Jio Financial Services Ltd (JFSL), the financial services entity of Reliance Industries, on Tuesday announced the incorporation of two joint venture companies to undertake the mutual fund business, in joint venture with BlackRock. In a regulatory filing, the company said that the two companies incorporated are Jio BlackRock Asset Management Private Limited and Jio BlackRock Trustee Private Limited.
The company statement said, “We would like to inform that two companies, “Jio BlackRock Asset Management Private Limited” and “Jio BlackRock Trustee Private Limited” have been incorporated on October 28, 2024, to carry on, inter alia, the primary business of mutual fund, subject to regulatory approvals.”
Jio Financial has invested a total of Rs 82.9 crore for a 50 per cent stake in both the companies. This included Rs 82.50 crore for 50 per cent stake in Jio BlackRock Asset Management and Rs 40 lakh for 50 per cent stake in Jio BlackRock Trustee.
Earlier in October, Securities and Exchange Board of India (SEBI) had granted in-principle approval to JFSL and BlackRock Financial Management Inc to act as co-sponsors and set up the proposed mutual fund. The two companies had announced setting up a JV for asset management business in India in July 2023 and in October 2023, they had filed papers for their mutual fund with SEBI.