Team Blitz India
MUMBAI: Reliance Industries (RIL) transferred Rs 15,500 crore of cash and liquid investments to Jio Financial Services (JFSL), the new firm formed following the demerger of Reliance Industries’ (RIL) financial services businesses. Following the transfer, JFSL has a liquid asset base of Rs 20,700 crore.
The cash and liquid investments were transferred from RIL’s consolidated balance sheet as part of the demerger scheme to JFSL.
RIL CFO Venkatachari Srikanth said in a media briefing, “So nowJFSL will have a total liquid asset base of Rs 20,700 crore including cash equivalents in RIL associate Reliance Services and Holdings (RSHL), which is now a part of JFSL,” he said, adding, RIL’s net-debt now reflects the demerger of JFSL.
Earlier on March 30, the Mukesh Ambani-ledRILhad initiated the process to demerge its financial services business into Reliance Strategic Investments (RSIL) and rechristen it as JFSL.