Jio Financial Services and BlackRock Incorporate Two Companies for Joint Venture in Asset Management

Jio Financial Services Ltd. and BlackRock have incorporated two companies, 'Jio BlackRock Asset Management Private Limited' and 'Jio BlackRock Trustee Private Limited', to enter India's asset management industry. The companies, which will carry on the primary business of mutual fund, have received initial subscriptions of INR 82.50 crore and INR 40 lakh respectively. The investments do not fall under related party transactions and the promoter, promoter group, and group companies are not interested in the above investments. The joint venture companies have been incorporated pursuant to the in-principle approval received by the Company and BlackRock Financial Management Inc. to act as co-sponsors and set up the proposed mutual fund.