Reliance Industries, the Indian conglomerate controlled by its billionaire chairman Mukesh Ambani, expects to soon list shares of its recently carved-out financial services business to boost growth.
“The new entity is expected to unlock value for shareholders and give them an opportunity to be a part of a new growth platform,” Mr Ambani said in the company’s annual report for the financial year that ended on March 31.
Last month, the company renamed Reliance Strategic Investments as Jio Financial Services (JFS).
“Jio Financial Services aims to provide simple, affordable and innovative digital-first solutions,” Mr Ambani said.
The company offers a range of financial services for consumers and merchants using technology.
The unit 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,” he said in his message to investors.
India is adopting digital finance at “an unprecedented pace” and the “growth opportunities presented by financial services are remarkable and provide a strong directional support to the economy”, Mr Ambani said.
Reliance is betting on the continued rise in digital payments sector in Asia's third-largest economy, amid robust growth of mobile phone usage in the country that has boosted demand for online payments and other services.
Mr Ambani is known for launching ventures and transforming companies. Over the past few years, he has managed to turn Reliance into consumer services conglomerate from its traditional crude oil refining and petrochemicals sector businesses.
Last month, JFS and New York-listed BlackRock, the world's biggest asset manager, agreed to form a Joint Venture to enter India’s asset management industry.
Jio BlackRock, a 50:50 joint venture combines the “respective strengths and trusted brands of BlackRock and JFS to deliver tech-enabled access to affordable, innovative investment solutions for millions of investors in India,” the companies said at the time.
JFS and BlackRock are targeting an initial investment of $150 million each in the joint venture, they said in a statement to the Bombay Stock Exchange, where shares of Reliance are traded.
Reliance will also continue to monitor financial markets for the right opportunity to raise capital to support growth plans of existing and new businesses while maintaining focus on financial discipline and risk management, according to the company's annual report.
Reliance expects global oil demand to remain healthy on steady economic growth, while new fuel supply from upcoming refining capacities in the Middle East, China and Africa will be likely to keep the market balanced, it said.
Demand for polymer, a key product from its oil-to-chemicals business, is expected to remain strong, driven mainly by growth in e-commerce, packaging, durables, automotive and infrastructure segments.
Strong demand is also likely to continue for pipe sectors backed by infrastructure projects, it added.
The company said it also achieved first green hydrogen production with the successful firing of “torrefied biomass in gasifiers”, during the financial year. Green hydrogen is produced using renewable energy.
Reliance reported a nearly 10.8 per cent annual drop in its first-quarter profit because of a sluggish performance of its petrochemicals and refining business. The company's fiscal year starts in April.
Net profit attributable to the owners of the company in the three months ending in June dropped to 160.1 billion rupees ($1.95 billion), Mumbai-based Reliance said on July 21.
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
Company%20profile
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Naga
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Scores:
Day 4
England 290 & 346
Sri Lanka 336 & 226-7 (target 301)
Sri Lanka require another 75 runs with three wickets remaining
More from Aya Iskandarani
Normcore explained
Something of a fashion anomaly, normcore is essentially a celebration of the unremarkable. The term was first popularised by an article in New York magazine in 2014 and has been dubbed “ugly”, “bland’ and "anti-style" by fashion writers. It’s hallmarks are comfort, a lack of pretentiousness and neutrality – it is a trend for those who would rather not stand out from the crowd. For the most part, the style is unisex, favouring loose silhouettes, thrift-shop threads, baseball caps and boyish trainers. It is important to note that normcore is not synonymous with cheapness or low quality; there are high-fashion brands, including Parisian label Vetements, that specialise in this style. Embraced by fashion-forward street-style stars around the globe, it’s uptake in the UAE has been relatively slow.
T20 World Cup Qualifier
October 18 – November 2
Opening fixtures
Friday, October 18
ICC Academy: 10am, Scotland v Singapore, 2.10pm, Netherlands v Kenya
Zayed Cricket Stadium: 2.10pm, Hong Kong v Ireland, 7.30pm, Oman v UAE
UAE squad
Ahmed Raza (captain), Rohan Mustafa, Ashfaq Ahmed, Rameez Shahzad, Darius D’Silva, Mohammed Usman, Mohammed Boota, Zawar Farid, Ghulam Shabber, Junaid Siddique, Sultan Ahmed, Imran Haider, Waheed Ahmed, Chirag Suri, Zahoor Khan
Players out: Mohammed Naveed, Shaiman Anwar, Qadeer Ahmed
Players in: Junaid Siddique, Darius D’Silva, Waheed Ahmed
Classification of skills
A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation.
A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.
The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000.
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
FINAL SCORES
Fujairah 130 for 8 in 20 overs
(Sandy Sandeep 29, Hamdan Tahir 26 no, Umair Ali 2-15)
Sharjah 131 for 8 in 19.3 overs
(Kashif Daud 51, Umair Ali 20, Rohan Mustafa 2-17, Sabir Rao 2-26)
Scoreline:
Everton 4
Richarlison 13'), Sigurdsson 28', Digne 56', Walcott 64'
Manchester United 0
Man of the match: Gylfi Sigurdsson (Everton)
The story in numbers
18
This is how many recognised sects Lebanon is home to, along with about four million citizens
450,000
More than this many Palestinian refugees are registered with UNRWA in Lebanon, with about 45 per cent of them living in the country’s 12 refugee camps
1.5 million
There are just under 1 million Syrian refugees registered with the UN, although the government puts the figure upwards of 1.5m
73
The percentage of stateless people in Lebanon, who are not of Palestinian origin, born to a Lebanese mother, according to a 2012-2013 study by human rights organisation Frontiers Ruwad Association
18,000
The number of marriages recorded between Lebanese women and foreigners between the years 1995 and 2008, according to a 2009 study backed by the UN Development Programme
77,400
The number of people believed to be affected by the current nationality law, according to the 2009 UN study
4,926
This is how many Lebanese-Palestinian households there were in Lebanon in 2016, according to a census by the Lebanese-Palestinian dialogue committee
Killing of Qassem Suleimani
Zayed Sustainability Prize
Yahya Al Ghassani's bio
Date of birth: April 18, 1998
Playing position: Winger
Clubs: 2015-2017 – Al Ahli Dubai; March-June 2018 – Paris FC; August – Al Wahda
German plea
Ukrainian President Volodymyr Zelenskyy told the German parliament that. Russia had erected a new wall across Europe.
"It's not a Berlin Wall -- it is a Wall in central Europe between freedom and bondage and this Wall is growing bigger with every bomb" dropped on Ukraine, Zelenskyy told MPs.
Mr Zelenskyy was applauded by MPs in the Bundestag as he addressed Chancellor Olaf Scholz directly.
"Dear Mr Scholz, tear down this Wall," he said, evoking US President Ronald Reagan's 1987 appeal to Soviet leader Mikhail Gorbachev at Berlin's Brandenburg Gate.
Empire of Enchantment: The Story of Indian Magic
John Zubrzycki, Hurst Publishers
Killing of Qassem Suleimani
The%20specs
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EMERGENCY PHONE NUMBERS
Estijaba – 8001717 – number to call to request coronavirus testing
Ministry of Health and Prevention – 80011111
Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre
Emirates airline – 600555555
Etihad Airways – 600555666
Ambulance – 998
Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries
