Jio Financial Services, a subsidiary of Indian conglomerate Reliance Industries, is planning to enter the device leasing market through a massive Rs 36,000 crore purchase from its own retail division. This new venture, spearheaded by Jio Leasing Services, will purchase telecom equipment and devices to be leased to customers of Reliance Jio Infocomm, the company's telecommunications arm. This strategic move will position Jio to compete with other tech giants like Hewlett Packard and Lenovo in the device rental market. Shareholders will have the chance to vote on this proposal until June 22, with the finalized deal expected to take place in 2025 and 2026.
Reliance Industries Ltd, led by Mukesh Ambani, announced its financial results for the quarter ending in December and reported a 10.9% year-on-year increase in consolidated profit after tax. Despite facing challenges like higher finance, depreciation, and tax costs, the oil-to-conglomerate witnessed a growth in profit during the quarter. The company's revenue also recorded a 3.2% growth, supported by its consumer businesses. Its telecom subsidiary, Jio Platforms, recorded an 11% YoY increase in gross revenue while its retail business, Reliance Retail Ventures Limited, saw a 22.8% YoY increase in revenue, driven by grocery, fashion, and consumer electronics businesses.