Mukesh Ambani’s Jio Financial Services forms JV with BlackRock

Mukesh Ambani’s Jio Financial Services Limited (JFSL) has entered into a joint venture with Singapore-based investment and risk management solutions provider BlackRock to launch an Asset Management Company (AMC) named Jio BlackRock Investment Advisers Private Limited.

The joint venture (JV) mainly aims to provide investment advisory services subject to approval of regulatory authority, it was declared in the regulatory filing. JFSL will pump in Rs 3 crore as investment for an initial subscription of 30,00,000 equity shares with a face value of Rs 10 each. The Ministry of Corporate Affairs awarded the Certificate of Incorporation for the JV on September 7, 2024.

Among the company’s attractions is the facility for customers to open savings and deposit accounts with Jio Payment Bank Limited at competitive interest rates, and the provision to avail investment through Jio BlackRock. Another JV with BlackRock Inc. has been signed which will offer brokerage and wealth management services.

The brokerage facility will also help customers invest in bonds, mutual funds, stocks and similar securities, which will be backed by market research and the aid of expert advice.

Last month, Jio Finance Limited, the Non-Banking Financial Company (NBFC) of JFSL, had stated that the company is beta testing its home loan service. The company also has plans to launch various other facilities for consumers, such as loans against property and loans against investments.

Mukesh Ambani’s Reliance group company had announced its plans for a collaboration with BlackRock to form a JV in July 2023. “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,” a statement issued by the company had said.

JFSL had subsequently expanded its collaboration with the Singapore firm in April this year, with a broking and wealth management business in the country.