Ambani announced his intentions to propel the newly established Jio Financial Services Ltd. into becoming India’s leading non-banking lender.
Mukesh Ambani, the owner of the largest retail and telecom ventures in the country, has now turned his attention to the financial services and new energy sectors.
In a recent annual report from Reliance Industries Ltd., Ambani announced his intentions to propel the newly established Jio Financial Services Ltd. into becoming India’s leading non-banking lender.
Leveraging the strengths of the conglomerate’s digital and retail businesses, the demerged financial services unit aims to offer accessible and innovative financial solutions to the Indian population.
The unit, which “will leverage the technological capabilities of Reliance and digitally deliver financial services, democratising access to financial services offering for Indian citizens”, is expected to be listed soon, he said.
“The demerger of the financial services business into JFS and planned listing on the stock exchanges promises to unlock value.”
Ambani’s strategy
Despite its current minimal revenue, Jio Financial Services Ltd. holds a 6.1 per cent stake in Reliance. In collaboration with BlackRock, the firm recently announced plans to establish a mutual funds business. Ambani’s strategy centres around a digital-first approach, delivering straightforward, affordable, and innovative financial products to all corners of the country.
Mukesh Ambani’s business history is marked by transformative shifts, such as turning Reliance from an oil-centric company into a consumer-focused conglomerate with ventures in retail, e-commerce, and telecom. His innovative approach led to Reliance Retail becoming India’s largest retailer, while Reliance Jio boasts the status of the nation’s largest telecom provider, serving around 430 million subscribers.
“Jio Financial Services aims to provide simple, affordable and innovative digital-first solutions,” Ambani said. “Jio Financial Services Limited is positioned uniquely to capture the growth opportunities in the financial services sector and play a crucial role in transforming the landscape of digital finance in India.”
Sustainable development
With sustainability in mind, Reliance is actively investing in environmentally friendly initiatives. The company is working towards becoming net carbon neutral by 2035, aiming to create world-scale assets for green energy, green chemicals, and new-age materials. Notable projects include the construction of a significant green energy complex and a 100-gigawatt capacity goal.
Ambani emphasised the importance of the shift from traditional fossil fuels to renewable energy sources, calling it a crucial milestone in Reliance’s history. The company has achieved its first-ever production of green hydrogen using torrefied biomass in gasifiers and plans to transition to green hydrogen by 2025, gradually reducing reliance on grey hydrogen.
“Reliance, as a company, has grown multifold by delivering value to the citizens, the country and the global community. Our products are ingrained in the lives of the citizens and are an integral part of their daily routines. Our various businesses have always identified the needs of the society and worked towards devising and making available timely and affordable solutions,” Ambani said.
“The current needs of the society are sustainable solutions which can tackle climate change through affordable green energy and inclusive growth. Our initiatives in new energy businesses and our consumer businesses are aimed at meeting societal needs and aspirations,” he added.
Source: PTI
