(Reuters) -Jio BlackRock Investment Advisers (JBIAPL) has received approval from India's markets regulator to operate as an investment adviser, according to its parent company, Jio Financial Services .

JBIAPL is a 50:50 joint venture of the billionaire Mukesh Ambani-led Reliance Industries with Blackrock ( BLK ), the world's largest asset manager.

Earlier this year, both entities invested 665 million rupees ($7.78 million) into the joint venture, bringing their total investment to 845 million rupees.

The approval adds to Jio-BlackRock's growing financial services footprint in India.

Jio BlackRock has also recently received approval from the Securities and Exchange Board of India to launch its mutual fund business in the country.

Jio Financial Services' shares closed 0.05% lower on Wednesday.

($1 = 85.5020 Indian rupees)