 | |
| Formerly | Reliance Strategic Investments Private Limited (1999–2002) Reliance Strategic Investments Limited (2002–2023) |
|---|---|
| Company type | Public |
| |
| ISIN | INE758E01017 |
| Founded | 22 July 1999; 26 years ago (1999-07-22) |
| Founder | Mukesh Ambani |
| Headquarters | Mumbai,Maharashtra |
Area served | India |
Key people | |
| Owners | Ambani family (47.12%)[1] |
| Subsidiaries | Jio Finance Jio Insurance Broking Jio Payment Solutions Jio Leasing Services[2] Jio Payments Bank (77%) |
| Website | www |
Jio Financial Services Ltd (JFSL) is an Indianfinancial services company, based inMumbai. Originally a subsidiary ofReliance Industries (RIL), it wasdemerged as an independent entity and listed on theIndian stock exchanges in August 2023.[3] The company provides financial services, including payment services and insurance broking.[4][5] Its subsidiary Jio Finance holds anNBFC license from theRBI. Another subsidiary,Jio Payments Bank, is also apayments bank registered in India.
Jio Financial Services was initially a financial services subsidiary ofReliance Industries. In July 2023, it was spun-off via ademerger,[3] with shareholders of Reliance Industries receiving one equity share of Jio Financial Services for every share they held in Reliance.[6] Reliance Industries transferred₹15,500 crore (US$1.8 billion) 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₹20,700 crore (US$2.4 billion).[7]
JFSL was listed on the stock exchanges on 21 August 2023. Following the demerger and listing, JFSL was briefly a part ofNifty 50,BSE SENSEX and FTSE indices, but was removed from these indices over the following weeks as it did not meet their inclusion criteria.[8][9][10]
In July 2023, JFSL entered the asset management company (AMC) business, by forming a 50:50 joint venture withBlackRock called Jio BlackRock.[11] In April 2024, JFSL and BlackRock announced a partnership in wealth management and broking business.[12]
In May 2024, JFSL launched JioFinance, an app with digital payments, loans and insurance offerings.[13]
In 2024, Jio Financial Services established a subsidiary called Jio Leasing Services Ltd, an unrelated leasing services business.[14] The subsidiary signed a $4.4 billion deal with another promoter-owned company,Reliance Retail for leasing routers.[15]