.svg)
Jio Financial Services
| Jio Finance | |
| Traded as | |
| ISIN | INE758E01017 |
| Founder(s) | Mukesh Ambani |
| Headquarters | Mumbai, 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 exchange in August 2023.[1] The company provides financial services, including payment services and insurance broking.[2][3]
History[edit]
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[edit]
- ↑ 1.0 1.1 1.2 Gohel, Ankit (August 18, 2023). "Jio Financial Services to be listed on stock exchanges on August 21". mint.
- ↑ "Banking & Financials: Jio Financial Services: Decoding the unknown". indiainfoline.com.
- ↑ "Jio Financial Services to provide simple, affordable solutions: Mukesh Ambani". Business Today. August 6, 2023.
- ↑ 4.0 4.1 4.2 "Reliance Industries shifts Rs 15,500 crore to Jio Financial Services". July 24, 2023.
- ↑ "Jio Financial Services to be removed from BSE Indices from September 1". Moneycontrol. August 31, 2023.
- ↑ "S&P BSE indices, including Sensex to drop Jio Financial Services". www.telegraphindia.com.
- ↑ Kashyap, Hemant (August 31, 2023). "Jio Financial Services To Be Removed From Sensex On September 1".
- ↑ "LIC Picks up 6.66% Stake in Jio Financial Services". The Wire.
- ↑ Narayanan, KS Badri (August 4, 2023). "Interesting times ahead for AMC business with the entry of Jio BlackRock". BusinessLine.