Jio Financial shares jump 3% as Bank of America set to acquire 50% stake in Jio Credit for Rs 18,268 crore
Shares of Jio Financial Services gained over 3% to Rs 263 on the BSE on Thursday after the company announced that Bank of America will
Shares of Jio Financial Services gained over 3% to Rs 263 on the BSE on Thursday after the company announced that Bank of America will acquire a 49.9% stake in Jio Credit, a wholly owned non-bank lending arm of the company, in a Rs 18,268 crore joint venture deal.Under the transaction, the American banking major will initially acquire a 26.5% equity interest in Jio Credit through a preferential allotment of equity shares. Its stake could subsequently rise to 49.9% through the exercise of warrants, subject to regulatory and statutory approvals.Jio Credit, which began operations just two years ago, reported assets under management (AUM) of Rs 30,667 crore as of June 30, 2026. The digital-first NBFC offers a range of lending products and is looking to expand its presence across India's credit market.The proposed joint venture between Jio Financial Services and Bank of America will combine the former’s digital reach and knowledge of the Indian market with the later’s global financial services expertise, the companies said in a press release. “The investment will allow BofA to expand its participation in the rapidly growing Indian market, the world’s fastest growing major economy at double the global growth rate, while doing so with a partner that has local expertise and differentiated capabilities,” they added.Jio Financial’s recent joint venturesThis comes amid a surge in large foreign investments in India’s financial sector.
Some of the notable recent deals include Japan's MUFG investment in Shriram Finance, Dubai-based bank Emirates NBD's 60% stake purchase in RBL Bank and Sumitomo Mitsui Financial Group's investment in Yes Bank.Jio Financial, which debuted on stock markets in 2023 after a demerger from Reliance Industries, operates businesses such as digital lending, payments, insurance broking and asset management services.The company has recently ramped up forging joint ventures with global firms across a number of its business lines. It offers asset and wealth management services through its joint ventures with BlackRock. The company also entered a joint venture with Germany's Allianz to offer general and health insurance.Also read | Bank of America to acquire 49.9% in Jio Credit in potential Rs 18,268 crore dealWhat Mukesh Ambani saidSpeaking about the latest joint venture with Bank of America, RIL Chairman Mukesh Ambani said India’s progress toward becoming Viksit Bharat by 2047 demands a financial ecosystem built on scale, trust, and inclusivity. He noted that the democratization of responsible credit, characterised by lower costs for the customer, absolute transparency, and expanding access to capital as our economy grows, remains central to this journey."Jio Financial Services is committed to making finance more seamless and simpler for Indians than ever before, leveraging new technology and anchored in the highest standards of governance.
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