To acquire equipment worth 360 billion rupees ($4.33 billion) from the retail arm of Reliance Industries, Jio Financial Services (JFS) is seeking shareholder approval for its unit. This initiative is being carried out by the financial services provider to set its foot into the device leasing business, a postal ballot notice said.

The JFS unit - which spun out of billionaire Mukesh Ambani-led Reliance Group - last year called Jio Leasing Services as per the proposal deal to buy telecom equipment and devices that usually include routers and cell phones.

The financial services company further said that the JFS sister concern will rent out the equipment it buys Reliance Jio Infocomm’s customers which is the Reliance's telecommunications arm.

Jio Financial had also highlighted in its earnings investor presentation that it is set to lease Jio Infocomm's AirFiber wifi services, phones, and laptops among other products. 

This company will compete in the device-rental market with the likes of Hewlett Packard and Lenovo. Voting on proposed items in the notice ends on June 22. The deal is expected to go through in the financial years 2025 and 2026.