Reliance Industries (RIL) is said to be looking to enter the insurance business through its financial services business, Jio Financial Services after a media report claims to have confirmed that the company has started “recruiting resources” towards the new foray.
What Happened? An ET Now report claims that sources close to Jio Financial Services have revealed that the company is set to “soon” approach the country’s statutory insurance regulator, the Insurance Regulatory and Development Authority (IRDAI), for a license.
The report has also revealed that the RIL arm has already hired a few ex-PSU resources and that a few big names from the ICICI Group are also expected to join the company.
Per ET’s sources, the company will venture into life, as well as general insurance sectors and a roadmap will be laid out in the forthcoming Annual General Meeting.
It is worth recalling that Jio Financial Services Limited (JFSL) was demerged by Reliance Industries back in October 2022.
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At the bourses, Reliance hasn’t gotten off to an ideal start to the week. RIL shares plunged to a 52-week low on Monday. That said, global analysts are quite settled on their bullish stance on the stock.
Price Action: Reliance Industries shares were trading 2.80% higher at ₹2,263.50 on Tuesday afternoon.
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