NEW DELHI: Deepening its ties with BlackRock Inc, Jio Financial Services Ltd, a Reliance Industry group company, has entered into a joint venture with BlackRock Advisors Singapore Pte. Ltd to form Jio BlackRock Investment Advisers Private Limited.
The primary business of the JV will be investment advisory services, JFSL said in a regulatory filing on Sunday.
The company will invest an amount of R3 crore towards initial subscription of 30,00,000 equity shares of face value Rs 10 each. The Certificate of Incorporation was received from the Ministry of Corporate Affairs on 7 September 2024.
The said transaction does not fall within related party transactions, it said.
Last year July, the Reliance group company had announced a JV with BlackRock Inc to establish an Asset Management Company, and further expanded the scope of the partnership on 15 April 2024 by entering into another JV for the wealth management and broking businesses.
The company’s services include savings and deposit accounts with Jio Payment Bank Ltd offering competitive interest rates, and investment opportunities through the proposed AMC – Jio BlackRock. Another JV with BlackRock Inc. has been signed which will offer brokerage and wealth management services.
The brokerage services will enable customers to invest in stocks, bonds, mutual funds, and other securities, supported by expert investment advice and comprehensive market research. “This joint venture further strengthens the Company’s relationship with BlackRock, Inc., with whom the Company had announced a 50:50 joint venture on July 26, 2023,” the company had said.