Reliance intends to debut the Jio Financial IPO

People with knowledge of the situation say that Reliance Industries intends to list its division for digital financial services as early as October.

One of the people said, requesting anonymity because the information is private, that the Mukesh Ambani-led conglomerate is in talks with regulators to gain the required permits for the market launch of Jio Financial Services.

According to a filing with the market in March, the parent company will vote on the proposal to spin off and list the unit during a meeting of shareholders and creditors on May 2.

By utilising its expanding consumer operations, which include the largest cellphone provider and largest retailer in the nation, Reliance would be in a position to strengthen its nascent financial services presence.