A big news is coming out related to Jio Financial Services, the company of veteran Indian industrialist Mukesh Ambani. Jio Financial Services of Reliance Industries, India’s richest company with a market cap of more than Rs 15.89 trillion, is moving forward to work in a new direction. Jio was listed in August this year to cater to the insurance segment.
Reliance Industries plans to include auto and home loans in Jio Financial Services to compete with Bajaj Finance. Reliance Industries had last year announced the demerger of its financial services business, Jio Financial Services. Let us inform you that Mukesh Ambani’s daughter Isha Ambani has been appointed as an independent director on the board of the separated financial services. The market cap currently stands at over Rs 1.5 trillion. According to a Reuters report, Jio Financial Services is in talks with merchant bankers for the first bond issue. According to this report, the company is considering raising Rs 5000 crore to Rs 10,000 crore through the issue. There is a possibility that it may capture the market at the end of the financial year.
According to Reuters, merchant bankers have revealed that Jio Financial Services is in the process of getting its credit rating and other necessary approvals. Recently the Reserve Bank of India approved Isha Mukesh Ambani, Anshuman Thakur and Hitesh Kumar Sethia as directors of the company. During the Annual General Meeting of Reliance Industries, Mukesh Ambani said that Reliance Industries had initially capitalized Jio Financial Services with total assets of Rs 1,20,000 crore to create one of the most capitalized financial services platforms in the world. .
According to the data, Jio Financial has recently released its first earnings report. In this first quarter report of Jio Financial, the company’s net profit doubled quarter-on-quarter in the third quarter. Jio Financial, which was once part of Reliance Industries, has reported consolidated net profit for the three months ended September 30 that rose to Rs 668.18 crore compared to Rs 331.92 crore in the previous quarter.