Mukesh Ambani, Akash Ambani enter into new business, giving competition to HDFC Bank, Bajaj

India’s richest person and Reliance Industries chairman Mukesh Ambani is known for taking big risks and changing the market dynamics after entering a new sector. Mukesh Ambani’s elder son Akash Ambani, who is the chairman of Reliance Jio Infocomm, has now decided to enter into consumer finance with Jio Financial Services.  

According to reports, the pilot project is currently being tested at some selected outlets of Reliance Digital.

Akash Ambani was appointed the new chairman of Reliance Jio board after Mukesh Ambani stepped down as the director.

The Economic Times Hindi report that Reliance Jio is currently testing the project and it is expected that the company would launch Jio Financial Services later this year.

Under the pilot project launched by Reliance Jio, the customers will get the option to buy products on EMIs. The launch of Jio Financial Services will pose a direct competition to established players like Bajaj Finserv, HDFC Bank and others.

According to report, Jio’s plan is to offer several exciting offers in order to attract customers, which will ultimately help in increasing the Reliance Retail business margins. It is to be noted that Mukesh Ambani’s daughter Isha Ambani is leading Reliance Retail.

Experts are of the view that the entry of Reliance Jio in non-bank financing industry would be disruptive as Mukesh Ambani’s decision to enter the telecom and streaming services has completely changed the dynamics of these sectors.