Jio Financial and Blackrock forms JV to set up wealth management and broking business

MUMBAI (Reuters) – India’s Jio Financial Services has entered into a joint venture with U.S.-based BlackRock Inc to set up a wealth management and broking business, the companies said on Monday.

Jio Financial Services, part of billionaire Mukesh Ambani led-Reliance Group, and BlackRock formed a 50:50 joint venture to launch asset management services in India in July 2023.

The two companies had planned an initial investment of $150 million each in the joint venture.

(Reporting by Sethuraman NR and Indranil Sakar in Bengaluru; Editing by Tasim Zahid)