Jio Financial Services
Jio Finance
TypePublic
ISININE758E01017
FounderMukesh Ambani
HeadquartersMumbai, Maharashtra
Area served
India
Key people
K. V. Kamath, Rajiv Mehrishi

Jio Financial Services is an Indian financial services company that was originally a subsidiary of Reliance Industries (RIL). It became an independent entity and was listed on the Indian stock exchanges in August 2023.[1] The company provides financial services, including payment services and insurance broking.[2][3]

History

Jio Financial Services was initially part of Reliance Industries' financial services businesses. It separated in a demerger to form a new firm, following which it was listed on the stock exchanges.[1] Reliance Industries transferred Rs 15,500 crore of cash and liquid investments to Jio Financial Services as part of the demerger scheme.[4] This gave Jio Financial Services a liquid asset base of Rs 20,700 crore.[4]

The company was listed on the stock exchanges on August 21, 2023.[1] However, it was removed from BSE and FTSE indices in September 2023.[5][6][7] Life Insurance Corporation (LIC) picked up a 6.66% stake in the company.[8] The company is also entering the Asset Management Company (AMC) business in partnership with BlackRock.[9]

As of the end of the June quarter, the company had a liquid asset base of Rs 20,700 crore.[4]

References

  1. 1 2 3 Gohel, Ankit (August 18, 2023). "Jio Financial Services to be listed on stock exchanges on August 21". mint.
  2. ↑ "Banking & Financials: Jio Financial Services: Decoding the unknown". indiainfoline.com.
  3. ↑ "Jio Financial Services to provide simple, affordable solutions: Mukesh Ambani". Business Today. August 6, 2023.
  4. 1 2 3 "Reliance Industries shifts Rs 15,500 crore to Jio Financial Services". July 24, 2023.
  5. ↑ "Jio Financial Services to be removed from BSE Indices from September 1". Moneycontrol. August 31, 2023.
  6. ↑ "S&P BSE indices, including Sensex to drop Jio Financial Services". www.telegraphindia.com.
  7. ↑ Kashyap, Hemant (August 31, 2023). "Jio Financial Services To Be Removed From Sensex On September 1".
  8. ↑ "LIC Picks up 6.66% Stake in Jio Financial Services". The Wire.
  9. ↑ Narayanan, KS Badri (August 4, 2023). "Interesting times ahead for AMC business with the entry of Jio BlackRock". BusinessLine.
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