RIL Update: Reliance will be divided! Paytm and banks will get tough competition, know what is Mukesh Ambani’s plan
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According to the net worth, this Jio Financial will be the fifth largest finance company in the country. Their net worth will be more than that of Kotak Mahindra Bank and Bajaj Finance. According to the market value, the total net worth of this NBFC can be around $ 10.84 million. The turnover of the financial services business of the company as on March 31, 2022 was Rs 1,387 crore. Reliance’s non-bank lending and financial services units are being included in this. Recently, a Bloomberg report claimed that Jio Financial Services could be listed on the stock market before Diwali this year.
Commanded KV Kamat
The company had called a meeting of shareholders and creditors on May 2 to approve its proposal. Reliance Payments Solutions, Jio Payments Bank, Reliance Retail Finance and Reliance Retail Insurance Broking will be included in the new company of Reliance. Experts say that this can give a tough challenge to banks, NBFCs and fintech companies. Banking sector veteran KV Kamat was made the non-executive chairman of the new entity. Hitesh Sethia, who was the top executive at McLaren Strategic Ventures, has been made the CEO of the company.
With the entry of Reliance in the financial sector, especially Paytm and Bajaj Finance can get a tough competition. In the last financial year, Reliance’s financial services business and RSIL had a revenue of Rs 1535.6 crore and a combined asset base of Rs 27,964 crore. Reliance told the stock markets in March that the NCLT had approved its plan. Announcing the separation of financial services, Mukesh Ambani had said last year that Jio Financial would be a technology-led business. Reliance’s consumer business has a pan-India presence and will leverage this to digitally deliver financial products.
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