Reliance’s shareholders approve $4.3 billion equipment deal with Jio Financial Services

The shareholders of Reliance Industries have given approval to a transaction worth $4.3 billion between its subsidiaries Reliance Retail and Jio Financial Services (JFS).

 As per a disclosure made to stock exchanges, JFS, through its unit Jio Leasing Services (JLS), plans to purchase equipment valued at Rs. 360 billion from Reliance Retail. This strategic move will see JLS acquire customer premises equipment, devices, and telecom equipment, including routers and cell phones, as JFS aims to venture into the device leasing business.