Jio Financial Services and BlackRock Receive SEBI's Approval for Mutual Fund Co-Sponsorship

Key Takeaways from the Approval

• SEBI permitted the co-sponsorship of a mutual fund to Jio Financial Services and BlackRock.
• Both companies will have to comply with the SEBI requirements, only after which will they receive the final approval.
• This development follows a joint application made in 2023, reflecting both companies' commitment to expand into the mutual fund space.

The final registration approval from SEBI is pending and will be subject to the fulfilment of certain requirements specified in SEBI's letter. The approval follows a joint application submitted by Jio Financial and BlackRock on October 19, 2023, and is part of their strategy to enter the financial services sector through mutual fund offerings.

About Jio Financial Services Limited (JFSL)

Jio Financial Services Limited (JFSL), originally incorporated as Reliance Strategic Investments Private Limited in July 1999 under the Companies Act 1956, was officially renamed and incorporated as JFSL in July 2023. Registered with the RBI as a Non-Banking Financial Company—Non-Deposit Taking Systemically Important (NBFC-ND-SI) entity, JFSL operates as a holding company. Its financial services are delivered through its subsidiaries, including Jio Finance Limited (JFL), Jio Insurance Broking Limited (JIBL), Jio Payment Solutions Limited (JPSL), and its joint venture, Jio Payments Bank Limited (JPBL).

About Blackrock Icn.

BlackRock, Inc. is an American multinational investment management company. Established in 1988, initially the company specialised in risk management and fixed income; it has been the largest asset manager around the world by AUM; as of Dec. 31, 2023, BlackRock had approximately $10 trillion in assets under management. BlackRock is headquartered in New York City, operating 78 offices in 38 countries to serve over 100 countries' clients.

It is best known for its management of the iShares group of exchange-traded funds and ranks as one of the "Big Three" index fund managers along with The Vanguard Group and State Street. Its proprietary Aladdin software is quite widely used for managing investment portfolios and financial risk analysis.

Key Takeaways from the Announcement

• EaseMyTrip resumes Maldives bookings after improved bilateral ties between India and the Maldives.
• Diplomatic fallout in recent years impacted travel, but efforts to mend ties have led to a more favourable travel environment.
• The decision aligns with growing demand for travel to the Maldives among Indian tourists.
• EaseMyTrip aims to provide seamless travel experiences for Indian travellers heading to this popular destination.

Over recent years, India and Maldives have experienced some amount of diplomatic fallout due to political fluctuations in the Maldives. Nevertheless, the initiatives toward reparative ties taken by both countries have allowed for a better travel and tourism atmosphere. This change is seen to pave the way for enhancing the economic, as well as co-cultural, links.

The reopening of travel to the Maldives by EaseMyTrip reflects confidence in the renewed relationship and aims to cater to the growing demand for travel to this popular destination among Indian tourists. The company is committed to providing seamless travel experiences and looks forward to welcoming travellers back to the beautiful islands of the Maldives.

About Easy Trip Planners Limited

EaseMyTrip, publicly listed on NSE and BSE, is one of India’s largest online travel platforms for air ticket bookings, as per the Crisil Report on India’s OTA industry (February 2021). With a CAGR of 47% in profits before tax from FY20-24, it ranks among the fastest-growing internet companies. Bootstrapped and profitable since its inception, EaseMyTrip offers comprehensive travel solutions, including air tickets, hotel stays, holiday packages, rail and bus tickets, along with additional value-added services.

Key Takeaways from the Inauguration

• Shri Satish Chandra Dubey, Hon'ble Minister of State for Coal and Mines, inaugurated the resumption of operations at Hindustan Copper Limited’s (HCL) Surda Mine.
• The reopening of Surda Mine is expected to generate ₹100 crore in annual revenue and create significant employment opportunities, including 1,100 direct and 5,000 indirect jobs.
• HCL plans to increase Surda Mine’s capacity from 0.4 million tonnes per annum (mtpa) to 0.9 mtpa over the next seven years.

In his address, Minister Satish Dubey emphasised that the resumption of Surda Mine operations is a significant step toward achieving self-reliance in copper production in India. The operation is expected to generate employment opportunities, revive the local economy, and contribute approximately ₹100 crore in annual revenue. HCL plans to enhance the mining capacity of Surda Mine from the current level of 0.4 million tonnes per annum (mtpa) to 0.9 mtpa over the next seven years.

The Jharkhand Cabinet recently approved lease extensions for the Kendadih and Rakha mines on September 20, 2024. The reopening of these mines is anticipated this year and is projected to create 2,000 direct jobs and 10,000 indirect jobs for the local population while tripling production at the Indian Copper Complex.

Minister Satish Dubey appreciated the joint efforts of the officials of the Government of Jharkhand and the Central Ministry that facilitated the extension of the Surda Mining Lease, approved by the Jharkhand Cabinet on August 29, 2024, and executed by lease deed on September 26, 2024.

Shri Ghanshyam Sharma, CMD of Hindustan Copper Limited, stated that the resumption of operations at Surda Mine will provide direct employment to around 1,100 individuals and indirect employment to approximately 5,000 locals. He also mentioned that HCL will invest ₹50 crore in mining operations during the fiscal year 202425 to enhance corporate social responsibility (CSR) and welfare activities in surrounding villages.

About Hindustan Copper Limited (HCL)

Incorporated in 1967, Hindustan Copper Limited (HCL) is India's first public sector undertaking (PSU) and the only vertically integrated copper-producing company in the country. HCL was established to take over operations from the National Mineral Development Corporation Ltd. The company is involved in the entire copper production process, from mining and beneficiation to smelting, refining, casting, and converting refined copper into saleable products. As the only Indian PSU engaged in the full spectrum of copper production, HCL plays a critical role in meeting the nation's copper demands.

Key Takeaways from the Share Surge

• A subsidiary of Antony Waste Handling Cell Limited, AG Enviro Infra Projects Private Limited, secured a ₹908 crore contract from Navi Mumbai Municipal Corporation (NMMC) for Door-to-Door Collection and Transportation (C&T) of Municipal Solid Waste (MSW).
• Post this announcement, the share price of the company surged by 5%
• Antony Waste has had a successful 15-year partnership with NMMC, contributing to the city’s top ranking in the Swachh Bharat category.

As per the stock exchange filing, the contract is worth approximately ₹908 crore for the door-to-door collection and transportation of municipal solid waste (MSW) by the Navi Mumbai Municipal Corporation (NMMC). The term of the contract is for a period of 9 years.

This contract marks a significant milestone in AWHCL's ongoing partnership with NMMC, which has spanned over 15 years. The collaboration aims to enhance waste management services in Navi Mumbai, contributing to the city’s cleanliness and sustainability goals.

About Antony Waste Handling Cell Limited

Antony Waste Handling Cell Limited is a leading municipal solid waste management services provider in India. It has a ubiquitous presence, offering comprehensive services under one umbrella: solid waste collection, transportation, processing, and disposal. AWHCL has remained operational for more than two decades and is recognised as a pioneer in this field, with the largest single-location waste processing plant in Asia, located at Kanjurmarg, Mumbai.