Jio Financial Services, formerly called Reliance Strategic Investments, has taken on lease 13,872 square feet of space in Mumbai at a monthly rent of ₹55.5 lakh.
The office space is located on the first floor of Maker Maxity in Bandra Kurla Complex, the bustling business district in the financial capital and home to many leading banks as well as capital markets regulator Securities and Exchange Board of India and the National Stock Exchange.
The lease is for 60 months, and the effective rate works out to ₹400 per square feet a month, according to documents made available by data analytics platform Propstack.
Jio Financial Services currently has its offices at Maker Chambers IV, which is the seat of parent company Reliance Industries. The office premises taken on lease by the company will be its main office for now outside Maker Chambers, sources said. They said the company was in expansion mode and more office space will be taken in future.
After being demerged from its parent, Jio Financial is set to be listed though the listing date is yet to be set.
A special trading session of RIL was conducted last month for a price discovery of the financial services subsidiary and an indicative listing price of ₹261.80 was arrived at.
- Also read: Reliance and Jio Financial Services: How shareholders got a premium for holding same RIL shares indirectly
Mukesh Ambani has ambitious plans in financial services and has lost no time in setting things in motion, forming a joint venture with US-based asset manager BlackRock to enter the asset management sector in India.
In the FY23 annual report, Ambani had said that the company will be offering ‘affordable, digital-first’ financial solutions to Indians.