Jio Financial Services Limited announced on September 8 that it has entered into a joint venture with BlackRock Advisors Singapore Pte Ltd to launch a new investment advisory company, Jio BlackRock Investment Advisers Private Limited. The joint venture was incorporated on September 6, 2024, and will focus on providing investment advisory services, subject to receiving regulatory approvals, it said.
Jio Financial Services in its stock exchange filing disclosed that the company will invest Rs 3 crore towards the initial subscription of 30,00,000 equity shares, each with a face value of Rs 10.
Details of the business plan are yet to be announced.
The company further stated that the Certificate of Incorporation was issued by the Ministry of Corporate Affairs on September 7, 2024.
Jio Financial Services Ltd, the financial services entity spun off from Reliance Industries under Chairman Mukesh Ambani, previously announced a joint venture with BlackRock for wealth management and broking business in India.
Last month, Jio Finance Ltd, the non-banking financial company (NBFC) arm of Jio Financial Services, announced that it is in the final stages of launching home loans, which are currently in beta testing.
Additionally, the company plans to introduce other offerings, including loans against property and loans secured by investments.
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