Shares of Jio Financial Services were down on Monday despite the Reliance Group firm inking a major deal with a US-based firm.
What Happened: Jio Financial Services announced on September 8 that it has partnered with BlackRock Advisors Singapore to establish a new investment advisory company, Jio BlackRock Investment Advisers.
The joint venture was officially incorporated on September 6 and will focus on providing investment advisory services, pending regulatory approvals.
In a stock exchange filing, Jio Financial said it will invest ₹3 crore for the initial subscription of 30 lakh equity shares, each priced at ₹10, in the new business. The company has not yet released details of its business plan for the new venture.
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The Ministry of Corporate Affairs issued the Certificate of Incorporation for Jio BlackRock Investment Advisers on September 7, 2024.
Ongoing Partnership: Jio Financial, which was spun off from Reliance Industries under the leadership of Chairman Mukesh Ambani, had previously revealed plans for a joint venture with BlackRock aimed at entering the wealth management and broking sectors in India.
Last month, Jio Financial also said that its non-banking financial company (NBFC) arm, Jio Finance, was in the final stages of launching home loans, currently undergoing beta testing. The company plans to roll out additional services, including loans against property and loans secured by investments.
Price Action: Jio Financial Services’ share price was down 0.64% at ₹334.70 amid broader weakness in the market in early trade on Monday.
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