Bank of America to acquire 49.9 percent stake in Jio Credit for Rs 18,268 crore

Bank of America will acquire a 49.9 percent stake in Jio credit for USD 1.9 billion or Rs 18,268 crores, Jio Financial Services said on Wednesday.According to a exchange filing, the two entities have entered into a joint venture agreement under which Bank of America will pick up shares through a preferential issue and warrants.The venture will combine Jio Financial Services’ digital reach and knowledge of the Indian market with BofA’s global financial services expertise, it said.According to executives the deal is a financial investment for Bank of America in a key market and should not be construed as it getting into retail lendingThe two-year-old Jio Credit had Rs 30,667 crore of assets under management as of June 30 this year.