Reliance will demerge and list its financial services business.
- On Friday, Reliance Industries (RIL) announced the demerger of its financial services business into Reliance Strategic Investments (RSIL), which will be called Jio Financial Services Limited (JFSL) and traded on public exchanges.
- The company’s board also authorised a scheme of arrangement to demerge RPPMSL’s EPC and infrastructure business into RIL.
- This demerger and RIL’s EPC team will build a group-focused EPC operation.
- RSIL is an RBI-registered non-deposit-taking systemically important (ND-SI) non-banking financial firm owned by RIL.
- The financial services business’s March 31, 2022 turnover was Rs 1,387 crore, 0.3% of RIL’s total.