Jio Financial Services and BlackRock incorporate AMCs to undertake mutual funds business | Company Business News-OxBig News Network

Jio Financial Services and BlackRock Inc. on Tuesday announced the incorporation of two joint venture companies to undertake the mutual fund business. The two companies incorporated are Jio BlackRock Asset Management Private Limited and Jio BlackRock Trustee Private Limited.

“…two companies, “Jio BlackRock Asset Management Private Limited” and “Jio BlackRock Trustee Private Limited” have been incorporated on October 28, 2024, to carry on, inter alia, the primary business of mutual fund, subject to regulatory approvals,” Jio Financial Services said in a regulatory filing.

Jio Financial Services has invested ₹82.50 crore for 8.25 crore equity shares, or 50% stake, in Jio BlackRock Asset Management and ₹40 lakh for 4 lakh shares, or 50% stake, in Jio BlackRock Trustee.

These joint venture companies are incorporated pursuant to the in-principle approval received by Jio Financial Services and BlackRock Financial Management Inc. to act as co-sponsors and set up the proposed mutual fund.

The companies will focus on mutual fund operations subject to regulatory approvals, and have received their incorporation certificates from the Ministry of Corporate Affairs on October 28.

At 11:50 AM, Jio Financial Services shares were trading 0.63% lower at ₹314.75 apiece on the BSE.