The Department of Economic Affairs, Ministry of Finance, has given Jio Financial Services Ltd. permission to raise its foreign investment cap to 49% of its total equity on a fully diluted basis, the company said on Saturday. More participation from foreign investors, including Foreign Portfolio Investors (FPIs), will be made possible by this approval.
The Mukesh Ambani-owned business requested shareholder approval earlier in May 2024 to allow foreign investments up to a 49 percent threshold. This action is viewed as a calculated attempt to increase the company’s growth prospects and attract significant foreign investment.
Jio Financial Services announced a 6% increase in consolidated net profit for the quarter ending in March 2024, coming in at Rs 311 crore as opposed to Rs 294 crore in the December quarter. Consolidated operating revenue, which was Rs 418 crore this quarter as opposed to Rs 414 crore the previous quarter, stayed constant.
Jio Financial Services and BlackRock, Inc. announced their partnership in April to launch a wealth management and broking enterprise. Through the provision of digitally-first investment solutions and increased accessibility for Indian investors, this joint venture seeks to revolutionise the asset management industry in India.
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