Jio Financial Services has announced a joint venture with BlackRock Inc. and BlackRock Advisors Singapore Pte. Ltd. to launch wealth management and broking services in India.
The joint venture will involve setting up a wealth management company and a brokerage firm in India. This partnership will further strengthen Jio Financial Services' relationship with BlackRock, with whom they previously announced a joint venture in July 2023 to transform India's asset management industry.
This announcement comes just before Jio Financial Services' March quarter earnings, scheduled for Friday, April 19. In the previous quarter, the company saw a 56% sequential decline in consolidated net profit and a 32% decline in consolidated revenue from operations.
On Monday, shares of Jio Financial Services were priced at Rs 354.40 each, marking a 4.82% decrease.