Jio Financial Services shares jumped 5%: 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.
Jio Financial Services shares jumped 5%
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.
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.
In a regulatory filing, the company stated, “This joint venture strengthens the company’s relationship with BlackRock, Inc. It aims to transform India’s asset management industry and democratize access to investments through a digital-first offering. The joint venture was announced on July 26, 2023, with a 50:50 shareholding.”
The company also informed investors that the commencement of wealth management and broking business will be subject to regulatory and legal approvals.
