenue at present, the company holds a 6.1 per cent stake in Reliance Industries and has already partnered with BlackRock to establish an Indian asset management venture.
Jio Financial Services aims to provide innovative digital first solutions, as stated by Mukesh Ambani, the billionaire chairman of Reliance Industries and Asia's richest man.
During the upcoming annual shareholders' meeting on August 28, 2023, investors and analysts are eager to learn more about Ambani's strategies for Jio Financial Services, the conglomerate's clean energy initiatives, and its digital businesses.
Ambani has a history of announcing significant projects and growth plans during these gatherings, including offering free shares and launching cost effective smartphones in the past.