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

Shareholders of India's Reliance Industries approved a deal worth $4.3 billion between its units Reliance Retail and Jio Financial Services (JFS), according to a disclosure with stock exchanges on Friday.

JFS plans to acquire equipment worth 360 billion rupees from Reliance Retail, as the financial services provider plans to enter the device leasing business.

Through the deal, JFS' unit - Jio Leasing Services - will buy customer premises equipment, devices and telecom equipment such as routers and cell phones.


Separately, shareholders of the billionaire Mukesh Ambani-led company 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.