Jio Financial joins hands with this powerful firm
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Mukesh Ambani: Jio Financial Services, a Reliance Group company of the country’s richest industrialist Mukesh Ambani, is going to make a big splash in the market. Soon, Jio Financial Services is going to establish its foot in the asset management and broking business. For this, Jio Financial Services has joined hands with the world’s largest asset manager BlackRock. A joint venture with 50:50 partnership has been announced between the two companies. Jio Financial said in a stock exchange filing that it has signed an agreement to form a 50:50 joint venture between the company and BlackRock for the purpose of incorporation of a wealth management company and formation of a brokerage firm in the country. .
What did the company say?
Jio Financial Services said that this joint venture will further strengthen its relationship with BlackRock Inc. American investment company BlackRock is the world’s largest asset management firm. Earlier, Jio Financial Services announced the launch of a 50:50 JV on July 26, 2023 to transform the country’s asset management industry through digital-first offerings and expand access to investment solutions for investors in India. Was.
Share price jumped five percent
A big decline is being seen in the Indian stock market today. Even after this, due to the joining hands of Jio Financial and BlackRock, the company’s share price rose by more than 5% during the intraday session to reach Rs 371.95 per share. However, at 2.10 pm, the company’s share price was trading at Rs 363.80 with a rise of 2.68 percent i.e. Rs 9.50.
Also Read: Tesla is going to do big layoffs, 15 thousand people will be laid off, Elon Musk himself told the reason
BlackRock returns after 5 years
BlackRock had kept distance from the Indian market for almost five years. The company has the experience of handling assets worth about Rs 11 trillion. Now the company will work with Reliance in India. Let us tell you that Reliance Industries had changed the name of its subsidiary Reliance Strategic Investment to Jio Financial Services. Trading in Jio Financial Services shares is going to start soon. A separate pre-opening session was organized in the stock market for the demerger of Reliance.
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