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Global investment management firm BlackRock has teamed up with Jio Financial Services (JFS) to create an equal partnership joint venture named “Jio BlackRock.”
The two companies plan to invest US$150 million each in the joint venture.
“Jio BlackRock will be a truly transformational, customer-centric, and digital-first enterprise with the vision to democratize access to financial investment solutions and deliver financial well-being to the doorstep of every Indian,” said Hitesh Sethia, president and CEO of JFS.
Earlier this week, Mukesh Ambani-led Reliance Industries changed the name of its wholly-owned subsidiary, Reliance Strategic Investments, to JFS.
Alongside this name change, the firm also transferred US$1.9 billion of cash and liquid investments to the newly renamed entity. JFS now holds a liquid asset base of US$2.5 billion.
Jio BlackRock is to gain from BlackRock’s expertise in investment and risk management, as well as its tech prowess, market access, and operational capabilities. Meanwhile, JFS brings local market insights, digital infrastructure, and robust execution capabilities to the table.
“India represents an enormously important opportunity. The convergence of rising affluence, favorable demographics, and digital transformation across industries is reshaping the market in incredible ways,” says Rachel Lord, chairperson of BlackRock’s Asia-Pacific operations.
See also: YC shrinks cohorts, sees less SEA, India investments
Editing by Patrick Arya and Jaclyn Tiu
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