MUMBAI — A slate of regulatory approvals have buoyed the ambitions of India’s Jio Financial Services, backed by Asia’s richest man, Mukesh Ambani, to disrupt the country’s financial services industry through joint ventures with big-name players in asset management and insurance.
On July 18, the company, in which Ambani and his proxies own a roughly 47% stake, announced a 50-50 joint venture with German reinsurance major Allianz to run general and life insurance businesses in India.
