Mumbai: Reliance Industries Limited’s Reliance Strategic Investments has rented more than 13,000 square feet of space in Bandra Kurla Complex.
Reliance Strategic Investments, which is in the financial services business, will soon move into 13,872sqft of built-up area at Maker Maxity (4 North Avenue) in BKC as it has picked up space from Trinity Digimarketing and Services.
Since the second half of July, the company has now been renamed Jio Financial Services Ltd.
Office space rented for 5 years
According to the agreement that comes into effect starting this July, the space has been rented for a duration of five years, shows a document accessed via PropStack. During the initial three years, the monthly rent will be Rs55.49 lakh, whereas for the subsequent two years the monthly outgo has been locked at Rs63.81 lakh. For now, the Mukesh Ambani-promoted group will pay Rs400 per square foot every month and Rs460 per square foot per month during the last two years of the agreement.
Seven car parks are allotted with the property. For the contract duration, a deposit of ₹83.23 lakh has been agreed upon.
Reliance's Growing Presence in BKC
BKC already has other assets and entities from the Ambani stable, namely, Jio World Drive, Jio Convention Centre, Jio World Centre, Jio Garden, etc.
Reliance Strategic Investments has been demerged with the parent company and rebranded as Jio Financial Services, ahead of the listing of the new stock. Under the new brand name, the company’s focus areas are to be lending business as well as other financial services verticals such as insurance, payments, digital broking, and asset management. Jio Financial Services also plans to launch a consumer and merchant lending business.
On July 20, during the special pre-open session held on the exchanges, Jio Financial Services in terms of valuation became the second largest non-banking financial company in India with market capitalisation of ₹1.66 lakh crore or about $20.3 billion.