The investment is a related party transaction and the company said that it is on an arm’s length basis as none of the company’s promoter / promoter group / other group companies have any interest in the above investment.
In April last year, Jio Financial Services signed an agreement with BlackRock Inc. and BlackRock Advisors Singapore Pte. Ltd. to form a 50:50 joint venture between the Jio and Blackrock to start its wealth management and broking business.
The JV agreement also includes incorporation of a wealth management company and subsequent incorporation of a brokerage company in India.
“This joint venture further strengthens the company’s relationship with Blackrock, Inc., with whom it had announced a 50:50 joint venture on July 26, 2023 to transform India’s asset management industry through a digital-first offering and democratise access to investment solutions for investors in India,” the company filing had then said.
Shares of Jio Financial shares ended at Rs 230.64 on the NSE, gaining by Rs 0.86 or 0.37% over the Wednesday closing price.Jio Financial shares are market laggards and have fallen by 35% in the past one year. In 2025, so far, the decline has beenm to the tune of 24%.The company had reported a consolidated net profit of Rs 295 crore for the quarter ended December 31, 2024, which was flat versus Rs 294 crore posted in the year-ago period. The Mukesh Ambani promoted company reported total revenue at Rs 438 in Q3FY25, witnessing a 6% gain over Rs 414 crore posted in the corresponding quarter of the previous financial year.
However, the net profit fell 57% QoQ versus Rs 689 crore posted in Q2FY25 on a 37% sequential revenue decline. The company had posted Rs 693 crore in revenue in the July-September quarter.
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