Reliance Industries said it expects shares of its financial services business to be listed soon. As conglomerate seeks to propel its recently carved out unit into India’s largest non-banking lender. By leveraging the prowess of the digital and retail businesses. Reliance to list Jio Financial Services.
“The new entity is expected to unlock value for shareholders. Moreover give them an opportunity to be a part of a new growth platform.” says Mukesh Ambani in his message to shareholders in the annual report for FY23.
Reliance will hold its annual shareholders’ meeting on Aug. 28.
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.
While his year, analysts are keen to know more about the billionaire’s strategy for his new unit Jio Financial Services Ltd. Also clean energy and digital businesses. Reliance Strategic Industries has been valued at about $20 billion. Although its shares were spun off last month through a special session conducted by exchanges to discover its trading value.
The newly formed firm, which 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.