Mukesh Ambani's daughter Isha Ambani joined Jio Financial Services as a non-executive director.
Reliance Strategic Investments' $20 billion (approx- Rs 1,64,090 crore) demerger has been completed successfully, and on Wednesday Reliance Industries announced the name of its financial services division which will be Jio Financial Services (JFSL) effective from July 25.
"This is to inform that in terms of clause 20 of the Scheme sanctioned by the Hon’ble National Company Law Tribunal, Mumbai bench, vide its order dated June 28, 2023, and under the certificate of incorporation issued by the Registrar of Companies, Mumbai dated July 25, 2023, the name of the Company stands changed from Reliance Strategic Investments Limited to “Jio Financial Services Limited” effective July 25, 2023," RIL said in an exchange filing.
Earlier on Monday, RII sent Jio Financial Services (JFSL) a total of Rs. 15,500 crores in cash and liquid assets. JFSL now has a foundation of 20,700 crore liquid assets following the transfer.
"The process of demerger of the financial services business – Jio Financial Services Limited – is on track with key approvals in place. I firmly believe that Jio Financial Services is uniquely positioned to foster financial inclusion in India," RIL chairman Mukesh Ambani announced last week
To complement and expand upon the conventional credit bureau-based underwriting, JFSL intends to introduce a consumer and merchant lending company based on proprietary data analytics.
On July 8, RSIL's board of directors approved the appointment of Hitesh Kumar Sethia as its Managing Director and Chief Executive Officer for three years. Mukesh Ambani's daughter Isha Ambani has joined the financial services arm as a non-executive director.
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 "Mukesh Ambani (File Photo)")
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