Reliance Industries to demerge and list financial services business

The board of  Reliance Industries on Friday approved a plan to demerge and list its financial services undertaking into Reliance Strategic Investment (RSIL) — to be renamed as Jio Financial Services (JFS).

Shareholders of RIL will receive one equity share of JFS of face value Rs 10 for one fully paid-up equity share of Rs 10 held in RIL.

“JFS will be a truly transformational, customer-centric, and digital-first financial services enterprise offering simple, affordable, innovative and intuitive financial services products to all Indians,” RIL Chairman and Managing Director Mukesh Ambani said.

“JFS will be a technology-led business, delivering financial products digitally by leveraging