The Mukesh Ambani-led conglomerate is in talks with regulators to secure the necessary approvals for the market debut of Jio Financial Services, one of the people said, asking not to be identified as the information is private.
The parent company is holding a meeting of shareholders and creditors on May 2 to vote on the plan to spin off and list the unit, according to an exchange filing in March. Deliberations are ongoing and details of the listing could change, the people said. A Reliance representative declined to comment.
A listing would position Reliance to shore up its nascent financial services presence by leveraging its growing consumer operations, which include the country’s largest wireless operator and largest retailer. The group said in 2019 it would move toward a listing for the retail and telecommunications arms within five years, as it continues to expand beyond its oil refining roots. Reliance appointed K V Kamath as the non-executive chairman of Jio Financial in November. It has tapped Hitesh Sethia, of McLaren Strategic Ventures, as the CEO.