Jio Financial, BlackRock Advisors form JV for investment advisory services
Company will invest Rs 3 crore towards an initial subscription of 30,00,000 equity shares of face value Rs 10 each.
Jio Financial Services on Sunday said it has formed a joint venture with BlackRock Advisors Singapore to undertake investment advisory business.
Jio BlackRock Investment Advisers Private Limited was incorporated on September 6 to carry on the primary business of investment advisory services, subject to regulatory approvals, Jio Financial Services said in a filing.
The company will invest Rs 3 crore towards an initial subscription of 30,00,000 equity shares of face value Rs 10 each, it said.
The Certificate of Incorporation was received from the Ministry of Corporate Affairs on September 7, 2024, it added.
Jio Financial Services, the demerged financial services arm of billionaire Mukesh Ambani's Reliance, had earlier announced a joint venture for asset management and wealth management with BlackRock.
Last month, Jio Finance, an NBFC arm of Jio Financial Services, said it is in the advanced stages of launching home loans, which have been rolled out in beta mode.
Besides, the company is going to roll out other products like loans against property and loans on securities.
Edited by Megha Reddy
