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.

The firm said that it would act as co-sponsors with BlackRock and establish the proposed mutual fund after it received an in-principle approval from SEBI

Mukesh Ambani’s Reliance Industries is expanding with Jio Financial Services venturing into the mutual fund market after its demerger. Following a joint venture with BlackRock, SEBI has granted in-principle approval for the initiative.