Mukesh Ambani to soon enter mutual fund business, Rs 2400 crore partnership to…

Mukesh Ambani’s Jio Financial Services has applied for mutual fund licence in partnership with BlackRock. As per a report by PTI, the mutual fund licence application by Jio Financial Services and BlackRock is currently under consideration by Securities and Exchange Board of India (SEBI). For those who are unaware, Mukesh Ambani led India’s most valuable company Reliance Industries with Rs 1759000 crore carved out by Jio Financial Services and it got listed in August this year to cater the insurance segment with presence in life, health and general categories. The new subsidiary of Mukesh Ambani entered into a 50:50 joint venture with BlackRock last year with Rs 1200 crore investment from each to enter the asset management business in India.

The report by PTI suggests that Mukesh Ambani backed mutual fund may utilise a digital-first approach to democratise the Rs 50 lakh crore mutual fund industry. As of 2022, BlackRock boasts assets totalling 8.2 trillion dollars, according to publicly available data.

Apart from this, Jio Financial Services is in the process of getting its credit rating and other necessary approvals. Recently, the Reserve Bank of India (RBI) granted approval to Isha Mukesh Ambani, Anshuman Thakur and Hitesh Kumar Sethia as directors of the company. During the AGM, Mukesh Ambani said that Reliance Industries had capitalised Jio Financial Services with a net worth of Rs 1,20,000 crore to create one of the world's highest capitalised financial service platforms on inception.