Reliance Industries Ltd., helmed by billionaire Mukesh Ambani, will hive off and list its financial services, as the retail-to-refining conglomerate looks to unlock value for its investors.
(Bloomberg) — Reliance Industries Ltd., helmed by billionaire Mukesh Ambani, will hive off and list its financial services, as the retail-to-refining conglomerate looks to unlock value for its investors.
The flagship will list Jio Financial Services and all Reliance shareholders will get one share of the new firm for every share held in Reliance Industries, according to an exchange filing late Friday after the parent reported its quarterly earnings.
Reliance Profit Beats as Jio, Retail Offset Refining Blues
Jio Financial plans to launch consumer and merchant lending business based on proprietary data analytics and will also incubate other verticals such as insurance, payments, digital broking and asset management, the filing said.
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