NEW DELHI, Aug 6 (Reuters) – Reliance Industries Ltd hopes to soon list shares of its financial services unit, Reliance Jio Financial Services Ltd, to unlock value for shareholders, the company said in its annual report.
“Jio Financial Services Ltd is positioned uniquely to capture the growth opportunities in financial services sector and play a crucial role in transforming the landscape of digital finance in India,” Chairman Mukesh Ambani said in a message to shareholders.
A listing date for Jio Financial Services is widely expected to be announced at Reliance’s forthcoming annual general meeting.
Ambani said Jio Financial Services wants to provide simple, affordable and innovative digital first solutions.
“Jio Financial Services along with its subsidiaries will leverage the technological capabilities of Reliance and digitally deliver financial services, democratising access to financial services offerings for Indian citizens,” he said.
Last month Jio Financial Services and U.S.-based BlackRock Inc announced they would form a 50:50 joint venture to launch asset management services in India.
Reliance has offered its shareholder one share of Jio Financial Services for one share of Reliance.
Last month, Reliance demerged Jio Financial Services, which was valued at around $20 billion after its stock price was set at a much higher-than-expected 261.85 rupees ($3.19)
The demerger is seen as the oil-to-retail conglomerate’s way of expanding in the lucrative financial services sector, especially as it already has a non-bank financial company licence.
Reliance, which operates the world’s biggest refining complex in the western India, is the largest producer of grey hydrogen. The company aims to “progressively commence transition from grey to green hydrogen by 2025”, Reliance said in its annual report. (Reporting by Nidhi Verma; Editing by Giles Elgood)