Reliance on track to create Jio Financial Services, Ambani sees boost to inclusion

Mukesh Ambani,Reliance Industries

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Reliance Industries' Chairman and Managing Director Mukesh Ambani on July 21 said the process of the demerger of Jio Financial Services is on track with key approvals in place, and the company will foster financial inclusion in India.

“The process of demerger of the financial services business – Jio Financial Services Limited – is on track with key approvals in place,” Ambani was quoted as saying in RIL's results press release.

Ambani said Jio Financial Services is uniquely positioned to foster financial inclusion in India.

Jio Financial Services

Reliance announced in October 2022 that it would demerge and list its financial services business - Reliance Strategic Investments - which will be renamed Jio Financial Services (JFS).

The company primarily operates in the NBFC market and credit market segment. It has strategic plans to expand its operations into insurance, digital payment, and asset management verticals.

Reliance shareholders would get one share of Jio Financial Services for holding one share of Reliance.

Also read: RIL Q1 Results LIVE: Net profit lower YoY at Rs 16,011 cr, Retail revenue up 19%

Veteran banker KV Kamath will be the non-executive chairman. Isha Ambani has been appointed as a non-executive director on the board of JFS, while Hitesh Sethia, a former ICICI executive, will take on the role of the new CEO and MD. Charanjit Singh Attra, who recently resigned as Chief Financial Officer of the State Bank of India (SBI), has taken up the position of Chief Operating Officer at Jio Financial Services. His LinkedIn profile now reflects this significant career move.

These appointments are expected to strengthen the company's leadership team and drive its growth initiatives across various sectors.

RIL Q1 results

Meanwhile, the oil-to-telecoms conglomerate's net profit for the April-June quarter stood at Rs 16,011 crore compared to Rs 17,955 crore YoY. The company's revenue stood at Rs 2.07 lakh crore vs Rs 2.19 lakh crore last year.

Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) for the quarter was at Rs 38,093 crore compared to Rs 37,997 crore last year. Whereas EBITDA margin was at 18.3 percent from 17.3 percent last year.

Disclaimer: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.