NEW DELHI: Jio Financial on Monday announced a 50:50 joint venture with BlackRock for setting up a wealth management and broking business, the company said in a statement.
“The company, BlackRock Inc and BlackRock Advisors Singapore today (Monday)...have signed an agreement to form a 50:50 JV between the company and Blackrock, for the purpose of undertaking wealth business including incorporation of a wealth management company and subsequent incorporation of a brokerage company in India,” Jio Financial said in an exchange filing. The RIL group firm said the JV strengthens its relationship with Blackrock.
Earlier, Jio Financial announced a 50:50 JV on July 26, 2023, to transform India’s asset management industry via a digital-first offering and democratise access to investment solutions for investors in India.