Reliance Industries to broaden its financial services portfolio

REUTERS/Amit Dave

Plans are afoot at Reliance Industries Ltd ( RIL) to expand its financial services play, some details of which may be shared by chairman Mukesh Ambani at the company’s annual general meeting (AGM) on 15 July.

RIL will initially add non-banking services, including insurance broking and mutual fund products, on the Jio platform, which already caters to its telecom and e-commerce businesses, according to three people aware of the company’s plans. Jio’s anchor customer base of 387.5 million and Reliance Retail’s 11,784 stores, could provide a strong distribution channel for its financial products.

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