BIG boost for Mukesh Ambani's Jio Financial Services, to challenge ICICI, SBI bank as his company gets SEBI nod for...

Mukesh Ambani is continuing his transformation of Reliance Industries, shifting from an oil and chemical giant to a company with a diverse portfolio in technology, consumer goods, and renewable energy. After the success of Reliance Jio, Mukesh Ambani is now preparing for another major consumer venture.

Since the separation of Jio Financial Services Ltd. from its parent company in July 2023, the non-banking financial institution has expanded into areas like lending, digital equipment leasing, supply chain financing, insurance broking, and payment services. The latest move sees Jio Financial Services entering India’s fast-growing mutual fund market.

In partnership with BlackRock, the world’s largest asset management company, Jio Financial Services has received approval from the Securities and Exchange Board of India (SEBI). This 50:50 joint venture aims to offer innovative investment solutions tailored for the Indian market.

Jio Financial Services is already a key player in the fintech space, benefiting from India’s large retail lending and payments market. This new mutual fund initiative fits perfectly with its growing ecosystem of financial services, further strengthening Reliance’s digital and retail businesses.

According to stock market experts, Jio Financial Services shares have been steady, trading between Rs 320 and Rs 370 for over 100 days.