Jio Financial, BlackRock form JV for wealth management and broking business

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 Pte Ltd today ... have signed an agreement to form a 50:50 joint venture 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 that the joint venture further strengthens its relationship with Blackrock, Inc.

Earlier, Jio Financial Services announced a 50:50 joint venture on July 26, 2023, to transform India's asset management industry through a digital-first offering and democratise access to investment solutions for investors in India.