Updated April 16th, 2024 at 10:09 IST

Jio Financial soars 5% on BlackRock Wealth Management JV

Jio Financial, spun off from Reliance Industries in 2023, has witnessed a share price jump of 40% since its debut.

Reported by: Business Desk
Jio Financial BlackRock JV | Image:Republic

Jio Fin-BlackRock JV: Jio Financial Services' stock price surged after announcing a new joint venture with investment giant BlackRock to establish a wealth management and broking business in India.

Jio Financial's share price rose as much as 5 per cent on Tuesday to an intraday high of Rs 371.95 apiece on the National Stock Exchange (NSE). This comes on the heels of the company's partnership with BlackRock, aiming to capitalise on India's growing wealth management sector and the increasing number of retail investors.

The joint venture builds upon their existing collaboration, which launched an asset management venture in India last year. Jio Financial, spun off from Reliance Industries in 2023, has witnessed a share price jump of 40 per cent since its debut.


BlackRock's partnership with Jio Financial signifies their continued commitment to the Indian market. This new venture taps into the lucrative wealth management space in India, estimated to hold over $1 trillion in assets.

Jio Financial's growth potential

The company targets both high-net-worth individuals and the growing population of retail investors in India. This strategy capitalises on the country's booming stock market, with benchmark indices hovering near record highs.

While Jio Financial enjoys a significant rise in its share price (52 per cent YTD), regulatory approval for its asset management venture with BlackRock is still pending. Nevertheless, this new partnership highlights Jio Financial's potential to become a major player in India's wealth management landscape.


Published April 16th, 2024 at 10:09 IST