Hitesh Sethia likely to join Jio Financial Services

McLaren Strategic Ventures' top executive Hitesh Sethia is joining billionaire Mukesh Ambani's group to lead its financial services business, according to sources.

Sethia could not be reached for comments, while an e-mail sent to Reliance did not elicit a response.

Sources, however, said that Sethia is likely to be joining Jio Financial Services, but did not divulge his exact designation.

As per his LinkedIn profile, Sethia is currently Head of Europe - McLaren Strategic Ventures.

In October last year, Reliance Industries had said it will demerge its financial services arm and list it on the stock exchanges.

On October 21, it said, ''The board of directors of Reliance Industries Ltd (RIL), at its meeting held today, approved a scheme of arrangement amongst RIL, Reliance Strategic Investments Limited (RSIL) and their respective shareholders and creditors in terms of which, RIL will demerge its financial services undertaking into RSIL (to be renamed Jio Financial Services Limited or JFSL).'' Commenting on the demerger last year, Mukesh Ambani, Chairman and Managing Director of RIL, had said: ''JFS will be a truly transformational, customer-centric and digital-first financial services enterprise offering simple, affordable, innovative and intuitive financial services products to all Indians.''

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