Mukesh Ambani, chairman and managing director of Reliance Industries. (Photo: Sajeet Manghat/BQ Prime)
Reliance Industries Ltd. received approval from the National Company Law Tribunal, Mumbai, for the demerger of the financial services business to create Jio Financial Services Ltd.—the third consumer-facing subsidiary of the billionaire Mukesh Ambani-controlled group after retail and telecom.The shareholding of Jio Financial Services will mirror that of RIL, with each shareholder getting one share for every one held in the parent. Th...