Reliance Industries is planning to list its digital financial services unit as soon as October, according to people familiar with the matter.
The Mukesh Ambani-led group is in talks with regulators to get necessary approvals for Jio Financial Services’ market entry, said one of the people, asking not to be identified because the information is private.
According to an exchange filing in March, the parent company is holding a meeting of shareholders and creditors on May 2 to vote on plans to spin off and list the unit. Discussions are ongoing and details of the listing could change, the people said. A representative for Reliance declined to comment.
A listing would position Reliance to strengthen its nascent financial services presence by leveraging its growing consumer operations, which includes the country’s largest wireless operator and biggest retailer. The group said in 2019 it would move towards a listing within five years for retail and telecom arms, as it continues to expand beyond its oil refining roots. Reliance appointed KV Kamath as non-executive chairman of Jio Financial in November. It has appointed Hitesh Sethia of McLaren Strategic Ventures as CEO.
The Mukesh Ambani-led group is in talks with regulators to get necessary approvals for Jio Financial Services’ market entry, said one of the people, asking not to be identified because the information is private.
According to an exchange filing in March, the parent company is holding a meeting of shareholders and creditors on May 2 to vote on plans to spin off and list the unit. Discussions are ongoing and details of the listing could change, the people said. A representative for Reliance declined to comment.
A listing would position Reliance to strengthen its nascent financial services presence by leveraging its growing consumer operations, which includes the country’s largest wireless operator and biggest retailer. The group said in 2019 it would move towards a listing within five years for retail and telecom arms, as it continues to expand beyond its oil refining roots. Reliance appointed KV Kamath as non-executive chairman of Jio Financial in November. It has appointed Hitesh Sethia of McLaren Strategic Ventures as CEO.