Mukesh Ambani's company infuses Rs 1170000000 in THIS business with...

Mukesh Ambani, Reliance Industries chairman and richest man in India, has infused a huge amount with joint venture partner US-based BlackRock. Ambani's Jio Financial Services Ltd (JFSL) on Tuesday said the company and BlackRock have infused Rs 117 crore in the mutual fund company.

JFSL and BlackRock each have further subscribed to and have been allotted 5.85 crore equity shares of Rs 10 each of Jio BlackRock Asset Management Private Limited (a 50:50 Joint Venture between the company and BlackRock) aggregating Rs 117 crore, the company said in a regulatory filing.

Jio BlackRock Asset Management Private Ltd submitted an application to SEBI, seeking approval. The two companies have made an initial investment of Rs 82.5 crore each in this entity. Another subsidiary Jio BlackRock Investment Advisers Private Ltd, a joint venture company of the company has informed that it has incorporated a wholly owned subsidiary named ‘Jio BlackRock Broking Private Limited' on January 20, 2025 to carry on the business of broking subject to regulatory approvals.

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Ambani's Jio Financial Services has a market cap of Rs 1.67 lakh crore as of January 22. The share price of the company was closed at Rs 263.30 on Wednesday. During the third quarter, Jio Financial Services Ltd's consolidated profit remained flat at Rs 295 crore as compared to Rs 294 crore in the same quarter of the previous fiscal. Total income increased to Rs 449 crore, from Rs 414 crore in the third quarter of the previous fiscal. Total expenses rose to Rs 131 crore compared to Rs 99 crore in the same quarter a year ago.

(With inputs from PTI)