Reliance appoints Isha Ambani as non-executive director of this company which will compete with Paytm and others

Reliance heiress Isha Ambani Piramal has joined Jio Financial Services Ltd (JFSL) as a non-executive director. The move comes just ahead of the company’s demerger from its parent company Reliance Industries Limited (RIL). Isha heads the group’s Reliance Retail. He was instrumental in launching Jio in 2016 to deploying India’s largest telecom company.

A Yale graduate in psychology and South Asian studies, with an MBA degree from Stanford University, Isha Ambani looks like a second-generation industrialist. Under his leadership, Reliance Retail has been expanding in various sectors with some ambitious acquisitions in the pipeline. His presence in Jio Financial will strengthen the company’s prospects.

Billionaire Mukesh Ambani’s financial services unit – which is soon to be demerged – has recommended his daughter Isha Ambani as a non-executive director on the board

— Bloomberg Asia (@BloombergAsia) 10 July 2023

July 20 has been set as the date for the demerger of Jio Financial Services Ltd, which is currently the financial services arm of Reliance Strategic Investments Ltd, according to an exchange filing by RIL. Post demerger, the company will be recognized as Jio Financial Services Limited. The company will serve its clients with Samruddhi data analytics and other financial services including but not limited to digital broking, insurance, asset management etc.

#LeadStoryOnET , Mukesh Ambani-led RIL announces July 20 as record date for Jio Financial demerger

– Economic Times (@EconomicTimes) 8 July 2023

See also: ‘From diaper to red carpet’, Isha Ambani writes about juggling motherhood and work

Besides Isha Ambani, Hitesh Sethia has been appointed as the CEO and MD of Reliance Strategic Investments Ltd for a period of three years, according to an exchange filing. Another Reliance executive Anshuman Thakur has also been appointed as one of the non-executive directors. Former bureaucrat Rajeev Mehrishi has been appointed as the independent director of the company. The other independent directors appointed at RSIL are Bimal Manu Tannu, a renowned CA with a stint at PwC, and Indian Banks Association chief executive Sunil Mehta.

See also: Suhana Khan and Kareena Kapoor sign up as brand ambassadors for Isha Ambani’s omni-channel beauty retailer Tira

According to Jefferies, Jio Financial Services Ltd is believed to be the fifth largest company in India with a valuation between Rs 90,000 and Rs 150,000 crore. The company will compete directly with HDFC, Bajaj Finance, Paytm and others.

See also: Reliance Secrets: What is Mukesh Ambani’s next big move with heirs Akash, Anant and Isha Ambani?