Jio Financial Services (JFS) is asking shareholders for approval to allow its business to spend a total of Rs 36,000 crore on equipment from Reliance Industries’ retail division in order to enter the device leasing industry. This request was made in reaction to a notice of a postal vote.

The proposed arrangement asks for the acquisition of telecom equipment and devices, which usually include cell phones and routers, by the JFS unit known as Jio Leasing Services.

The products that Jio Financial, which broke away from the Reliance Group, run by billionaire Mukesh Ambani, last year, did not specify in its announcement from March 18.

According to the financial services company, Jio Leasing Services will rent the equipment it buys to customers of Reliance Jio Infocomm. The telecom arm of Reliance is called Jio Infocomm.

In the device rental market, this company will compete against companies like Lenovo and Hewlett-Packard.

The notice’s suggested items can be voted on until June 22. It is expected that the deal would finalise in 2025 or 2026.