Jio

“Expanding India’s Wealth Management and Stock Broking Market: Jio Financial and BlackRock Join Forces”

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Jio Financial and BlackRock to tap India’s wealth management and stock broking marketJio Financial Services, part of the Indian conglomerate Reliance, is forming a joint venture with U.S. asset manager BlackRock to set up a wealth management and stock broking business in India, the two firms said Monday. The announcement follows BlackRock and Jio Financial launching a joint venture last year to offer asset management services in India. The two companies plan to invest $150 million each in the joint venture, they said last year. The expansion of BlackRock and Jio Financial’s partnership underscores Reliance’s growing ambitions in the financial services sector. Since its public debut in August, Jio Financial Services has already expanded to insurance and lending businesses.

Bank of America Increases Jio Platforms’ Valuation to Over $100 Billion with Help from Meta and Google

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The valuation reassessment comes at a time when Reliance is expected to undertake initial public offerings for both Jio Platforms and Reliance Retail. In 2020, Jio Platforms raised over $20 billion from a series of investments by companies like Meta, Google, Silver Lake, Vista Equity Partners and others. Reliance Retail, which raised about $7 billion in 2020, recently raised about $1.85 billion at $100 billion valuation. The investment bank also expects the Indian telecom industry to hike tariff in the second half of the year, it said. “On enterprise business we see three areas where Jio Platforms could capitalize on: government contracts, SMEs and corporates (by offering VAS),” BofA added.

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