Shares of Jio Financial Services Ltd were trading 2% higher on 4 January after the company filed papers with the Securities and Exchange Board of India (SEBI) to launch a mutual fund (MF) business in India.

The launch of the Jio Financial Services-BlackRock Asset Management company is being closely monitored, and this 50:50 joint venture (JV) marks BlackRock’s return to the Indian market after it exited in 2018.

Through the strategic partnership with BlackRock, the company plans to harness BlackRock’s extensive proficiency in investment and risk management, coupled with the company’s technological capabilities and profound market expertise will propel the digital delivery of financial products.

JFS president and CEO Hitesh Sethia said, “This is an exciting partnership between JFS and BlackRock, one of the largest and most respected asset management companies globally. The partnership will leverage BlackRock’s deep expertise in investment and risk management along with the technology capability and deep market expertise of JFS to drive the digital delivery of products.”

The JV aims to revolutionise India’s asset management industry by providing affordable and innovative investment solutions to millions of Investors through a digital-first approach. The mutual fund industry in India is very competitive and has 45 players.

At 12:00 pm, the shares of Jio Financial Services were trading 2.60% higher at Rs 240.60 on NSE.