Jio Financial Services, receiving approval from the Department of Economic Affairs, Ministry of Finance to increase the foreign investment limit in the company to 49% of the total equity

In Short: Mukesh Ambani’s Jio Financial Services has secured approval from the Ministry of Finance’s Department of Economic Affairs to increase foreign investment cap to 49% of total stock, partnering with BlackRock, Inc. for a wealth management and broking venture.

Eleborated: Jio Financial Services has received permission from the Ministry of Finance’s Department of Economic Affairs to raise the cap on foreign investment to 49% of total stock. In May 2024, the firm requested approval from shareholders to allow foreign investments, including foreign preferred stocks (FPIs), up to 49% of equity. The financial results for Jio Financial Services’ quarter ending in March 2024 are also included in the document, along with the company’s collaboration with BlackRock, Inc. to introduce a wealth management and broking venture.

What was the foreign investment limit that Jio Financial Services sought to increase to?

Jio Financial Services sought to increase the foreign investment limit to 49% of the total equity.

What was Jio Financial Services’ financial performance for the quarter ending March 2024?

Jio Financial Services reported a 6% sequential improvement in overall net profit for the quarter ending March 2024, from ₹294 crore to ₹311 crore. Consolidated operating revenue, however, was steady at ₹418 crore.- Jio Financial announced in April 2024 that it would be launching its wealth management and broking business in collaboration with BlackRock, Inc. The joint venture seeks to increase access for Indian investors and offer digitally first investment solutions.Jio Financial Services reported a 6% sequential improvement in overall net profit for the quarter ending March 2024, from ₹294 crore to ₹311 crore. Consolidated operating revenue, however, was steady at ₹418 crore.

What partnership did Jio Financial Services announce with BlackRock, Inc.?

Jio Financial Services announced a partnership with BlackRock, Inc. to launch their wealth management and broking business. This joint venture aims to provide digital-first investment solutions and broaden access for Indian investors.