Indian conglomerate Reliance will spin off and list its financial services, a move that it said will allow the oil-to-telecom giant to enter and expand into financial services such as consumer and merchant lending business.
Reliance, run by billionaire Mukesh Ambani, said in a statement that it will be incubating (read: acquire) new firms in the new unit, which is called Jio Financial Services, to broaden its offerings to add insurance, payments, digital broking and asset management.
“JFS will be a truly transformational, customer centric and digital-first financial services enterprise offering simple, affordable, innovative and intuitive financial services products to all Indians,” said Ambani in a statement late Friday.
“JFS will be a technology-led business, delivering financial products digitally by leveraging the nation-wide omni-channel presence of Reliance’s consumer businesses. JFS is uniquely positioned to capture multiple growth opportunities in financial services bringing millions of Indians into formal financial institutions.”
(More to follow)