Reliance Industries has received an approval from Shareholders and creditors for a plan to demerge the company's financial services arm, Reliance Strategic Ventures (RSIL). As many as 99.99 per cent of unsecured creditors voted in favour of the resolution, while 100 per cent of secured lenders were in favour of the plan.
One share of the demerged company with a value of Rs 10 each will be issued for every share held in Reliance. Post demerger, RSIL will be rechristened as Jio Financial Services (JFSL). Currently, RSIL is a wholly-owned subsidiary of Reliance and is an RBI-registered non-deposit-taking systemically important non-banking financial company.
Reliance Industries is India’s largest private sector company. The company’s activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and 4G digital services.
