Jio Financial Service Limited (JFS), along with BlackRock, Inc. (Blackrock, Inc.) and BlackRock Advisors Singapore Pte. Ltd. (Blackrock) on Monday signed an agreement to form a 50:50 joint venture between Jio Financial Services and BlackRock, the company announced through an exchange filing.
The collaboration aimed to engage in wealth business activities including incorporation of a wealth management company and subsequent incorporation of a brokerage company in India, the company added in the exchange filing.
Building on Previous Ventures
This joint venture marks another ongoing partnership between Jio Financial Services and BlackRock, Inc. Earlier, on July 26, 2023, the two entities had announced a similar 50:50 joint venture.
The previous venture aimed to revolutionise India's asset management industry by introducing a digital-first approach and making investment solutions more accessible to Indian investors.
According to the regulatory filing, the launch of the wealth management and broking business is subject to regulatory and statutory approvals.
Jio Financial Service Limited shares
The shares of JFS rose on Tuesday after the announcement of the agreement. The shares of JFS on Tuesday at 10:47 am IST were trading at Rs 364.05, up by 2.75 per cent.
