Jio Financial soars 5% on BlackRock Wealth Management JV

In today’s intraday session, shares of Reliance Industries’ financial services company, Jio Financial Services, soared by more than 5%, reaching Rs. 371.95 per share.

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This increase comes after the company announced, through an exchange filing on Monday, that it has signed an agreement to establish a 50:50 joint venture with BlackRock.

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The objective of this joint venture is to participate in wealth management activities. Following this, a fund management company will be established, and there are plans to open a brokerage firm in India.

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In a regulatory filing, the company stated, “This joint venture strengthens the company’s relationship with BlackRock, Inc.

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It aims to transform India’s asset management industry and democratize access to investments through a digital-first offering.

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The joint venture was announced on July 26, 2023, with a 50:50 shareholding.”

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Jio Financial Services shares spike 5% after company announces JV with BlackRock

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