Reliance to demerge RSIL, rename it to Jio Financial Services

Reliance Industries Limited's (RIL) shareholders and creditors have approved the demerger of Reliance Strategic Investments Limited (RSIL) from the parent firm. The new demerged entity will be named Jio Financial Services Limited (JFSL) and RIL shareholders will get one share of JFSL for every share they own. JFSL's non-executive Chairman will be former ICICI Bank Chairman KV Kamath.