Jio Financial Services Ltd, the financial services entity of Mukesh Ambani-led Reliance Industries Ltd, has secured an in-principle approval from the Securities and Exchange Board of India (SEBI) to establish a mutual fund business in partnership with BlackRock Financial Management.

• BlackRock, the world’s largest asset manager, oversees over $10 trillion in assets.
• Jio Financial Services announced the formation of a 50:50 joint venture with BlackRock to launch asset management services in India.
• The companies signed a second joint venture in April to set up a wealth management and broking business in the country.