Jio 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 the two firms launching a joint venture last year to offer asset management services in India.
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 also expanded to insurance and lending businesses.
This is a developing story. Check back for updates.