Mukesh Ambani's Jio Financial Services has formed a joint venture with BlackRock Advisors Singapore Pte Ltd to undertake investment advisory business. The company, whose market cap is Rs 214000 crore, incorporated the joint venture, Jio BlackRock Investment Advisers Private Limited, on September 6 to carry on the primary business of investment advisory services, subject to regulatory approvals, Jio Financial Services said in a filing.
The company will invest Rs 3 crore towards an initial subscription of 30,00,000 equity shares of face value Rs 10 each, it said. The Certificate of Incorporation was received from the Ministry of Corporate Affairs on September 7, 2024, it added.
Jio Financial Services Ltd, the demerged financial services arm of billionaire Mukesh Ambani's Reliance, had earlier announced a joint venture for asset management and wealth management with BlackRock.
Last month, Jio Finance Ltd, an NBFC arm of Jio Financial Services (JFS), said it is in the advanced stages of launching home loans, which have been rolled out in beta mode. Besides, the company is going to roll out other products like loans against property and loans on securities.
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JFS became an independent entity and was listed on the Indian stock exchanges in August 2023. The company provides financial services, including payment services and insurance broking. Its subsidiary Jio Finance holds an NBFC license from the RBI. Another subsidiary, Jio Payments Bank, is also a payments bank registered in India.
(With inputs from PTI)
