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Reliance Industries Ltd has tapped a top executive from McLaren Strategic Ventures as CEO for its newly-created financial services unit that is preparing for a listing in India, according to people familiar with the matter.
Hitesh Sethia is due to join Jio Financial Services Ltd as its CEO and managing director, said the people, who asked not to be identified as the information is private. Sethia joined McLaren as its head of Europe in June last year and has been based in Frankfurt, according to his LinkedIn profile. He will move back to India to take up the new position at Reliance, the people said.
A representative for Reliance declined to comment, while Sethia didn’t immediately respond to a request for comment.
Sethia’s appointment comes as billionaire Mukesh Ambani seeks to list Jio Financial Services in India after spinning it off. It appointed KV Kamath as non-executive chairman in November and has yet to provide a timeline for the initial public offering.
Jio Financial “will be a technology-led business, delivering financial products digitally by leveraging the nationwide omni-channel presence of Reliance’s consumer businesses,†Ambani said.