Isha Ambani became director in Jio Financial Services, handed over big responsibility to former IAS officer
Reliance has demerged its financial unit. This unit of the company will be further listed under the name of Jio Financial Services. This company will be the fifth-largest financial company in the country on the basis of capital. The demerger of the company has become effective from July 1 and its record date has been fixed as July 20.
Billionaire businessman Mukesh Ambani's company Reliance Industries said on Saturday that Isha and former CAG Rajiv Mehrishi have been appointed directors of the company's financial unit.
It was earlier announced by Reliance that the company is separating its financial services and bringing it under the new Reliance Strategic Investment Limited, after which it will be listed in the market as Jio Financial Services Limited.
The board of directors of the new company met on 7 July. In this, Isha Ambani has been made a non-executive director and Reliance executive Anshuman Thakur has been made a non-executive director. Rajiv Mehrishi has been the CAG of the Home Secretary. He has been assigned this post for about five years. Along with this, Sunil Mehta, Chief Executive of the Indian Banks Association, and Bimal Manu Tanna, who was a CA with PwC, have been made independent directors.
In the future, the company will give loans to consumers and merchants on the basis of data analytics. After this, it will expand its business to insurance, digital broking, payments, and asset management. Reliance is trying to establish its foothold in the financial sector through this company.
According to the information given to the stock exchange, the demerger will be effective from July 1, 2023. July 20 has been fixed as the record date for the share allotment of the new company.
On the basis of capital, Jio Financial Services Limited will be the fifth largest company in the country. It will directly compete with Paytm and Bajaj Finance. The company will try to expand rapidly.
