The conglomerate, controlled by billionaire Mukesh Ambani, is in talks with Indian regulators to secure the necessary approvals for the market debut of Jio Financial Services Ltd. in Mumbai, one of the people said, asking not to be identified as the information is private. The parent 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 Industries 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 India’s largest wireless operator and largest retailer. The group, led by Asia’s richest person, 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, a top executive from McLaren Strategic Ventures, as the unit’s chief executive officer, Bloomberg News reported last month.
Jio Financial “will be a technology-led business, delivering financial products digitally by leveraging the nationwide omni-channel presence of Reliance’s consumer businesses,” Ambani said in a statement last year while announcing the spinoff.
Each Reliance shareholder will receive one share of Jio Financial in the listing for every share they own.