Mumbai: The Mumbai bench of the National Company Law Tribunal (NCLT) has approved the demerger of the financial services business of Reliance Industries, the Mukesh Ambani-led conglomerate said on Thursday.
“We wish to inform you that the National Company Law Tribunal, Mumbai Bench, vide its order dated 28 June (uploaded on the website of NCLT on 5 July), has sanctioned the Scheme,” it said in a regulatory filing.
The company added that it, along with Reliance Strategic Investments Ltd, will take necessary steps including fixing the record date for allotment and listing of equity shares of Reliance Strategic Investments.
In May, shareholders and creditors approved the spinoff of Reliance Strategic Investments Ltd, which will be renamed Jio Financial Services. Once demerged, Macquarie expects it to be the fifth-largest financial services company by networth. Last October, Ambani’s flagship announced the demerger of its financial services business. Mint reported on 26 June that Reliance Industries is testing a consumer durables financing programme under the Jio brand at select Reliance Digital outlets before a full-fledged launch of Jio Financial Services later this year. Billionaire Ambani’s RIL is seeking to challenge established financiers such as Bajaj Finance by launching Jio Financial Services.
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Updated: 06 Jul 2023, 11:19 PM IST
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