Mukesh Ambani led Reliance Industries is reportedly looking for a CEO for the proposed insurance business of its newly listed subsidiary Jio Financial Services.
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During the annual general meeting of his Rs 17 trillion firm, India’s richest man revealed that Isha Ambani led Jio Financial Services will soon enter the insurance segment with presence in life, health and general categories.
Mukesh Ambani said that Jio Financial Services will revolutionise insurance in India. Now heading towards that path, Reliance Industries has started discussions with global and domestic executive headhunters to find a CEO of the upcoming insurance business, a report by Bloomberg reveals.
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As per the report, India’s most valuable company has reached out to several firms in recent weeks in search of a new chief executive. Korn Ferry and Spencer Stuart Inc were among the firms that had a discussion with Reliance representatives.
During the AGM, Mukesh Ambani said that Reliance Industries had capitalised Jio Financial Services with a net worth of Rs 1,20,000 crore to create one of the world’s highest capitalised financial service platforms on inception.
Reliance Industries announced a demerger of its financial service business, Jio Financial Services, last year. Mukesh Ambani’s daughter Isha Ambani has been appointed as an independent director on the board of demerged financial services.
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Currently, the entity has a market cap of more than Rs 1.5 trillion.
