The stock of Jio Financial Services increased by 5% on the announcement of signing the agreement on a 50:50 joint venture with BlackRock.
The stock price reached Rs. 371.95 per share on Tuesday against the closing price of Rs. 354.30.
The BlackRock JV would operate in the wealth management industry. This includes a wealth management company along with establishing a brokerage firm.
However, the JV launch would be subject to approvals from regulatory and statutory bodies.
The initial announcement of this JV was done in July last year. In this, Jio Financial Services and BlackRock will invest $150 million each to transform the assessment management landscape in the country.
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