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Reliance to hive off and list financial services business

Indian conglomerate Reliance will spin off and list its financial services, a move that it said will allow the oil-to-telecom giant to enter and expand into financial services such as consumer and merchant lending business and also build fintech for “all Indians.” Reliance Industries, run by billionaire Mukesh Ambani, said in a statement that it will be incubating, acquiring and inking joint ventures in the new unit, which is called Jio Financial Services, to broaden its offerings to add insurance, payments, digital broking and asset management. “JFS will be a truly transformational, customer centric and digital-first financial services enterprise offering simple, affordable, innovative and intuitive financial services products to all Indians,” said Ambani in a statement late Friday.

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