Mumbai: Jio Financial Services (JFS) is seeking shareholder approval for its subsidiary to acquire equipment worth Rs 36,000 crore from Reliance Industries' retail division as part of its plan to enter the device leasing market, according to a postal ballot notice, reported Reuters.

Under the proposed agreement, the JFS subsidiary, Jio Leasing Services, will purchase telecom equipment and devices, such as routers and cell phones. The notice dated March 18 did not specify the exact products being acquired, said the report.

Jio Leasing Services will lease the purchased equipment to customers of Reliance Jio Infocomm, Reliance's telecommunications arm.

This move will position the company to compete in the device rental market against companies like Hewlett Packard and Lenovo.

Voting on the proposed items in the notice will conclude on June 22. The deal is expected to be finalized in the financial years 2025 and 2026, said the report.