RIL Shareholders Approve $4 Bn Lease For Jio Financial

Shareholders of India's Reliance Industries (RIL) have given the green light for a USD 4.3 billion deal involving its subsidiaries Reliance Retail and Jio Financial Services (JFS). The approval was confirmed in disclosures filed with stock exchanges on Friday.

The deal involves JFS acquiring equipment valued at Rs 360 billion from Reliance Retail. This move aligns with JFS's ambitions to venture into the device leasing business, a sector poised for growth. Through this transaction, JFS's unit, Jio Leasing Services, will procure a range of customer premises equipment, various devices, and essential telecom equipment such as routers and cell phones. 

This acquisition is expected to support JFS's capabilities and broaden its service offerings.

In a separate but noteworthy decision, shareholders also approved the re-appointment of Yasir Othman Al Rumayyan, the chairman of Saudi Aramco, as an independent director for a second term of five consecutive years. This endorsement underscores the continued confidence in Al Rumayyan's leadership and the strategic partnership between Reliance Industries and Saudi Aramco.