Jio Financial Services (JFS) shares increased by about 1.7% in early trade on January 4 following the financial services division of Reliance Industries filing documents with the market regulator to establish a joint venture with BlackRock Financial Management.
The Securities and Exchange Board of India (SEBI) is considering approving the proposal in principle. On October 19, the joint venture consisting of JFS and BlackRock submitted the application to the capital markets regulator. As of December 31, the application was visible in the most recent list of mutual fund applications.
JFS shares were up 1.58 percent from the previous session’s closing price as of 9.16 am on the NSE, trading at Rs 238.2.
There is great interest in the introduction of Jio Financial Services-BlackRock Asset Management Co. The biggest fund house in the world is called BlackRock Asset Managers. BlackRock has re-entered the Indian market through a 50:50 joint venture with Jio Financial Services, having previously left in 2018.
A $150 million initial investment is planned by each partner. Together, they hope to provide Indian investors tech-enabled, reasonably priced investing options.
“JFS and BlackRock, two of the biggest and most reputable asset management firms in the world, have formed an interesting alliance. JFS president and CEO Hitesh Sethia stated, “The partnership will leverage BlackRock’s deep expertise in investment and risk management along with the technology capability and deep market expertise of JFS to drive the digital delivery of products.”
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