Jio Financial is planning to enter device leasing business: For this the company will buy equipment and devices, sought approval from shareholders

Jio Financial Services has sought approval from shareholders to buy equipment worth ₹36,000 crore from Reliance Retail. According to news agency Reuters, the financial service provider company is planning to enter the device leasing business, for which it will buy equipment and devices. Under the proposed deal, the JFS unit named Jio Leasing Services will buy telecom equipment and devices, which generally include routers and mobile phones. However, the company has not clearly stated which products it will buy. The company will rent devices to customers Jio Leasing Services will rent the purchased devices to the customers of Reliance Jio Infocomm. In this way, Jio Leasing Services will compete with companies like Hewlett Packard and Lenovo in the market of device rental companies. According to the report, voting on the proposed deal will end on June 22 and the entire deal can be completed in the financial year 2025 and 2026. JFS shares were listed on 21 August Jio Financial Services Limited (JFS) was listed on 21 August. It was listed on the BSE at Rs 265 and on the NSE at Rs 262. At the end of the trading day on 19 July, shareholders who held shares of Reliance Industries received Jio Financial shares in the ratio of 1:1. For example, if an investor held 100 shares of RIL, he would be given 100 shares of JFS. The company was separated from RIL in July Reliance’s financial services business was separated from its parent company Reliance Industries Limited (RIL) in the month of July. After the demerger, the share price of Jio Financial was fixed at Rs 261.85 under the price discovery mechanism.

Leave a Comment

Your email address will not be published. Required fields are marked *

Scroll to Top