Jio Financial Services and BlackRock Launch Joint Venture Companies to Enter Mutual Fund Market in India

Jio Financial Services and BlackRock Launch Joint Venture Companies to Enter Mutual Fund Market in India

Jio Financial Services Ltd (JFSL), the financial arm of Reliance Industries, has established two joint venture companies with BlackRock, a global asset management leader, to initiate operations in India’s mutual fund industry. The two companies, Jio BlackRock Asset Management Private Limited and Jio BlackRock Trustee Private Limited, were incorporated on October 28, 2024, according to a regulatory filing by JFSL. Both entities are structured to focus on mutual fund operations, pending final regulatory approvals.

JFSL has invested ₹82.9 crore for a 50% stake in these ventures, contributing ₹82.5 crore towards Jio BlackRock Asset Management and ₹40 lakh for Jio BlackRock Trustee. This strategic partnership aims to leverage JFSL’s market presence and BlackRock’s global asset management expertise to provide innovative investment solutions to Indian investors.

In October, JFSL and BlackRock Financial Management received an in-principle approval from the Securities and Exchange Board of India (SEBI) to co-sponsor the mutual fund business. The companies initially revealed plans for this partnership in July 2023, and subsequently filed necessary documents with SEBI in October 2023.