Jio Financial Services Launches AIF Investment Manager Subsidiary

• Jio Financial Services (JFS) has incorporated Jio Alternative Investment Manager Ltd, a wholly owned subsidiary.
• The new entity will manage a proposed Alternative Investment Fund (AIF), pending regulatory approvals.
• JFS will invest ₹1 crore in the subsidiary by subscribing to 10,00,000 equity shares.
• The incorporation is not a related party transaction and requires no governmental approvals.
• JFS reported a consolidated profit of ₹269 crore for Q3 FY24, with total income rising to ₹901 crore.

Why It Matters: Jio Financial Services establishes a new subsidiary to manage an Alternative Investment Fund, expanding its financial services.