BENGALURU (Reuters) – Jio Financial and U.S.-based BlackRock got in-principle approval from India’s markets regulator to act as co-sponsors and set up a mutual fund business in the country, the Mukesh Ambani-led Reliance Group company said on Friday.

Jio Financial said the Securities and Exchange Board of India will grant the final approval after the two companies fulfil certain requirements, on which it did not elaborate.

Days after its demerger from Reliance Industries in July 2023, the company had announced the formation of a 50:50 joint venture with BlackRock to launch asset management services in India.

The companies signed a second joint venture in April to set up a wealth management and broking business in the country.

(Reporting by Nishit Navin; Editing by Shreya Biswas)