Jio Financial forms joint venture with BlackRock

Mumbai: Mukesh Ambani's Jio Financial Services has entered a joint venture with BlackRock, the world's largest asset manager, to foray into wealth management and broking businesses in the country. The company had already partnered with BlackRock to launch an asset management business in India.

In a release to stock exchanges on Monday, Jio said it has signed a 50:50 joint venture with BlackRock for incorporating wealth management and brokerage companies in India. Both companies have a similar partnership for the asset management venture.

"The joint venture aims to incorporate a wealth management company and eventually a brokerage in India," said the Jio release.

Jio Financial Services was carved out of Reliance Industries last year and made its stock market debut in July 2023 as part of the demerger.

Subsequently, the company announced the joint venture with BlackRock to undertake asset management business, in which both partners intend to invest $150 million each.

Jio said on Monday the new joint venture further strengthens the company's relationship with Blackrock to "transform India's asset management industry through a digital-first offering and democratise access to investment solutions for investors in India."