Jio Financial and BlackRock Approval

BENGALURU (Reuters) – Jio Financial and U.S.-based BlackRock (NYSE:BLK) have received in-principle approval from India’s markets regulator to co-sponsor and establish a mutual fund business in India, announced by Mukesh Ambani-led Reliance Group on Friday.

Jio Financial stated that the Securities and Exchange Board of India will provide the final approval once the companies meet certain undisclosed requirements.

Following its demerger from Reliance Industries in July 2023, Jio Financial had revealed a 50:50 joint venture with BlackRock to launch asset management services in India.

Additionally, the firms signed a second joint venture in April to create a wealth management and brokerage business in the country.