Jio Financial Services Limited, BlackRock, Inc. and BlackRock Advisors Singapore Pte. Ltd. have signed an agreement to form a 50:50 joint venture between the Company and Blackrock, for the purpose of undertaking wealth business including incorporation of a wealth management company and subsequent incorporation of a brokerage company in India. This joint venture further strengthens the Company's relationship with Blackrock, Inc., with whom the Company had announced a 50:50 joint venture on July 26, 2023 to transform India's asset management industry through a digital-first offering and democratise access to investment solutions for investors in India.

The launch of the wealth management and broking business is subject to regulatory and statutory approvals.