Jio Teams Up with BlackRock in Game-Changing Investment Advisory Move

On September 9, Jio Financial Services Limited announced the formation of a joint venture with BlackRock Advisors Singapore Pte Ltd, aimed at launching a new investment advisory firm named Jio BlackRock Investment Advisers Private Limited. The joint venture, incorporated on September 6, 2024, will focus on providing investment advisory services, subject to regulatory approvals.

At 11:24 am IST, shares of Jio Financial Services were going for ₹335.05 a piece following the announcement.
In a filing with the stock exchange, Jio Financial Services revealed that it would invest ₹3 crore for the initial purchase of 3 million equity shares, priced at ₹10 each. The business strategy is yet to be disclosed.

The company also shared that the Ministry of Corporate Affairs granted the Certificate of Incorporation on September 7, 2024. No governmental or regulatory approvals were needed for the joint venture’s establishment, according to Jio Financial.

Jio Financial Services, the financial arm spun off from Reliance Industries under the leadership of Chairman Mukesh Ambani, had previously announced its partnership with BlackRock to explore wealth management and brokerage opportunities in India.

Additionally, Jio Finance Ltd, the non-banking financial company (NBFC) subsidiary of Jio Financial, announced last month that its home loan product is nearing launch after completing its beta phase. The company has further plans to introduce loans against property and loans secured by investments.

Over the past three months, Jio Financial’s stock has declined by 3.6%, while the BSE Sensex rose by 8.14%. On a year-to-date basis, however, the stock has surged by 44%, outpacing the Sensex's 12.3% growth.

In July, the Reserve Bank of India (RBI) approved Jio Financial Services’ application to transition from a systemically important non-deposit-taking NBFC to a core investment company (CIC).

Jio Financial Services operates several subsidiaries, including Jio Finance Limited (JFL), Jio Insurance Broking Limited (JIBL), Jio Payment Solutions Limited (JPSL), and a joint venture, Jio Payments Bank Limited (JPBL).

Originally incorporated as Reliance Strategic Investments Private Limited on July 22, 1999, the company underwent a name change to Reliance Strategic Investments Limited in 2002 and eventually became Jio Financial Services Limited in July 2023.