Reliance Industries Secures NCLT Approval for Financial Services Demerger and Listing

7 Jul 2023 , 11:03 AM

Reliance Industries Ltd has received approval from the National Company Law Tribunal (NCLT) for the demerger of its financial services undertaking. 

The NCLT, Mumbai Bench, sanctioned the scheme on June 28, 2023. The demerger involves transferring the financial services undertaking to Reliance Strategic Investments Limited (RSIL) and renaming and listing it as Jio Financial Services Limited (JFSL).

Reliance Industries expressed satisfaction with the NCLT’s decision and stated that necessary steps will be taken for the demerger. Reliance Industries did not provide specific timelines for the demerger.

The company and Reliance Strategic Investments Limited will fix the record date for the allotment and listing of equity shares of Reliance Strategic Investments Limited. The demerger and subsequent listing aim to streamline operations and unlock the potential of the financial services division.

Reliance Industries is focused on expanding its presence in the financial sector. The conglomerate has been diversifying its business portfolio, particularly in telecommunications, e-commerce, and digital services.

Investors and industry experts eagerly await further updates on the demerger process, including the announcement of the record date for equity share allotment and listing.

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