Reliance Industries Ltd.

Reliance Industries (RIL) is all set to go ahead with the demerger of its financial services business. The company has called a meeting of its creditors and shareholders on May 2, 2023 to consider and approve the proposed scheme of arrangement between Reliance Industries and Reliance Strategic Investments (RSIL).  If the demerger is approved, the name of the Reliance Strategic Investments will be changed to Jio Financial Services.

The demerger process will be done through a share-swap arrangement. This means that the shareholders of Reliance Industries will get one share of Jio Financial Services for every share held by them. In addition to this, industry veteran KV Kamath would be the non-executive chairman of the new 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.