Jio Financial Services said on Monday that it had entered into a new joint venture (JV) with U.S.-based BlackRock Inc to set up a wealth management and broking business in India less than a year after launching an asset management venture.

Jio Financial Service, part of billionaire Mukesh Ambani led Reliance Group, said the JV aims to tap into India's increasingly lucrative wealth business and will include the incorporation of a wealth management firm and, subsequently, incorporation of a brokerage company.

India's wealth managers look after $1-1.2 trillion of financial assets owned by the country's high net-worth individuals, as per a recent Jefferies report.

Last June, the companies formed a 50:50 joint venture to launch asset management services in India and had pledged an initial investment of $150 million each.

(Reporting by Sethuraman NR and Indranil Sarkar in Bengaluru; Editing by Tasim Zahid)