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Jio Financial forms joint venture with BlackRock to provide wealth management and brokerage services in India

Jio Financial Services, a unit of India’s Reliance Group, is forming a joint venture with U.S. asset manager BlackRock to launch wealth management and stock broking businesses in India, the companies said on Monday.

This comes after BlackRock and Jio Financial formed a joint venture last year to provide asset management services in India. The two companies said last year they planned to invest $150 million each in the joint venture.

The expansion of BlackRock and Jio Financial’s partnership highlights Reliance’s growing ambitions in financial services. Since its public debut in August, Jio Financial Services has expanded into insurance and lending.

This is a development story. Please check back for updates.

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