Jio Financial Services and BlackRock Inc. on Tuesday announced the incorporation of two joint venture companies—Jio BlackRock Asset Management Private Limited and Jio BlackRock Trustee Private Limited.
The move comes after in-principle approvals received by both companies to enter India’s mutual fund industry.
Jio Financial has invested Rs 82.9 crore for a 50 per cent stake in both companies, that is Rs 82.5 crore for Jio BlackRock Asset Management and Rs 40 lakh for Jio BlackRock Trustee.
The companies, receiving their incorporation certificates from the Ministry of Corporate Affairs on October 28, will focus on mutual fund operations subject to regulatory approvals.
( More to come)
The move comes after in-principle approvals received by both companies to enter India’s mutual fund industry.
Jio Financial has invested Rs 82.9 crore for a 50 per cent stake in both companies, that is Rs 82.5 crore for Jio BlackRock Asset Management and Rs 40 lakh for Jio BlackRock Trustee.
The companies, receiving their incorporation certificates from the Ministry of Corporate Affairs on October 28, will focus on mutual fund operations subject to regulatory approvals.
( More to come)
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