After retail and telecom, Ambani casts eye on financial services, new energy business
India's largest retailers and telecom operator in the shortest span of time, billionaire Mukesh Ambani has now set his sight on propelling newly-carved financial services business unit into country's largest non-banking lender while transitioning the conglomerate to net carbon zero by 2035. The recently demerged Jio Financial Services Ltd will leverage the prowess of digital and retail businesses, Ambani said in the latest annual report of Reliance Industries Ltd.
The unit, which «will leverage the technological capabilities of Reliance and digitally deliver financial services, democratising access to financial services offering for Indian citizens», is expected to be listed soon, he said. «The demerger of the financial services business into JFS and planned listing on the stock exchanges promises to unlock value.» JFS's digital-first approach will help deliver distinctively simple, affordable, innovative and intuitive financial services products to all Indians, the annual report said without saying when the recently demerged firm would be listed.
A guidance may be provided in the annual shareholders' meeting of Reliance on August 28. The new firm, which has little revenue as of now but owns 6.1 per cent stake in Reliance, last month announced partnership with BlackRock to set up a mutual funds business.
«Jio Financial Services aims to provide simple, affordable and innovative digital first solutions,» Ambani said. «Jio Financial Services Limited is positioned uniquely to capture the growth opportunities in the financial services sector and play a crucial role in transforming the landscape of digital finance in India.» Ambani has a track record of transforming businesses.
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