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Reliance Eyes Foray Into Insurance Sector
Reliance Strategic Investments Limited is a wholly owned subsidiary of RIL.(File) After announcing the demerger of its financial services arm, billionaire Mukesh Ambani's Reliance Industries Ltd (RIL) is set to make another big move. According to a report in the Business Line, RIL is in the final stage of its application to the insurance regulator for life and general businesses. “While the process for demerger of the financial services business has not formally started yet, the plan is to keep all the licenses ready so that the company can be ready for operations from Day 1 of its operations,” the report quoted a source close to the development. As per the Insurance Regulatory and Development Authority, the minimum paid-up capital for life and general insurance businesses is ₹100 crores each. "Reliance Strategic Investments Limited (RSIL) and their respective shareholders and creditors in terms of which, RIL will demerge its financial services undertaking into RSIL (to be renamed Jio Financial Services Limited or JFSL)," the statement read. Jio Financial Services Ltd will acquire liquid assets to provide adequate regulatory capital for lending to consumers and merchants, as well as develop other financial services verticals including insurance, digital broking, payment and asset management during the next 3 years of business operations. Source: NDTV #Reliance
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