The Jio Financial Services Ltd (JFS) management said on August 30 that it is hopeful of getting regulatory approvals for business with US-based BlackRock Inc.
In June 2023, the two companies had formed a 50:50 joint venture to launch asset management services in India and had pledged an initial investment of $150 million each, with hopes to democratise access to investment solutions for investors in the country.
At the first annual general meeting after listing on stock exchanges, Jio Financial management said the BlackRock joint venture (JV) will help bring more investment products and that key leadership has been identified for the JV.
Jio Financial management said the Reliance Industries Ltd's subsidiary is in advanced stages of go-to market strategy for BlackRock JV.
Jio Financial management also said that Jio Payment Solutions is pursuing merchant tie-ups.
In April, Jio Financial had said the BlackRock JV aims to tap into India’s increasingly lucrative wealth business and will include the incorporation of a wealth management firm and, subsequently, a brokerage company.
In April 2024, Jio Financial announced JV with BlackRock to set up a wealth management and broking business in India.
Last year, Jio Financial Services was demerged from Reliance Industries, with the markets ascribing a valuation of nearly $20 billion to the venture.
At 3 pm on August 30, Jio Financial's shares were trading at Rs 323.25 apiece.
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