RIL shareholders approve $4B deal between Reliance Retail, Jio Financial
What's the story
Shareholders of Reliance Industries have approved a deal between its subsidiaries, Reliance Retail and Jio Financial Services (JFS), valued at $4.3 billion. The agreement, confirmed in a stock exchange disclosure on Friday, involves JFS's plan to acquire equipment worth ₹36,000 crore from Reliance Retail. The acquisition of equipment by JFS will be executed through its unit, Jio Leasing Services.
Information
JFS to expand into device leasing business
JFS's unit is set to purchase customer premises equipment, devices, and telecom equipment such as routers and cell phones from Reliance Retail. This strategic move signifies JFS's expansion into the device leasing sector.
Reappointment
Al Rumayyan gets second term as independent director at RIL
In addition to the deal approval, Reliance Industries's shareholders also endorsed the reappointment of Yasir Othman Al Rumayyan for a second term. Al Rumayyan, currently serving as the chairman of Saudi Aramco, will continue his role as an independent director in the Mukesh Ambani-led company for another five consecutive years. This decision was made alongside the $4.3 billion deal between Reliance Retail and JFS.