Jio Financial Services and BlackRock Invest Rs 117 Cr In Mutual Fund Business

Jio Financial Services Ltd (JFSL) said that it and its joint venture partner, US-based BlackRock, have invested Rs 117 crore in the mutual fund company.

JFSL and BlackRock each bought 5.85 crore equity shares of Rs 10 each in Jio BlackRock Asset Management Private Limited, a 50:50 joint venture between them, totaling Rs 117 crore, according to a regulatory filing. 

Jio BlackRock Asset Management has also applied to SEBI for approval. Both JFSL and BlackRock initially invested Rs 82.5 crore each in this company.

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Another subsidiary, Jio BlackRock Investment Advisers Private Ltd, a joint venture, announced that it has set up a wholly owned subsidiary called ‘Jio BlackRock Broking Private Limited’ on January 20, 2025, to start broking services, subject to regulatory approvals.

In the third quarter, Jio Financial Services Ltd’s consolidated profit stayed nearly the same at Rs 295 crore, compared to Rs 294 crore in the same quarter last year. Total income grew to Rs 449 crore, up from Rs 414 crore in the previous year’s third quarter. Total expenses increased to Rs 131 crore, compared to Rs 99 crore a year ago.

The partnership between JFSL and BlackRock shows their dedication to growing in the financial sector. They aim to improve their services and expand their market presence and reach through strategic investments and new ventures.

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