Jio Financial Services Ltd (JFSL) announced on Tuesday that it, along with its U.S.-based partner BlackRock, has injected a total of Rs 117 crore into their joint venture mutual fund company, Jio BlackRock Asset Management Private Limited.
As part of the deal, both JFSL and BlackRock have each subscribed to and received 5.85 crore equity shares, valued at Rs 10 each, in the asset management firm. This investment represents an equal 50:50 partnership between the two entities in the venture, as outlined in a regulatory filing.
In addition to the latest capital infusion, Jio BlackRock Asset Management has submitted an application to the Securities and Exchange Board of India (SEBI) for regulatory approval to proceed further with its business operations.
Both JFSL and BlackRock had previously made an initial investment of Rs 82.5 crore each in the joint venture.
Furthermore, another subsidiary of JFSL, Jio BlackRock Investment Advisers Private Ltd, has announced the formation of a wholly owned subsidiary—Jio BlackRock Broking Private Limited—on January 20, 2025. This new entity aims to engage in broking activities, pending the necessary regulatory approvals.
The move is part of JFSL’s continued efforts to expand its presence in the financial services sector, with BlackRock as a key partner in its asset management and now broking ventures.
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