During Mukesh Ambani’s Rs 17 trillion firm’s annual general meeting, India’s richest man revealed that Isha Ambani-led Jio Financial Services will shortly enter the insurance industry.
Reliance Industries, helmed by Mukesh Ambani, is apparently looking for a CEO for its newly listed subsidiary Jio Financial Services’ prospective insurance sector. During his Rs 17 trillion firm’s annual general meeting, India’s richest man revealed that Isha Ambani-led Jio Financial Services will soon enter the insurance industry, with presence in life, health, and general categories. Jio Financial Services, according to Mukesh Ambani, will revolutionize insurance in India. According to Bloomberg, Reliance Industries has begun conversations with global and domestic executive headhunters to locate a CEO for the forthcoming insurance sector.
According to the source, India’s most valuable corporation has contacted many firms in recent weeks in search of a new CEO. Korn Ferry and Spencer Stuart Inc were among the companies who met with Reliance executives.
During the AGM, Mukesh Ambani stated that Reliance Industries had capitalised Jio Financial Services with a net value of Rs 1,20,000 crore in order to construct one of the world’s most capitalised financial service platforms at the time of its inception.
Last year, Reliance Industries announced the demerger of its financial services division, Jio Financial Services. Isha Ambani, Mukesh Ambani’s daughter, has been appointed as an independent director to the board of demerged financial services. The firm currently has a market capitalization of more than Rs 1.5 trillion.