Jio Financial Services shares advance 4% after entering into JV with BlackRock

“The Company (JFS), BlackRock, Inc. and BlackRock Advisors Singapore Pte. Ltd. (Blackrock) today have signed an agreement to form a 50:50 joint venture between the Company and Blackrock, for the purpose of undertaking wealth business including incorporation of a wealth management company and subsequent incorporation of a brokerage company in India,” the company said in a filing to exchanges on Monday.

The setting up of broking business by the duo comes at a time when the domestic market has witnessed remarkable gains in the past few years.

The stock had jumped 40 per cent since it was spun out of Reliance Group last year. Jio Financial and BlackRock’s second joint venture aims to tap into India’s increasingly lucrative wealth business and on the growing tribe of retail investors as the country’s benchmark stock indices hovering near record highs.

The duo had launched an asset management venture last year.

-With inputs from Reuters