Reliance Industries Ltd (RIL) Chairman and Managing Director Mukesh Ambani stated on Sunday that his Jio Financial Services wants to provide “simple, affordable, and innovative digital-first solutions” weeks after demerging the company’s financial services. Reliance demerged and rebranded its financial services company, Reliance Strategic Investments Ltd, Jio Financial Services Limited (JFSL), last month.
“Jio Financial Services aims to provide simple, affordable, and innovative digital-first solutions,” Ambani wrote in RIL’s Integrated Annual Report 2022-23, which was published on Sunday. He claims that digital money is being adopted at an unprecedented rate in India today, and that the digital revolution has reached every part of the country via Jan Dhan accounts, digital payments, smartphone use, and low-cost data. “The opportunities for growth presented by financial services are remarkable and provide strong returns.”
“Because different financial services are governed by different regulatory frameworks, we believe that an independent financial services entity will allow us to access the opportunities available in the Indian market,” Ambani explained, adding that Jio Financial Services and its subsidiaries will leverage Reliance’s technological capabilities to digitally deliver financial services, democratizing access to financial services offerings for Indian citizens.
Ambani further stated that Jio Financial Services strives to provide easy and cost-effective solutions. He further stated that JFSL is particularly positioned to capitalize on growth prospects in the financial services sector, as well as “play a critical role in transforming the landscape of digital finance in India.”
Jio Financial Services
JFS has been valued at over $20 billion after its stock price in its demerger from RIL was fixed at a considerably higher-than-expected Rs 261.85. The demerger, announced in October, is considered as Reliance’s strategy of expanding in the lucrative financial services sector, especially given that it already has a non-bank financial firm license.
JFS will be included in major Indian indices, including the benchmark Nifty 50, but it will not trade until it is listed, which Reliance is expected to do at its forthcoming Annual General Meeting (AGM).
RIL will have its 46th annual general meeting on August 28, 2023, later this month.