Jio Financial Services is an Indian financial services company that was originally a subsidiary of Reliance Industries (RIL). It became an independent entity and was listed on the Indian stock exchanges in August 2023. The company provides financial services, including payment services and insurance broking.
History
Jio Financial Services was initially part of Reliance Industries' financial services businesses. It separated in a demerger to form a new firm, following which it was listed on the stock exchanges. Reliance Industries transferred Rs 15,500 crore of cash and liquid investments to Jio Financial Services as part of the demerger scheme. This gave Jio Financial Services a liquid asset base of Rs 20,700 crore.
The company was listed on the stock exchanges on August 21, 2023. However, it was removed from BSE and FTSE indices in September 2023. Life Insurance Corporation (LIC) picked up a 6.66% stake in the company. The company is also entering the Asset Management Company (AMC) business in partnership with BlackRock.
As of the end of the June quarter, the company had a liquid asset base of Rs 20,700 crore.