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Jio Financial Services and BlackRock Partner for Wealth Management and Broking Venture

On April 15, Reliance Industries’ Jio Financial Services revealed its partnership with US-based BlackRock to expand wealth management and broking services in India. “At 6:35 p.m., the Company, BlackRock, Inc., and BlackRock Advisors Singapore Pte. Ltd. signed an agreement to establish a 50:50 joint venture for wealth business, including the formation of a wealth management company and subsequent brokerage company incorporation in India,” the company stated. This collaboration follows their previous agreement in July 2023, where both entities committed $150 million each for a 50:50 joint venture aimed at entering India’s asset management sector.

The company emphasized that this joint venture strengthens its ties with BlackRock. “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, to transform India’s asset management industry through a digital-first offering and democratize access to investment solutions for investors in India,” the company elaborated. However, the launch depends on obtaining regulatory and statutory approvals.

Both entities are also awaiting approval for their mutual funds license from the Securities and Exchange Board of India (SEBI).

This announcement precedes Reliance Industries’ March quarter earnings, scheduled for Friday, April 19.

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