NBFC Jio Financial Services Limited (JFSL) and its joint venture partner BlackRock have invested Rs 117 crore in the mutual fund company. JFSL and US-based BlackRock have bought 5.85 crore equity shares of Jio BlackRock Asset Management Pvt Ltd worth Rs 10 each, the company said in a regulatory filing. The total value of this purchase is Rs 117 crore and shares have been allotted.
Jio BlackRock Asset Management Private Limited is a 50:50 joint venture between JFSL and BlackRock. Jio BlackRock Asset Management Pvt Ltd submitted an application to capital markets regulator SEBI for approval. JFSL and BlackRock have made an initial investment of Rs 82.5 crore in the joint venture. Jio Financial Services is the financial services arm of Reliance Industries Limited. It was listed in the stock exchanges in August 2023.
Jio Blackrock Broking Pvt Ltd launched
JFSL’s another joint venture subsidiary Jio BlackRock Investment Advisors Pvt Ltd has informed that it has incorporated a wholly owned subsidiary named ‘Jio BlackRock Broking Pvt Ltd’ on January 20, 2025 to pursue broking business . However, regulatory approval is yet to be taken on this.
Jio Financial’s profit flat in December quarter
Jio Financial Services’ net consolidated profit during the October-December 2024 quarter remained flat on an annual basis at Rs 294.78 crore. A year ago, the company’s net profit was Rs 293.82 crore. The company’s consolidated revenue from operations during the December 2024 quarter stood at Rs 438.35 crore, an increase of about 6 percent from a year ago. It was Rs 413.61 crore in the December 2023 quarter.
Jio Financial Services’ expenses on a consolidated basis in the December 2024 quarter increased 32 percent year-on-year to Rs 130.75 crore from Rs 98.95 crore a year ago. The company’s interest income declined by nearly 22 per cent to Rs 210.07 crore from Rs 269.08 crore in the December 2023 quarter. The company’s total income stood at Rs 448.89 crore in the December 2024 quarter, which was Rs 414.33 crore a year ago.