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Confidence to divest and list financial services companies • londonbusinessblog.com

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Indian conglomerate Reliance will spun off and list its financial services, a move he said will allow the oil-to-telecom giant to enter and expand financial services such as lending to consumers and merchants as well as build fintech for “all Indians”.

Reliance Industries, run by billionaire Mukesh Ambani, said in a statement it will incubate, acquire and ink joint ventures in the new unit, to be called Jio Financial Services, to expand its offerings to include insurance, payments, digital brokerage and assets. . management.

It plans to offer loans based on proprietary data analytics to complement and complement traditional credit bureau underwriting. The company already provides some loans through its wholesalers to merchants and to consumers through its stores.

Reliance Industries, with consolidated revenues of more than $100 billion, operates the nation’s largest telecom network with more than 420 million subscribers and the nation’s largest retail chain with more than 16,000 stores.

A fintech executive, who asked for anonymity to speak about a neighboring company, said Reliance could hypothetically use its brand name to raise capital at one of the lowest costs in the country and then disburse loans and make good profits. to make. If so, the director said, Jio Financial Services could become a headache for companies like Tata Capital and Bajaj Finance.

“JFS will be a truly transformational, customer-centric and digital-first financial services company providing simple, affordable, innovative and intuitive financial services products to all Indians,” Ambani said in a statement late Friday.

“JFS will be a technology-led company, delivering financial products digitally by leveraging the nationwide omnichannel presence of Reliance’s consumer businesses. JFS is uniquely positioned to leverage multiple growth opportunities in financial services and bring millions of Indians into formal financial institutions.”

Each Reliance shareholder will receive one share of the new company for every share he held in the parent company, the company said. The company has not said how soon it will list Jio Financial.

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