Reliance gets ready to list financial services arm

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Reliance Industries Limited, the country’s most valuable company, is in focus due to two news items. The first is that RIL aims to list Jio Financial Services Ltd (JFSL) by October 2023. A meeting of the company’s shareholders and creditors is scheduled for May 2 to discuss the demerger of JFSL and listing it separately. The second news is that RIL is preparing to launch Campa nationwide in the next three weeks. Under this, Reliance Consumer Products Ltd, a subsidiary of RIL, has entered into an agreement with Sri Lankan cricketer Muttiah Muralitharan’s beverage company Ceylon Beverage International. Under the agreement, Ceylon Beverage International will manufacture packaging and cans for Campa soft drink. Ceylon Beverage is Sri Lanka’s largest can and filling company. Both companies will establish a manufacturing plant for Campa soft drink in India. As per the agreement, RCPL will also receive distribution rights for some of Ceylon’s products in India.

Sebi seeks six months more time for Adani probe

Markets regulator SEBI has requested an additional six months from the Supreme Court to complete the ongoing investigation into the Adani case. On April 29, SEBI filed an application with the Supreme Court seeking to extend the investigation period. In March, the Supreme Court directed SEBI to complete the investigation into the Adani case within two months and submit the investigation report to the Supreme Court. The Adani Group also responded to SEBI’s request to extend the investigation period. The Adani Group said that SEBI’s application for an extension of the investigation period did not provide any information about the group’s wrongdoing. In addition, a report claims that the Adani case investigation is progressing slowly, and SEBI will face challenges in gathering information from several foreign regulators, especially some foreign portfolio investors regarding ultimate beneficial ownership.

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