India, Aug. 12 -- Bank of America Corp. (BAC) Wednesday said it has entered into a joint venture agreement with Jio Financial Services Ltd. to acquire up to 49.9% of Jio Credit Ltd., marking a major push into India's fast-growing lending market.
The investment, including equity shares and warrants if fully subscribed, totals INR 18,268 crore or about $1.9 billion. The transaction initially gives Bank of America a 26.5% equity interest, rising to 49.9% upon exercise of warrants, subject to regulatory approvals.
Jio Credit, one of India's fastest-growing non-bank financial companies, has built assets under management of INR 30,667 crore or $3.2 billion in just two years. The venture will combine Jio's digital reach and local expertise with ...