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 * Deals


JIO FINANCIAL PLANS $4.33 BLN DEAL WITH RELIANCE RETAIL

By Reuters
May 24, 202412:18 PM GMT+2Updated 4 days ago
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People stand next to a logo of Jio Financial Services ahead of its listing
ceremony at the Bombay Stock Exchange in Mumbai, India, August 21, 2023.
REUTERS/Francis Mascarenhas/File Photo Purchase Licensing RightsNew Tab, opens
new tab
BENGALURU, May 24 (Reuters) - Jio Financial Services (JFS) (JIOF.NS)New Tab,
opens new tab is seeking shareholder approval for its unit to acquire equipment
worth 360 billion rupees ($4.33 billion) from the retail arm of Reliance
Industries (RELI.NS)New Tab, opens new tab as the financial services provider
plans to enter the device leasing business, a postal ballot notice said.
Under the proposed deal, the JFS unit called Jio Leasing Services will buy
telecom equipment and devices that usually include routers and cell phones.
Advertisement · Scroll to continue

The JFS subsidiary will rent out the equipment it buys to customers of Reliance
Jio Infocomm - Reliance's telecommunications arm - the financial services
company further said.
Jio Financial, spun out of billionaire Mukesh Ambani-led Reliance Group last
year, had said in its earnings investor presentation that it will lease Jio
Infocomm's AirFiber wifi services, phones, and laptops among other products.
Advertisement · Scroll to continue

This company will compete in the device-rental market with the likes of Hewlett
Packard (HPE.N)New Tab, opens new tab and Lenovo (0992.HK)New Tab, opens new
tab.
Voting on proposed items in the notice ends on June 22. The deal is expected to
go through in the financial years 2025 and 2026.
($1 = 83.1284 Indian rupees)


Coming soon: Get the latest news and expert analysis about the state of the
global economy with Reuters Econ World. Sign up here.

Reporting by Varun Hebbalalu in Bengaluru; Editing by Nivedita Bhattacharjee

Our Standards: The Thomson Reuters Trust Principles.New Tab, opens new tab

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 * article with gallery
   
   
   WORLD SHARES HOLD FIRM, TRADERS AWAIT INFLATION PRINTS
   
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