Jio Financial Services shares surge nearly 4% on signing joint venture with BlackRock

By Aditya Bhagchandani Published on April 16, 2024, 10:19 IST

The Jio Financial Services shares rose nearly 4% on Tuesday after Mukesh Ambani’s firm signed a joint venture with BlackRock, the world’s largest asset manager to set up wealth management and broking businesses in India.

Jio had previously partnered with BlackRock to set up an asset management business in India.

At 10:15 am, the shares were trading 3.63% higher at ₹ 367.15.

In a release to stock exchanges on Monday, Jio stated that it has signed a 50:50 joint venture with BlackRock to establish wealth management and brokerage companies in India. Both companies have a similar partnership for the asset management venture.

“The joint venture aims to establish a wealth management company and eventually a brokerage in India,” said the Jio release.

Aditya Bhagchandani

Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.