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The billionaire Mukesh Ambani has obtained the consent of the company's shareholders and creditors to demerge Reliance Strategic Investments Ltd (RSIL) from Reliance Industries (RIL), giving shape to his strategy to upend the multibillion-dollar financial services industry. 

RSIL will now be known as Jio Financial Services Limited (JFSL) as a result of the demerger, which was authorised by RIL shareholders and creditors at a meeting on Tuesday. Shareholders of RIL will receive one Jio Financial share for every share they currently own as part of the demerger programme.

Regulatory filings show that RIL has secured almost 100% of the votes in favour of the demerger scheme.