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BENGALURU (Reuters) – U.S.-based Jio Financial and BlackRock have obtained in-principle approval from India’s markets regulator to act as co-sponsors and set up a mutual fund business in the country, a announced the Reliance Group company led by Mukesh Ambani on Friday.
Jio Financial said the Securities and Exchange Board of India would grant final approval once the two companies meet certain requirements, on which it did not give details.
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Days after its spin-off from Reliance Industries in July 2023, the company had announced a 50/50 joint venture with BlackRock to launch asset management services in India.
The companies signed a second joint venture in April to establish a wealth management and brokerage business in the country.
(Reporting by Nishit Navin; Editing by Shreya Biswas)
(Only the title and image of this report may have been reworked by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First publication: October 4, 2024 | 10:02 p.m. STI