Bank of America (BofA) plans to invest up to ₹18,268 crore in Jio Credit Limited (JCL), the lending arm of Jio Financial Services, through acquisition of equity shares and warrants in the joint venture.

The acquisition would be made through a preferential allotment of equity shares and warrants. The transaction will give BofA a 26.5% equity interest in JCL, and can go up to 49.9% upon exercise of the warrants. The deal is subject to regulatory approval, Jio Finance said.

“Our strategic partnership with BofA is a pivotal milestone in this mission. By combining our digital reach with BofA’s global pedigree, we will eliminate friction in credit delivery for all Indians, empowering them to chart a prosperous and inclusive path forward for the entire nation,” said Mukesh D. Ambani Chairman and Managing Director of Reliance Industries Limited (RIL).

Sharing similar views on the deal, Brian Moynihan, who is the Chair and Chief Executive Officer, BofA said: “We are excited to become a partner with Jio Financial Services, which has achieved remarkable scale in a short period of time, growing to more than $3 billion in assets under management in just two years.”

By combining Jio Financial Services’ scale, local expertise and customer base with its global reach, digital experience and close to 250 years of leadership in banking, BofA can help expand access to financial services and support India’s continued economic growth, according to him.

Published - August 12, 2026 09:52 pm IST