Reliance Industries Expects To List Shares Of Jio Financial Services Soon

Reliance Industries Ltd. asserted that it expects shares of its financial services business to be listed soon as the conglomerate seeks to propel its recently carved out unit into India's largest non-banking lender, leveraging the prowess of the digital and retail businesses, according to a Bloomberg report.

"The new entity is expected to unlock value for shareholders and give them an opportunity to be a part of a new growth platform," Reliance's billionaire chairman Mukesh Ambani in his message to shareholders in the annual report for the financial year that ended Mar. 31.

RIL is scheduled to hold its annual shareholders' meeting on August 28, 2023.

Ambani, following the legacy of his late father Dhirajlal Hirachand Ambani, has used the annual investors' gathering to announce big-bang projects and future growth plans. In the past, he has offered free shares and launched a new smartphone at effectively zero cost to users, added the Bloomberg report.

This year, analysts are keen to know more about the billionaire's strategy for his new unit Jio Financial Services Ltd., clean energy and digital businesses. Reliance Strategic Industries Ltd., which will be later renamed as Jio Financial, has been valued at about $20 billion after its shares were spun off last month through a special session conducted by exchanges to discover its trading value, Bloomberg reported.

The newly formed firm, which little revenue as of now but owns 6.1% stake in Reliance Industries, has already announced partnership with BlackRock to set up an Indian asset management venture. "Jio Financial Services aims to provide simple, affordable and innovative digital first solutions," according to Ambani, Asia's richest man.