Jio Financial listing to green hydrogen boost - RIL annual report highlights expansion plans

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Reliance Industries Ltd. said 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.

Meanwhile, Reliance Industries seeks the appointment of Mukesh Ambani as chief executive for another 5 years at nil salary according to a company shareholder resolution. Mukesh Ambani in his message to shareholders in the annual report for the financial year that ended March 31 said,“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 Industries last week said it would hold its much-anticipated annual general meeting of shareholders on Aug.

28, where it is expected to give details on the listing of the recently spun-out Jio Financial Services (JFS). Last month, Reliance demerged JFS, which was valued at around $20 billion after its stock price was set at a much higher than expected 261.85 rupees ($3.19).

Jio Financial Services Limited (JFS) through its operating subsidiaries and joint ventures will offer a broad range of financial services solutions addressing the needs of both consumers and merchants. JFS will use technology as a key enabler to reach customers directly.

According to Bloomberg, 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