Reliance AGM 2023: Net worth of Jio Financial Services Rs 1.2 lakh crore, will also enter insurance sector
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Reliance AGM 2023Mukesh Ambani was expected to announce the investor IPO before Reliance’s AGM. However, the chairman of the company did not make any announcement in this regard. Mukesh Ambani told during the AGM that Jio Financial Services (Jio Financial Services) is capitalized with a net worth of Rs 1.2 lakh crore. He claimed that it is one of the most capitalized start-up financial services platforms in the world. Mukesh Ambani at the company’s annual general meetingMukesh Ambani) said that ZFS will strengthen its payments infrastructure with a ubiquitous offering for both consumers and merchants, thereby promoting digital payments in India. He added that ZFS products will not only compete with existing companies in the industry, but also use features such as a ‘blockchain-based platform’ and CBDC.
Company will work in 50-50 partnership with Blackrock
Mukesh Ambani informed that JFS will also enter the insurance sector to offer simple, ‘smart’, general health insurance. He said that like Jio and Retail, JFS will also provide best services to the customers. He said that this is a very capital-intensive business. Reliance has initially capitalized ZFS with a total net worth of Rs 1,20,000 crore to make it one of the world’s most capitalized financial services platforms. Mukesh Ambani said that Jio Financial Services Limited (JFSL) and Blackrock have formed a joint company with 50-50 percent market share. Both the companies will invest $150 million each in it. Financial services will be provided to 142 crore Indians.
What is Jio Financial Services
Reliance Industries has demerged Jio Financial Services. Reliance has divested its financial services venture into Reliance Strategic Investments Limited. After this its name has been changed to Jio Financial Services Limited. The company has also completed the process of including it in other indices including NSE. In such a situation, it is considered a windfall gain for investors to invest in it. The free policy is being used by the company once again in the market. In fact, the company will give one share of the new firm free of cost to each shareholder of Reliance on one share of the parent company. In such a situation, people in the market are eagerly waiting to buy the shares of the company. Let us tell you that right now Jio Financial Services Limited will give loans to the consumers on the basis of their analysis after assessing their assets. Later, the company plans to foray into insurance, payments, digital broking and asset management.
Company will also invest in AI
Reliance Industries Limited (RIL) Chairman Mukesh Ambani on Monday said that Jio Platforms wants to lead the development efforts of India-specific artificial intelligence (AI) models and AI-powered solutions in various sectors to improve the lives of the country’s citizens, businesses and government. Take advantage of this new age technology. Addressing the annual general meeting of shareholders of RIL, Ambani said that Jio Platforms promises ‘AI for everyone, everywhere’. Describing artificial intelligence as the most exciting front of Jio’s development, he outlined ambitious plans related to it.
India should use AI
Mukesh Ambani spoke of the company’s commitment to set up up to 2,000 MW of AI-enabled computing capacity, both in the cloud and at the edge, while referring to sustainable practices and moving towards a greener future. He said that globally AI revolution is reshaping the whole world and its intelligent use will work to redefine and revolutionize industries, economies and even everyday life. Ambani said that to remain globally competitive, India must use AI for innovation, growth and national prosperity. He said that this is my promise to my countrymen. Seven years ago, Jio promised to provide broadband connectivity to everyone, everywhere. We have fulfilled this promise. Today Jio promises AI to everyone, everywhere and we will deliver. Within the Reliance Group as well, talent and capabilities are being ramped up to rapidly absorb the latest global innovations in AI, especially recent advances in Generative AI.
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