Jio Financial Services, led by Mukesh Ambani, announced on Tuesday its decision to acquire State Bank of India’s (SBI) entire stake in Jio Payments Bank for $12.03 million (Rs 104.54 crore). This strategic acquisition is designed to bolster Jio Financial’s presence in the banking sector.
Currently, Jio Financial holds an 82.17% stake in Jio Payments Bank, a joint venture with SBI. With this deal, Jio Payments Bank will become a wholly owned subsidiary of Jio Financial Services. However, the acquisition is contingent on receiving approval from the Reserve Bank of India (RBI), and the transaction is expected to be completed within 45 days after regulatory clearance.
Jio Financial Services, which became an independent entity separate from Reliance Industries in August 2023, was listed on the Indian stock exchanges. As of March 5, 2025, its shares are valued at Rs 216.26, giving it a market capitalization of Rs 1.37 lakh crore. The company’s price-to-earnings (P/E) ratio is 85.46, and its earnings per share (EPS) stands at 2.53.
Jio Financial Services offers a diverse array of financial products, including payment solutions, insurance broking, asset management, and leasing. With a strong emphasis on digital financial services, the company is poised for significant growth in India’s expanding financial sector.
