Jio Financial Services has gained approval from the Ministry of Finance to increase its foreign investment cap to 49% of its total equity.
This strategic move aims to attract substantial foreign capital, enhancing the company's growth potential. The decision follows shareholder consent earlier in May 2024. For the quarter ending March 2024, Jio Financial reported a 6% rise in consolidated net profit, reaching Rs 311 crore. Additionally, Jio's partnership with BlackRock, Inc. to launch a wealth management and broking business signals a significant step in expanding its presence in India's financial sector.