Reliance shareholders nod to retail unit's $4 billion lease to Jio Financial

The shareholders of Reliance Industries on Friday gave its nod to a deal amounting to $4.3 billion between its retail arm Reliance Retail and its entity Jio Financial Services (JFS), as per a disclosure with stock exchanges on Friday. 

Jio Financial Services is planning to acquire equipment worth Rs 360 billion from Reliance Retail, as the financial services provider, which has created a flutter in the market, plans to enter the device leasing business.

With this deal,  Jio Leasing Services, which is Jio Financial Services' unit, will buy customer premises equipment, devices, and telecom equipment such as routers and cell phones.

The shareholders of the billionaire Mukesh Ambani-led company have separately also approved the reappointment of Yasir Othman Al Rumayyan, the chairman of Saudi Aramco, as an independent director for a second term of five consecutive years.

(With Reuters inputs)