Mukesh Ambani said that Reliance Industries had capitalised Jio Financial Services with a net worth of Rs 1,20,000 crore to create one of the world's highest capitalised financial service platforms on inception.
Mukesh Ambani led Reliance Industries, India’s most valuable company with a market cap of more than Rs 15.89 trillion, carved out Jio Financial Services and it got listed in August this year to cater the insurance segment with presence in life, health and general categories. Rivaling Bajaj Finance, it also plans to include auto and home loans. Reliance Industries announced a demerger of its financial service business, Jio Financial Services, last year. Mukesh Ambani's daughter Isha Ambani has been appointed as an independent director on the board of demerged financial services. Currently, the entity has a market cap of more than Rs 1.5 trillion and as per a latest report by Reuters, Jio Financial Services is in talks with merchant bankers for a maiden bond issue. The report suggests that the company may look to raise Rs 5000 crore to Rs 10,000 crore through issue and it may tap the market at the end of financial year.
As per Reuters, merchant bankers have disclosed that Jio Financial Services is in the process of getting its credit rating and other necessary approvals. Recently, the Reserve Bank of India (RBI) granted approval to Isha Mukesh Ambani, Anshuman Thakur and Hitesh Kumar Sethia as directors of the company.
During the AGM, Mukesh Ambani said that Reliance Industries had capitalised Jio Financial Services with a net worth of Rs 1,20,000 crore to create one of the world's highest capitalised financial service platforms on inception.
Jio Financial released its first earnings report recently and according to it the net profit of the company doubled quarter-on-quarter in Q3. Jio Financial, which was once a part of Reliance Industries, has recorded the consolidated net profit in the three months ended September 30 rose to Rs 668.18 crore compared to Rs 331.92 crore in the preceding quarter.
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