Mukesh Ambani Would Invest in Renewable Energy And Financial Services
Mukesh Ambani, the owner of India’s largest retail and telecom businesses, is now directing his attention toward the financial services and new energy sectors.
Ambani stated his objectives to help Jio Financial Services Ltd. become India’s top non-banking lender in a recent annual report from Reliance Industries Ltd.
The newly demerged financial services unit aims to offer affordable and innovative financial solutions to the Indian population, utilizing the assets of the conglomerate’s digital and retail companies.
The unit, which “will leverage the technological capabilities of Reliance and digitally deliver financial services, democratizing access to financial services offering for Indian citizens”, is expected to be listed soon, he said.
“The demerger of the financial services business into JFS and planned listing on the stock exchanges promises to unlock value.”
Jio Financial Services Ltd. owns a 6.1% share in Reliance notwithstanding its current meager revenue. The company just recently disclosed ambitions to launch a mutual funds business in cooperation with BlackRock. Ambani’s strategy is based on a digital-first strategy that offers simple, inexpensive, and cutting-edge financial goods across the nation.
“Jio Financial Services aims to provide simple, affordable, and innovative digital-first solutions,” Ambani said. “Jio Financial Services Limited is positioned uniquely to capture the growth opportunities in the financial services sector and play a crucial role in transforming the landscape of digital finance in India.”
Reliance is actively funding ecologically friendly projects with a focus on sustainability. The company wants to develop global assets for green energy, green chemicals, and new-age materials and is working to become net carbon neutral by 2035. The development of a significant green energy complex and the target of 100 gigawatts of capacity are notable undertakings.
Ambani emphasized the significance of the switch from conventional fossil fuels to renewable energy sources, referring to it as a significant turning point in the history of Reliance. The business produced green hydrogen for the first time using torrefied biomass in gasifiers, and it intends to switch to green hydrogen by 2025 while gradually reducing its reliance on grey hydrogen.
“Reliance, as a company, has grown multifold by delivering value to the citizens, the country, and the global community. Our products are ingrained in the lives of the citizens and are an integral part of their daily routines. Our various businesses have always identified the needs of the society and worked towards devising and making available timely and affordable solutions,” Ambani said.
“The current needs of the society are sustainable solutions that can tackle climate change through affordable green energy and inclusive growth. Our initiatives in new energy businesses and our consumer businesses are aimed at meeting societal needs and aspirations,” he added.
Content Credit: REPUBLICWORLD.COM