MUMBAI (Reuters) – India’s Jio Financial Services has entered into a joint venture with U.S.-based BlackRock Inc to set up a wealth management and broking business, the companies said on Monday.
Jio Financial Services, part of billionaire Mukesh Ambani led-Reliance Group, and BlackRock formed a 50:50 joint venture to launch asset management services in India in July 2023.
The two companies had planned an initial investment of $150 million each in the joint venture.
(This story has been refiled to correct the syntax in the headline)
(Reporting by Sethuraman NR and Indranil Sakar in Bengaluru; Editing by Tasim Zahid)
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