Jio Financial Services has entered into a joint venture agreement with Bank of America Corporation, securing an investment of up to ₹18,268.22 crore (~$1.9 billion) in its lending subsidiary, Jio Credit Limited (JCL). The Board of Directors approved the deal on August 12, 2026, marking a strategic expansion for the digital-first lender as it combines local market reach with global financial expertise.

The investment structure comprises two components subject to statutory and regulatory approvals:

• Subscription to up to 4,29,29,760 equity shares of face value ₹10 each, representing 26.50% of JCL's post-issue paid-up equity capital, for a consideration of up to ₹6,612.9 crore.
• Issuance of up to 7,56,64,248 warrants for a consideration of up to ₹11,655.3 crore. Each warrant is convertible into one fully paid-up equity share within 18 months. Twenty-five percent of the warrant consideration is payable at subscription, with the balance due at conversion.

Upon full conversion of the warrants, Bank of America's subsidiary, NB Holdings Corporation, will hold 49.90% of JCL's paid-up equity share capital. The remaining equity will be retained by Jio Financial Services.

Strategic rationale and governance

The partnership aims to leverage Jio Financial Services' digital infrastructure and customer base alongside Bank of America's risk management and governance frameworks. JCL, which reported assets under management (AUM) of ₹30,667 crore (~$3.2 billion) as of June 30, 2026, has grown significantly within two years of operation. The capital infusion supports further loan growth and product expansion across retail and commercial segments.

Governance structures will feature equal representation from both parties on JCL's Board of Directors. The existing management team will continue to drive strategy and operations, and JCL will remain consolidated within Jio Financial Services' financial reporting. The transaction is not classified as a related-party deal, with no interest disclosed from promoters or group companies.

Deal structure at a glance

The following table summarises the key parameters of the investment:

What the numbers show

The deal structure reveals a significant reliance on future capital deployment through warrants. Of the total potential investment of ₹18,268.22 crore, approximately ₹11,655.3 crore is tied to warrants rather than immediate equity. This implies that nearly two-thirds of Bank of America's committed capital will only convert into permanent equity after the 18-month window, contingent on performance metrics or strategic milestones likely embedded in the shareholders' agreement. This structure allows the bank to scale its exposure gradually while providing JCL with immediate liquidity through the initial equity tranche of ₹6,612.9 crore.

jio financial services executives will participate in Motilal Oswal’s 22nd Annual Global Investor Conference on August 17, 2026, providing investors with an opportunity to engage directly with management. The event, organized by third-party research firm Motilal Oswal, will take place in Mumbai in an in-person format, facilitating both one-on-one and group interactions between company leadership and institutional investors.

The disclosure was made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, ensuring transparency regarding external engagements by listed entities. Jio Financial Services Limited submitted the notice to both the Bombay Stock Exchange and the National Stock Exchange of India Limited on August 12, 2026, detailing the schedule and nature of the upcoming interaction.

The conference aims to foster dialogue between the company and its shareholder base, allowing for detailed discussions on strategic initiatives and operational performance. By hosting these sessions in a dedicated venue, the company enables more comprehensive conversations than those typically possible through virtual mediums or public earnings calls.

Management emphasized that no unpublished price-sensitive information will be discussed during the meetings. All topics covered will be limited to information already available in the public domain, maintaining compliance with insider trading regulations and fair disclosure principles.

Mohana V, Group Company Secretary and Compliance Officer, signed the disclosure document, certifying the accuracy of the details provided to the exchanges. This structured approach to investor relations helps maintain market integrity while keeping stakeholders informed about corporate activities and future outlooks through regulated channels.