Another masterstroke by Mukesh Ambani, Jio Financial Services to acquire Jio Payments Bank shares from SBI for Rs...

Jio Financial Services, led by Mukesh Ambani, announced on Tuesday that it will acquire State Bank of India’s (SBI) entire stake in Jio Payments Bank for $12.03 million (Rs 104.54 crore). This move aims to strengthen Jio Financial’s operations in the banking sector.

Currently, Jio Financial holds an 82.17% stake in Jio Payments Bank, a joint venture with SBI. With this acquisition, Jio Payments Bank will become a wholly owned subsidiary of Jio Financial Services. However, the deal is subject to approval from the Reserve Bank of India (RBI). The acquisition is expected to be completed within 45 days after receiving regulatory clearance.

Jio Financial Services became a separate entity from Reliance Industries in August 2023 and was listed on the Indian stock exchanges. As of March 5, 2025, the company's shares are priced at Rs 216.26, with a market capitalization of Rs 1.37 lakh crore. The company's price-to-earnings (P/E) ratio stands at 85.46, and its earnings per share (EPS) are 2.53.

Notably, Jio Financial Services offers a wide range of financial products, including payment solutions, insurance broking, asset management, and leasing.

With a strong focus on digital financial solutions, the company is well-positioned for growth in India’s financial sector.