Jio Financial Services and BlackRock Invest ₹117 Crore in Mutual Fund Venture
Joint Investment in Mutual Fund Business
Jio Financial Services Ltd (JFSL) and BlackRock have jointly invested ₹117 crore in their mutual fund venture. Both companies have acquired 5.85 crore equity shares, each valued at ₹10, in Jio BlackRock Asset Management Private Limited. This joint venture is equally owned by JFSL and BlackRock, according to a regulatory filing.
Investment Details
The joint venture, Jio BlackRock Asset Management Private Ltd, has applied to SEBI for necessary approvals. Initially, both JFSL and BlackRock had invested ₹82.5 crore each in the entity. This move signifies a key step in their collaborative efforts to expand their financial services.
New Subsidiary for Broking Activities
In addition to the asset management venture, Jio BlackRock Investment Advisers Private Ltd, another joint venture company, has established a new subsidiary called ‘Jio BlackRock Broking Private Limited,’ which was incorporated on January 20, 2025. This subsidiary aims to engage in broking activities, pending regulatory approvals.
Financial Performance of JFSL
JFSL reported a stable consolidated profit of ₹295 crore for the third quarter, slightly higher than the ₹294 crore recorded in the same period last year. Total income rose to ₹449 crore from ₹414 crore in the previous year's third quarter. Total expenses for JFSL increased to ₹131 crore during this period, compared to ₹99 crore a year earlier.
Strategic Collaboration
The collaboration between JFSL and BlackRock highlights their commitment to strengthening their position in the financial sector. With strategic investments and new ventures, they aim to enhance their service offerings and market reach.
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