Mumbai: Bank of America (BofA) will invest ₹18,268 crore to acquire up to a 49.9% stake in Jio Credit Limited (JCL), the wholly owned lending subsidiary of Jio Financial Services Limited (JFSL), under a definitive agreement announced on Thursday.
The investment will be made through a preferential allotment of equity shares and warrants. Initially, BofA will acquire a 26.5% equity stake in JCL, which could rise to 49.9% upon the exercise of warrants.
Jio Credit, a non-banking financial company (NBFC), has rapidly expanded its operations since its launch. The company reported AUM of ₹30,667 crore as of June 30, 2026, achieved within two years of commencing operations.
The partnership is expected to combine Jio Financial Services’ digital reach and local market capabilities with Bank of America’s expertise in financial services, governance, risk management and technology. The companies said the collaboration would provide long-term capital to support sustainable growth in JCL’s lending business.
Following the transaction, JCL’s board will have equal representation from JFSL and BofA. Its existing management team will continue to oversee the company’s strategy and operations, while JCL will remain a subsidiary of JFSL for financial reporting purposes.
Reliance Industries Chairman Mukesh Ambani said the partnership would combine Jio’s digital reach with BofA’s global expertise to make credit delivery more accessible to Indians.
BofA Chairman and CEO Brian Moynihan described India as one of the bank’s most important growth markets and said the investment reflected its confidence in the country’s future.
