Jio Financial Services Ltd (JFSL) and its joint venture partner US-based BlackRock have infused Rs 117 crore in the mutual fund company.
Jio Financial Services Ltd (JFSL) and US-based BlackRock have each invested Rs 117 crore into their joint venture, Jio BlackRock Asset Management. This partnership aims to strengthen their presence in India’s mutual fund market.
According to a regulatory filing, JFSL and BlackRock subscribed to and were allotted 5.85 crore equity shares each, valued at Rs 10 per share, totaling Rs 117 crore per entity. This joint venture operates as a 50:50 partnership under the name Jio BlackRock Asset Management Private Limited.
Both companies have also applied for regulatory approval from the Securities and Exchange Board of India (SEBI) to commence their operations in the mutual fund industry.
Mukesh Ambani’s Smart Move
In a strategic move to expand its offerings, a subsidiary of JFSL has incorporated Jio BlackRock Broking Private Limited, marking its entry into broking operations.
Meanwhile, JFSL reported stable financial performance for Q3, with a consolidated profit of ₹295 crore, reflecting its steady growth trajectory.
This collaboration between JFSL and BlackRock underscores their commitment to reshaping the asset management landscape in India, leveraging their combined expertise to offer innovative financial solutions.
Jio BlackRock Asset Management Private Ltd submitted an application to SEBI, seeking approval. JFSL and BlackRock have made an initial investment of Rs 82.5 crore each in this entity.
Jio BlackRock Entry In Broking Business
Another subsidiary, Jio BlackRock Investment Advisers Private Ltd, a Joint Venture company of the company has informed that it has incorporated a wholly owned subsidiary named ‘Jio BlackRock Broking Private Limited’ on January 20, 2025 to carry on the business of broking subject to regulatory approvals.
Jio Financial Services Q3 Results
During the third quarter, Jio Financial Services Ltd’s consolidated profit remained flat at Rs 295 crore as compared to Rs 294 crore in the same quarter of the previous fiscal. Total income increased to Rs 449 crore, from Rs 414 crore in the third quarter of the previous fiscal. Total expenses rose to Rs 131 crore compared to Rs 99 crore in the same quarter a year ago.
Jio Financial Services reported a consolidated net profit of Rs 295 crore for the quarter ended December 31, 2024, which was flat compared to Rs 294 crore posted in the year-ago period.
The Mukesh Ambani-promoted company reported total revenue of Rs 438 crore in Q3FY25, marking a 6% increase from Rs 414 crore posted in the corresponding quarter of the previous financial year.
The assets under management (AUM) stood at Rs 4,199 crore as of December 31, 2024, compared to Rs 1,206 crore in Q2FY25.
(With Inputs from PTI)
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