Shares of Jio Financial Services Ltd rallied 5% on 16 April after the company announced signing an equal joint venture agreement with BlackRock.

In its regulatory filing, the Reliance Group-backed financial company said that they have signed a 50:50 joint venture with US-based BlackRock Inc. with a total investment of $150 million for undertaking a wealth management business, including the incorporation of a wealth management company and a brokerage company in India.

Earlier in July 2023, Jio announced its plan to sign a joint venture agreement with BlackRock with an aim to revolutionise India’s asset management industry with a digital-first approach.

Rachel Lord, Chair & Head of APAC, BlackRock, said: “India represents an enormously important opportunity. The convergence of rising affluence, favourable demographics, and digital transformation across industries is reshaping the market in incredible ways.”

Rachel Lord added that they are very excited to partner up with Jio Financial Services to revolutionise the country’s asset management industry and transform financial futures.

Since its debut on the exchanges in August 2023, Joi Financial Services’s shares have returned around 64% in the last six months.

At 11:43 am, the shares of Jio Financial Services were trading 2.80% higher at Rs 364.25 on NSE.