Jio Financial Services is positioned uniquely to capture the growth opportunities in financial services sector and play a crucial role in transforming the landscape of digital finance in India, said Reliance Industries’ Chairman and Managing Director Mukesh Ambani in his message to shareholders in the company’s 2022-2023 annual report.

As per the annual report 2022-23, the equity shares of Reliance Strategic Investments Limited (RSIL), which will be renamed as Jio Financial Services Limited, are expected to be listed soon.

“Jio Financial Services Limited along with its subsidiaries will leverage the technological capabilities of Reliance and digitally deliver financial services, democratising access to financial services offerings for Indian citizens,” Ambani said in his message to shareholders. Jio Financial Services aims to provide simple, affordable and innovative digital first solutions,” Ambani added.

Reliance announced in October 2022 that it would demerge and list its financial services business – Reliance Strategic Investments – which will be renamed Jio Financial Services (JFS).

In his message, Ambani emphasised that Jio Financial Services along with its subsidiaries will leverage the technological capabilities of Reliance and digitally deliver financial services, democratising access to financial services offerings for Indian citizens.

Further, Jio Financial Services aims to provide simple, affordable and innovative digital first solutions and is positioned uniquely to capture the growth opportunities in financial services sector and play a crucial role in transforming the landscape of digital finance in India, Ambani said.

The company will primarily operates in the NBFC market and credit market segment and has strategic plans to expand its operations into insurance, digital payment, and asset management verticals. As part of the demerger, Reliance shareholders would get one share of Jio Financial Services for holding one share of Reliance.

“As various financial services are governed by different regulatory frameworks, we believe, an independent financial services entity will allow us to access the opportunities available in the Indian market,” Ambani said in his message.

While veteran banker KV Kamath will be the non-executive chairman at Jio Financial Services, Isha Ambani has been appointed as a non-executive director on the board of JFS. Hitesh Sethia, a former ICICI executive, will take on the role of the new CEO and MD.

Also, Charanjit Singh Attra, who recently resigned as Chief Financial Officer of the State Bank of India (SBI), has taken up the position of Chief Operating Officer at Jio Financial Services. His LinkedIn profile now reflects this significant career move.

The oil-to-telecoms conglomerate’s net profit for the April-June quarter stood at Rs 16,011 crore compared to Rs 17,955 crore YoY. The company’s revenue stood at Rs 2.07 lakh crore vs Rs 2.19 lakh crore last year.

Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) for the quarter was at Rs 38,093 crore compared to Rs 37,997 crore last year. Whereas EBITDA margin was at 18.3 percent from 17.3 percent last year.

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