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JIO FINANCIAL VALUED AT $20 BN, HIGHER THAN EXPECTED
The Business Guardian
|July 21, 2023
Macquarie Research has even projected that JFS could attain an AAA rating, making it an entity that can borrow at attractive interest rates
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Reliance Industries, the oil-to-retail conglomerate controlled by billionaire Mukesh Ambani, has embarked on a strategic demerger to expand its foothold in the lucrative financial services sector. The demerger involves the separation of Jio Financial Services (JFS), the financial services unit of Reliance Industries, which has been valued at approximately $20 billion after its stock price was set at a surprisingly higher rate of 261.85 rupees on Thursday.
This move by Reliance is seen as a strategic step towards diversification, capitalizing on the potential of the financial services sector, especially since the company holds a non-bank financial company license. The demerger was first announced in October of the previous year, with Reliance Strategic Investments being rebranded as JFS.
This story is from the July 21, 2023 edition of The Business Guardian.
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