Jio Financial Services Partners with BlackRock for Investment Advisory Business
Jio Financial Services, the financial services arm of Reliance Industries, has announced a joint venture with BlackRock Advisors Singapore Pte Ltd to establish an investment advisory business. The new entity, Jio BlackRock Investment Advisers Private Limited, was incorporated on September 6, 2024, and is subject to regulatory approvals.
Jio Financial Services will invest Rs 3 crore towards an initial subscription of 3,000,000 equity shares of face value Rs 10 each. The company received the Certificate of Incorporation from the Ministry of Corporate Affairs on September 7, 2024.
This joint venture marks the latest collaboration between Jio and BlackRock. Earlier, the two companies announced a joint venture for asset management and wealth management. Additionally, Jio Finance Ltd, an NBFC arm of Jio Financial Services, is in the advanced stages of launching home loans, which have been rolled out in beta mode. The company also plans to introduce other products like loans against property and loans on securities.