Bank of America has entered a definitive agreement to acquire a 49.9% stake in Jio Credit Limited, a non-banking financial company unit of Jio Financial Services, for $1.9 billion.
The deal, valued at approximately ₹18,268 crore, represents a major strategic push by the US banking giant to expand its footprint in the Indian financial services market.
The joint venture aims to leverage Jio's massive digital reach to provide credit solutions, with the transaction expected to close following regulatory approvals.