New Delhi, Jio Financial Services on Tuesday said its joint venture with BlackRock is making "good progress" with the recruitment of leadership team and infrastructure, as the company awaits regulatory approval for the launch of its asset management business. Is.
Jio Financial Services Ltd, the separate financial services arm of billionaire Mukesh Ambani's Reliance, and BlackRock have signed an agreement to form a 50:50 joint venture with an investment of USD 150 million to enter the asset management business in India in July 2023. Announced.
On October 19, 2023, Jio Financial and BlackRock Financial Management Inc. filed papers with market regulator SEBI to launch mutual fund business.
As of March 2024, the application was under process for in-principle approval from SEBI.
“The operation of the joint venture with BlackRock, which we announced in July 2023, is progressing well, including system infrastructure and people recruitment, including leadership tea recruitment,” Jio Fin said in its earnings call.,
Last week, Jio Financial had announced that the scope of its joint venture with BlackRock has now been expanded to include wealth management and broking business.
"The launch of these additional business lines is subject to regulatory and statutory approvals," Jio Financial Services said.
It further added that NBFC Jio Finance Limited is well positioned to take advantage of the loan market opportunity by adopting a digital-first business model to cater to consumers and businesses.
The portfolio is being constructed keeping in mind the customer risk profile and business dynamics.
Jio Financial Services said, “In the last quarter, it has launched supply chain financing solutions for businesses.Products including mutual funds, home loans and loan against property are in our pipeline.”
Last week, Jio Financial Services Ltd reported 6 per cent rise in consolidated net profit at Rs 311 crore for the quarter ended March 2024 due to improvement in earnings. It had made a profit of Rs 294 crore in the December quarter.
Revenue in the March quarter increased marginally to Rs 418 crore from Rs 41 crore in the December quarter.
On an annual basis, the company's consolidated net profit grew multi-fold to Rs 1,605 crore in FY2014 from Rs 31 crore in the previous fiscal.Shares of Jio Financial Services closed 1.36 per cent higher at Rs 387.9 on BSE.
Jio Financial Services Ltd, the separate financial services arm of billionaire Mukesh Ambani's Reliance, and BlackRock have signed an agreement to form a 50:50 joint venture with an investment of USD 150 million to enter the asset management business in India in July 2023. Announced.
On October 19, 2023, Jio Financial and BlackRock Financial Management Inc. filed papers with market regulator SEBI to launch mutual fund business.
As of March 2024, the application was under process for in-principle approval from SEBI.
“The operation of the joint venture with BlackRock, which we announced in July 2023, is progressing well, including system infrastructure and people recruitment, including leadership tea recruitment,” Jio Fin said in its earnings call.,
Last week, Jio Financial had announced that the scope of its joint venture with BlackRock has now been expanded to include wealth management and broking business.
"The launch of these additional business lines is subject to regulatory and statutory approvals," Jio Financial Services said.
It further added that NBFC Jio Finance Limited is well positioned to take advantage of the loan market opportunity by adopting a digital-first business model to cater to consumers and businesses.
The portfolio is being constructed keeping in mind the customer risk profile and business dynamics.
Jio Financial Services said, “In the last quarter, it has launched supply chain financing solutions for businesses.Products including mutual funds, home loans and loan against property are in our pipeline.”
Last week, Jio Financial Services Ltd reported 6 per cent rise in consolidated net profit at Rs 311 crore for the quarter ended March 2024 due to improvement in earnings. It had made a profit of Rs 294 crore in the December quarter.
Revenue in the March quarter increased marginally to Rs 418 crore from Rs 41 crore in the December quarter.
On an annual basis, the company's consolidated net profit grew multi-fold to Rs 1,605 crore in FY2014 from Rs 31 crore in the previous fiscal.Shares of Jio Financial Services closed 1.36 per cent higher at Rs 387.9 on BSE.
