RIL demerger: Ambani gets shareholders, creditors nod to spin off Jio Financial into new entity

Mukesh Ambani has secured approval from shareholders and creditors to demerge Reliance Strategic Investments from Reliance Industries. The resulting standalone, Jio Financial Services, could be India’s fifth-largest financer by net worth, based on estimations by Centrum Broking. ICICI Bank’s former boss KV Kamath will act as its non-executive chairman. Centrum Broking suggested that Jio Financial shares may be listed in October. The idea is to unlock shareholder value and attract investors, strategic partners, lenders and other stakeholders with a specific interest in financial services.