Jio Financial Services-BlackRock JV: Jio Financial Services and BlackRock Financial Management have applied to stock market regulator Securities Exchange Board of India to obtain a license to launch mutual fund business in the country. Board of India). SEBI is currently looking into the application and it is expected that it may soon give in-principle approval.
The joint venture of Jio Financial Services and BlackRock Financial Management had applied for the license of mutual fund business with SEBI on 19 October 2023. After the demerger of Jio Financial from Reliance Industries last year, on July 26, 2023, Jio Financial Services had signed an agreement with the leading international investment firm BlackRock to enter the asset management industry of the country and decided to form a joint venture named Jio BlackRock. Was. Both have 50-50 percent stake in the company.
Both Jio and BlackRock will initially invest $150 million in this joint venture. Through this partnership, the company will bring tech enabled, affordable investment solutions for crores of investors in the country. This partnership with Jio BlackRock will leverage BlackRock's deep expertise, talent in investment management, risk management, access to technology, operations, scale and intelligence in managing capital in the markets. Whereas Jio Financial Services has the local market understanding digital infrastructure capability.
Jio Financial was listed on the stock exchange in August 2023. Since then the stock is trading in a limited range. It is believed that the company is awaiting various types of regulatory approvals, after which the company will launch its operations on a large scale. At the end of today's trading, Jio Financial's stock closed at Rs 234.50 with a decline of 0.36 percent.
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