Jio Financial Services Ltd, the spun-off financial services entity of Mukesh Ambani-led Reliance Industries Ltd, has secured an in-principle approval from the Securities and Exchange Board of India to establish a mutual fund business in partnership with BlackRock Financial Management.
BlackRock, the world’s largest asset manager, oversees over $10 trillion in assets.
“Please note that SEBI vide letter dated October 3, 2024 has granted in-principle approval to the Company and BlackRock Financial Management Inc to act as co-sponsors and set up the proposed mutual fund. The final registration approval will be granted by SEBI subject to fulfilment by the Company and BlackRock of the requirements set out in the said letter,” said Jio Financial Services in a regulatory filing to the stock exchanges.
Days after its demerger from Reliance Industries in July 2023, Jio Financial Services announced the formation of a 50:50 joint venture with BlackRock to launch asset management services in India. The companies signed a second joint venture in April to set up a wealth management and broking business in the country.
Also read | Jio Financial Services’ promise of the future
“With our partner Jio Financial Services, we want to contribute to the country’s evolution from a nation of savers to a nation of investors. Investing is the way for people to reach their financial goals more quickly, and to accelerate wealth creation,” said Rachel Lord, head of international for BlackRock.
Jio Financial focuses on four pillars comprising lending and leasing, payment solutions and payments bank, insurance broking and mutual funds, and wealth management and broking services.
The company is also advancing its lending business with secured products such as supply chain financing, loans on mutual funds, and device financing.
