Now Ambani will give financial advisory, Jio Finance formed JV with BlackRock

Mukesh Ambani’s financial services provider company Jio Financial Services is now going to provide financial advisory services. For this, Ambani’s company has formed a joint venture with BlackRock Advisors Singapore Private Limited. The JV has been named Jio BlackRock Investment Advisers Private Limited.

Joint venture formed on 6 September

Jio Financial Services informed the stock markets about the JV in a regulatory filing on 8 September. The company said that this JV was formed on 6 September 2024 in collaboration with Singapore’s BlackRock. The main business of the joint venture will be to provide investment advisory services, which is yet to get regulatory approvals.

Incorporation certificate received from the government

Jio Financial said that it will invest Rs 3 crore on the initial subscription of 30 lakh shares at a face value of Rs 10 per equity share. Reliance’s NBFC company also told the stock market that it received the incorporation certification from the Ministry of Corporate Affairs on September 7 for the joint venture.

This is the price of one share of Jio Finance right now

Jio Financial Services was recently separated from Reliance Industries and made a standalone finance company. After that demerger, the shares of Jio Financial have been listed separately on the market and are trading. On Friday, the share of Jio Financial Services fell 2.45 percent to close at Rs 336.90.

Approval to increase FDI was received last month

Ambani’s NBFC received approval from the government last month to increase the FDI limit. The Department of Economic Affairs of the Finance Ministry had approved the company to increase the limit of foreign direct investment on a fully diluted basis to 49 percent of the paid-up equity share capital.

Also read: Foreign investment can be taken up to 49%, Mukesh Ambani’s finance company gets approval from the government