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Mukesh Ambani led Jio Financial Services and US asset management giant BlackRock have received go ahead from the Ministry of Corporate Affairs to incorporate – Jio BlackRock Asset Management Company and Jio BlackRock Trustee Private Limited.
In a regulatory filing, Jio Financial Services said, “We would like to inform that two companies, “Jio BlackRock Asset Management Private Limited” and “Jio BlackRock Trustee Private Limited” have been incorporated on October 28, 2024, to carry on, inter alia, the primary business of mutual fund, subject to regulatory approvals.”
The AMC invested Rs.82.50 crore to acquire 50% stake or 8.25 crore equity shares while the trustee company held 40 lakh shares at face value of Rs.10 each aggregating 40 lakh or 50% stake.
Earlier this month, SEBI granted in-principle approval to Jio BlackRock Mutual Fund to launch a mutual fund business in India.
