Business & Economy

Reliance launches Consumer durables pilot project prior to Jio Financial Services.

Consumer durables pilot project has been launched by Reliance Industries Ltd., at the selected Reliance Digital outlets by the owner Mukesh Ambani and his elder son Akash Ambani, before the launch of full-fledged Jio Financial Services in the current year.

Once Mukesh Ambani stepped down from his position as director, his elder son Akash Ambani was appointed as the new chairman of Reliance Jio.

According to the reports, ‘Reliance Jio led by Akash Ambani is presently evaluating the project and is expected to launch the Jio Financial Services company by the end of the year’.

A report from Economic Times said, “the customers will get the option to purchase electronic gadgets and home appliances on the EMIs, under the pilot programme from the Digital outlets of Reliance.

Mukesh Ambani is challenging the existing financiers in the lending sectors like Bajaj Finance, HDFC Bank, Kotak Finance, and few others by launching the ‘Jio Financial Services’ pilot program.

A new financial agency was formed by Reliance Industries after the financial services business was demerged. Mukesh Ambani in the month of May obtained the approval from the creditors and the shareholders of the organization to demerge (RSIL) Reliance Strategic Investments Ltd from (RIL) Reliance Industries Ltd. Jio Financial Services will be the new name for Reliance Strategic Investments Ltd which will be listed on the Stock Exchange by October 2023.

Reliance Jio is now developing new plans to attract customers by providing exciting offers, which in turn will ultimately increase the value of Reliance Retails led by the business margins of Isha Ambani.

In October 2022, the approval was given by the Reliance Industries for the demerging of the Financial services.The non-executive chairman of the demerged organization will be Veteran Banker KV Kamath, a report said.

After the announcement of demerger, the experts said that Jio Financial Services Ltd (JFSL) will develop a competitive advantage in the retail lending sector of NBFCs and financial technology by using the countrywide omni-channel presence of consumer businesses in Reliance Industries.

Reliance Industries chairman and India’s richest person, Mukesh Ambani, is known for his risk taking attitude and changing market dynamics after entering into any new market sector.

The chairman of Reliance Jio Infocomm, Akash Ambani, the elder son of Mukesh Ambani has now decided to establish a Jio Financial Services with the consumer finance by providing exciting offers to all the users in the country.

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