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Mukesh Ambani, Chairman of Reliance Industries, waves on the red carpet during the second day of the opening of Nita Mukesh Ambani Cultural Centre (NMACC) at Jio World Centre, in Mumbai, India, April 1, 2023. REUTERS/Niharika Kulkarni/File Photo
MUMBAI, July 20 (Reuters Breakingviews) – Mukesh Ambani’s capacity to disrupt India’s $2 trillion small loans market is fully priced in. The tycoon’s $230 billion Reliance Industries (RELI.NS) spun off its fledgling financial services unit on Thursday, and investors promptly bid up its value in a special trading session prior to its full listing, handing it a greater-than-expected market capitalisation of $20 billion.
At present, Jio Financial consists of little more than a 6% stake in its parent, which would have cost 173 rupees per share at Wednesday’s closing price, compared to the 262 rupees investors ascribed to the spun-off entity. It’s a big endorsement, considering the lending company starts with a tiny $244 million loan portfolio as of March 2022.
Ambani will have his task cut out to deliver on expectations, despite a reputation for upending industries from telecoms to retail. He’s up against consumer lending champion Bajaj Finance (BJFN.NS); it held loans worth $30 billion on its book at the end of March and over 7% of the country’s unsecured loan market. The $155 billion HDFC Bank (HDBK.NS), freshly merged with its mortgage financier parent, will chase the latter’s customers with renewed vigour. It’s too early to tell if credit to Jio is due. (By Shritama Bose)
(The author is a Reuters Breakingviews columnist. The opinions expressed are their own.)
(This story has been refiled to add dropped words)
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