In a move to set up a wealth management and broking business down the line, Jio Finance Services on Apr 15 announced a joint venture with BlackRock, the US-based multinational investment company.

In July 2023, Jio announced a joint venture with BlackRock on a 50:50 basis, which aims to ‘transform India’s asset management industry through a digital-first offering and democratise access to investment solutions for investors in India’, according to a Jio statement signed by Mohana V, the group company secretary and compliance officer.

It further stated that the joint venture was finalised for ‘undertaking wealth business including incorporation of a wealth management company and subsequent incorporation of a brokerage company in India’.

There has been, however, no mention of when the Ambani-owned business would dive into wealth management and broking, with the statement saying that the launch of the business is subject to regulatory and statutory approvals.

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