The JV entity would undertake wealth business including incorporation of a wealth management company and subsequent incorporation of a brokerage company in India.

In July last year, JioFin had announced the formation of a 50:50 joint venture with Blackrock for transforming 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,” JioFin said in a statement.

Jio Financial Services is a non-banking financial company registered with the Reserve Bank of India and engaged in business of finance, trading in futures and options, trading / investments in shares and securities.

The company reported 56.03% decline in consolidated net profit to Rs 293.82 crore in Q3 FY24, as compared with Rs 668.18 crore in Q2 FY24. Total income fell 31.86% to Rs 414.33 crore from Rs 608.04 crore posted in the previous quarter same fiscal.