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Jio, BlackRock JV sets up stock broking unit; invests Rs 117 crore in mutual fund unit
24 Jan 2025, 03:16 PMThe JV’s wholly owned subsidiary will be called 'Jio BlackRock Broking' -- which will undertake the business of broking.
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Jio BlackRock Investment Advisers, a joint venture between Jio Financial Services and global asset manager BlackRock, has set up a new unit for broking operations.
The JV’s wholly owned subsidiary will be called 'Jio BlackRock Broking' -- which will undertake the business of broking subject to regulatory approvals, the company said in an exchange filing.
Reliance Industries-led Jio and BlackRock have set up JVs in the mutual fund and wealth management spaces. In October, the mutual fund JV received in-principle approval from Sebi.
Jio Financial Services and BlackRock also infused Rs 117 crore into the mutual fund business.
In the exchange filing on Wednesday, Jio Financial said, "The company and BlackRock have each, today, further subscribed to and have been allotted 5.85 crore equity shares of Rs 10/- each of Jio BlackRock Asset Management Private Limited (a 50:50 Joint Venture between the company and BlackRock), for cash at par, aggregating Rs 117.00 crore."
JFSL and BlackRock had initially invested Rs 82.5 crore each in this entity.
Jio Financial Services' consolidated net profit remained flat at Rs 295 crore in the third quarter ending December 2024, compared to Rs 294 crore in the corresponding period last fiscal. Total income stood at Rs 449 crore in the reporting quarter, up from Rs 414 crore in Q3 FY24. Total expenses increased to Rs 131 crore against Rs 99 crore in the year-ago period.
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