Mumbai: Jio Financial Services has announced a joint venture with the US-based multinational investment company BlackRock for wealth management and broking operations in India.

According to an exchange filing on Monday, the financial entity backed by the Reliance Group revealed that it has established a 50:50 joint venture aimed at conducting wealth business, including the establishment of a wealth management company followed by the establishment of a brokerage company in India.

Jio Financial Services Ltd, the demerged financial services division of Mukesh Ambani's Reliance, and BlackRock previously announced an agreement in July 2023 to create a 50:50 joint venture, with each party investing $150 million, to enter the asset management sector in India.

"This joint venture further strengthens the Company’s relationship with Blackrock, Inc., with whom the Company had announced a 50:50 joint venture on July 26, 2023 to transform India’s asset management industry through a digital-first offering and democratise access to investment solutions for investors in India," it said.

The entities are also awaiting approval of their mutual funds license from the market regulator, the Securities and Exchange Board of India (SEBI).

Earlier, Rachel Lord, Chair & Head of APAC, BlackRock, said: “India represents an enormously important opportunity. The convergence of rising affluence, favourable demographics, and digital transformation across industries is reshaping the market in incredible ways.

“We are very excited to be partnering with JFS to revolutionise India’s asset management industry and transform financial futures. Jio BlackRock will place the combined strength and scale of both of our companies in the hands of millions of investors in India.”