All eyes on Jio Financial Services in the upcoming Reliance Industries Limited AGM
Reliance Industries Limited will hold its annual general meeting (AGM) with the shareholders on August 28.
Investors will be glued to this 46th Reliance industries AGM as Chairman Mukesh Ambani usually makes key announcements related to growth and expansion plans in these meetings.
While major decisions are expected to unfold around new energy ambitions, succession plans, retail services and the telecom sector, the newly formed Jio Financial Services will be in focus as it was recently listed on the stock exchanges on August 21.
What to expect?
The meeting is expected to lay out a future plan for JFS that was demerged from RIL in July. Ambani is likely to share growth plans for the financial services business following its tie-up with the world’s largest asset manager, BlackRock, to take on India’s $540 billion mutual fund industry.
JFS is likely to enter the B2B credit business first to leverage its large wholesale business network and then consumer lending.
The aim is to lend to consumers and merchants based on proprietary data analytics, and then use it to branch out to insurance, payments, digital broking and asset management, according to Mukesh Ambani.
As various financial services are governed by different regulatory frameworks, we believe, an independent financial services entity will allow us to access the opportunities available in the Indian market, said Ambani in the annual report of RIL.
He also said JFS along with its subsidiaries will leverage the technological capabilities of Reliance and digitally deliver financial services, democratising access to financial services offerings for Indian citizens.
