Hitesh Sethia who joined McLaren Strategic Ventures as the Head of Europe in in June 2022, was approached by Reliance Industries for the position of chief executive officer of Jio Financial Services Ltd., that is preparing for a listing in India, according to Bloomberg. Sethia is currently based in Germany and may move back to India for the new role.

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Sethia’s appointment comes as Mukesh Ambani seeks to list Jio Financial Services in India after spinning it off. It appointed K. V. 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,” said Mukesh Ambani in a statement last year while announcing the spinoff. It is “uniquely positioned” to capture opportunities and bring “millions of Indians into formal financial institutions.”

Prior to joining McLaren, Sethia worked with ICICI Bank as the head of transaction banking business.