Jio Financial Services and BlackRock have formed two joint venture companies in India’s asset management sector, as announced on October 28, 2024. The two companies, Jio BlackRock Asset Management Private Limited and Jio BlackRock Trustee Private Limited, will operate in the mutual fund business, subject to regulatory approvals.
Jio Financial Services has invested in these companies with an initial subscription:
- Jio BlackRock Asset Management Private Limited: ₹82.5 crore for an 8.25 crore equity shares at ₹10 each, representing a 50% stake.
- Jio BlackRock Trustee Private Limited: ₹40 lakh for 4 lakh equity shares at ₹10 each, representing a 50% stake.
These certificates of incorporation were received from the Ministry of Corporate Affairs on October 28, 2024. This joint venture aims to leverage the strengths of both entities to make a significant impact in the asset management industry in India.
TOPICS:
Jio Financial