Jio Financial and BlackRock Form Joint Ventures for Mutual Funds
On October 28, 2024, Jio Financial Services Ltd (JFSL) and BlackRock Inc. officially announced the incorporation of two joint venture companies, Jio BlackRock Asset Management Private Limited and Jio BlackRock Trustee Private Limited, to enter the mutual fund sector in India. This strategic move follows the Securities and Exchange Board of India (SEBI) granting in-principle approval for the companies to act as co-sponsors and establish a mutual fund. JFSL has invested a total of ₹82.9 crore for a 50% stake in both entities, which includes ₹82.5 crore for Jio BlackRock Asset Management and ₹40 lakh for Jio BlackRock Trustee.
In July 2023, JFSL and BlackRock announced plans to set up a joint venture for asset management in India. This partnership aims to leverage BlackRock’s global expertise and Jio’s extensive market reach, enhancing access to mutual fund investment options for Indian investors. Following their application to SEBI in October 2023 for mutual fund registration, the recent incorporation of these companies marks a significant step forward in realizing their objectives.
Jio Financial Services has committed a total investment of ₹82.9 crore, ensuring a 50% ownership in both Jio BlackRock Asset Management and Jio BlackRock Trustee. This investment underscores Jio’s commitment to expanding its financial services footprint and tapping into the growing demand for mutual fund products in India.
The newly formed companies will operate in the mutual fund space, pending regulatory approvals. This development is part of a broader trend where financial institutions are increasingly collaborating to enhance their service offerings in the Indian market, particularly in the asset management sector.
Did you know that India has a painting that is often compared to the world-famous…
Did you know that some Indian states were not always known by their present names?…
The Government of India will launch a CBDC-based Food Subsidy Distribution Pilot under PMGKAY in…
Hindustan Oil Exploration Company (HOEC) has approved the CEO transition by appointing Baroruchi Mishra as…
Chief of the Army Staff General Upendra Dwivedi flagged in the Bharat RanBhoomi Darshan Expedition…
The Southern Air Command of the Indian Air Force successfully conducted a high tempo joint…