Indian conglomerate Jio Financial Services, on Monday, signed a 50-50 joint venture with global asset management firm, BlackRock Inc and BlackRock Advisors Singapore for setting up the wealth management and broking business in India.
The company has informed National Stock Exchange (NSE) about the joint venture (JV), the newly launched collaboration is subject to regulatory and statutory approvals, said the firm.
In early 2023, the firms collaborated to form Jio BlackRock, a 50-50 joint venture, with an aim to provide tech-enabled access to affordable, innovative investment solutions for millions of Indian investors.
The subsidiary of Reliance and BlackRock intends to make an initial investment of $150 million each in the joint venture, where the partnership will introduce a new player to the Indian market. The joint venture will begin operations under the direction of a separate management team, said the BlackRock.
In early March, Reliance Industries agreed to purchase the entire 13.01% equity interest of certain Paramount Global’s subsidiaries in Indian conglomerate-owned Viacom18 Media for a value of ₹4,286 Crore ($517 million).
India-based Jio Financial Services is one of the newly launched subsidiaries of Reliance. The financial service provider was originally integrated as Reliance Strategic Investments Private Limited in the year 1999 and later changed to Reliance Strategic Investments Limited. In 2023, the company restructured to Jio Financial Services.
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