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Bank of America Signs JV with Jio Financial Services, Buys 49.9% Stake in Jio Credit

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Bank of America (BofA) signed a joint venture agreement with Jio Financial Services (BOM:543940, NSE:JIOFIN) to acquire a total of 49.9% interest in the latter's wholly owned subsidiary Jio Credit for 182.68 billion Indian rupees, BofA said in a Wednesday release.

The stake acquisition will be carried out via a preferential allotment of equity shares and warrants and will allow Bank of America to expand its presence in the Indian market, the release said.

Jio Credit had assets under management of 306.67 billion Indian rupees as of June 30, it said.

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