Jio Financial Services and BlackRock join hands for wealth management, broking business

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Elon Musk's Tesla lays off 14,000 global positions amid slowdown in EV demand: 'This will enable us...' “The Company, BlackRock, Inc. and BlackRock Advisors Singapore Pte. Ltd.

today, at 6.35 p.m. have signed an agreement to form a 50:50 joint venture between the Company and Blackrock, for the purpose of undertaking wealth business including incorporation of a wealth management company and subsequent incorporation of a brokerage company in India," the company said. Reliance Industries' financial arm had previously entered into an agreement with BlackRock in July 2023.

Both parties agreed to invest $150 million each for a 50:50 joint venture, aiming to venture into the asset management sector in India. The company further said that the joint venture will strengthen its relationship with BlackRock. “This joint venture further strengthens the Company’s relationship with Blackrock, Inc., with whom the Company had announced a 50:50 joint venture on July 26, 2023 to transform India’s asset management industry through a digital-first offering and democratise access to investment solutions for investors in India," the company further said.

However, the launch is contingent upon obtaining regulatory and statutory approvals. Both the entities are also in anticipation of receiving approval for their mutual funds license from the market regulator, the Securities and Exchange Board of India (SEBI). This development precedes its March quarter earnings, scheduled for Friday, April 19.