Jio Financial, BlackRock enter into JV for wealth management, broking businesses

"This joint venture further strengthens the company’s relationship with BlackRock, Inc., with whom it 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," the company filing said.

The launch of the wealth management and broking businesses is subject to regulatory and statutory approvals.

The announcement was made after the market closing on Monday. The stock ended at Rs 355.20 on the NSE, down by Rs 17, 4.57%.

The development comes ahead of its March quarter earnings due on Friday, April 19.

The Mukesh Ambani-owned company had reported a 56% sequential fall in consolidated net profit for the quarter ended December 2023 to Rs 294 crore. Consolidated revenue from operations fell nearly 32% from the previous quarter to Rs 413.61 crore.

Total expenses for the December quarter were Rs 98.95 crore compared with Rs 71.43 crore in the September quarter.

The total tax outgo for the quarter was Rs 88 crore compared to Rs 86.3 crore in the preceding quarter.

The consolidated earnings of Jio Financial include that of its subsidiaries, associates, and joint ventures. These are Jio Finance, Jio Payment Solutions, Reliance Industrial Investments and Holdings, Jio Insurance Broking, Jio Infrastructure Management Services, Jio Information Aggregator Services, Reliance Services and Holdings, Petroleum Trust, and JV firm Jio Payments Bank.

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