Skip to content
Market Spectator

Market Spectator

Primary Menu
  • Business
  • Domestic
  • Economy
  • Politics
  • Top News
  • Newsletters
Live
  • Home
  • 2024
  • April
  • 15
  • BlackRock doubles down on India bet, signs new JV with Ambani’s Jio Financial
  • Business

BlackRock doubles down on India bet, signs new JV with Ambani’s Jio Financial

Market Spectator April 15, 2024
FILE PHOTO: People stand next to a logo of Jio

FILE PHOTO: People stand next to a logo of Jio Financial Services ahead of its listing ceremony at the Bombay Stock Exchange in Mumbai

MUMBAI (Reuters) – Jio Financial Services said on Monday that it had entered into a new joint venture (JV) with U.S.-based BlackRock Inc to set up a wealth management and broking business in India less than a year after launching an asset management venture.

Jio Financial Service, part of billionaire Mukesh Ambani-led Reliance Group, said the JV aims to tap into India’s increasingly lucrative wealth business and will include the incorporation of a wealth management firm and, subsequently, a brokerage company.

India’s wealth managers look after $1-1.2 trillion of financial assets owned by high net-worth individuals of the South Asian country, as per a recent Jefferies report.

By setting up the brokerage firm, Jio Financial and BlackRock also hope to cash in on the growing tribe of retail investors in India who have been betting on the country’s benchmark stock indices, which are hovering at record-high levels.

Data from the country’s market regulator, the Securities and Exchange Board of India (SEBI), says trading accounts in India have risen by over 30% to roughly 148 million as of February from the same time last year.

Last June, the two companies had formed a 50:50 joint venture to launch asset management services in India and had pledged an initial investment of $150 million each, with hopes to democratise access to investment solutions for investors in the country.

The firms had applied for an in-principle approval to set up the asset management business with SEBI in Oct, but are still awaiting approval.

BlackRock shares rose 1.7% in early trade on the New York Stock Exchange after Monday’s announcement.

Last year, Jio Financial Services was demerged from Reliance Industries, with the markets ascribing a valuation of nearly $20 billion to the venture, which is still building out its business.

(Reporting by Indranil Sarkar and Jayshree P Upadhyay; Additional reporting by Sethuraman NR ; Editing by Tasim Zahid)

tagreuters.com2024binary_LYNXNPEK3E0HK-VIEWIMAGE

tagreuters.com2024binary_LYNXNPEK3E0HL-VIEWIMAGE

About the Author

Market Spectator

Administrator

View All Posts

Post navigation

Previous: US issues auto dealers over $580 million in advance EV tax rebates this year
Next: Charles Schwab revenue beats estimates on higher asset management fees

Related Stories

2025-01-03T141432Z_1_LYNXMPEL020G8_RTROPTP_4_PERNOD-RICARD-INDIA-RAJASTHAN
  • Business

European drinks group skid after US surgeon general calls for cancer warnings

Market Spectator January 3, 2025
2024-12-11T214504Z_1_LYNXMPEKBA10D_RTROPTP_4_REUTERS-NEXT-GOLDMAN-SACHS-CEO
  • Business

AI a productivity boost to banks but making money from it is a challenge

Market Spectator December 11, 2024
2024-12-11T212535Z_1_LYNXMPEKBA102_RTROPTP_4_ADOBE-RESULTS
  • Business

Adobe forecasts fiscal 2025 revenue below estimates on slower subscription spending

Market Spectator December 11, 2024

Live Market Pulse

The charting technology is provided by TradingView. Learn how to use theTradingView Stock Screener.

Categories

  • Business
  • Domestic
  • Economy
  • Politics
  • Top News
  • Uncategorized

Recent Posts

  • European drinks group skid after US surgeon general calls for cancer warnings
  • AI a productivity boost to banks but making money from it is a challenge
  • Adobe forecasts fiscal 2025 revenue below estimates on slower subscription spending
  • Microsoft expects $800 million impairment charge in Q2 2025 over General Motors’ Cruise exit
  • Stunning rally in Big Tech drives Nasdaq to 20,000

You may have missed

2025-01-03T141432Z_1_LYNXMPEL020G8_RTROPTP_4_PERNOD-RICARD-INDIA-RAJASTHAN
  • Business

European drinks group skid after US surgeon general calls for cancer warnings

Market Spectator January 3, 2025
2024-12-11T214504Z_1_LYNXMPEKBA10D_RTROPTP_4_REUTERS-NEXT-GOLDMAN-SACHS-CEO
  • Business

AI a productivity boost to banks but making money from it is a challenge

Market Spectator December 11, 2024
2024-12-11T212535Z_1_LYNXMPEKBA102_RTROPTP_4_ADOBE-RESULTS
  • Business

Adobe forecasts fiscal 2025 revenue below estimates on slower subscription spending

Market Spectator December 11, 2024
2024-12-11T213952Z_1_LYNXMPEKBA109_RTROPTP_4_TECH-ANTIRUST-MICROSOFT
  • Business

Microsoft expects $800 million impairment charge in Q2 2025 over General Motors’ Cruise exit

Market Spectator December 11, 2024
  • Home
  • Terms of Service
  • Privacy Policy
  • Disclaimer
  • Contact Us
Copyright 2025 © All rights reserved | Market Spectator | marketspectator.com