Jio Financial Services (JFS) is asking for shareholder approval to buy telecom equipment worth Rs 36,000 crore from Reliance Retail. This move marks JFS's entry into the device leasing business. The deal involves Jio Leasing Services purchasing routers and cell phones to rent out to Reliance Jio Infocomm customers. Voting on the proposal ends on June 22, with the deal expected to be finalized in the financial years 2025 and 2026.

According to a postal ballot notice, JFS intends for its unit, Jio Leasing Services, to acquire telecom equipment and devices, typically including routers and cell phones, from Reliance Retail, the retail arm of Reliance Industries. Although the exact products were not specified in the notice dated March 18, the equipment will be leased to Reliance Jio Infocomm customers.

This strategy will position Jio Leasing Services to compete with established companies like Hewlett Packard and Lenovo in the device rental market. The voting on the proposed items concludes on June 22, with the deal anticipated to be completed in the financial years 2025 and 2026.

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