For Blackrock, this represents a return to fund management in India after exiting in 2018. “The partnership will leverage BlackRock’s deep expertise in investment and risk management along with the technology capability and deep market expertise of JFS to drive digital delivery of products,” said Hitesh Sethia, president at Jio Financial Services.īillionaire Mukesh Ambani is seeking to make Jio Financial Services one of the nation’s top non-banking finance companies by leveraging the his telecom and retail businesses, taking Reliance one step closer to creating the type of multi-purpose empire that’s similar to Alibaba Group Holding Ltd. and BlackRock signed an agreement to form Jio BlackRock, an equal joint venture, on Wednesday with a targeted initial investment of $150 million each in the entity, the companies said in a statement. (Bloomberg) - Reliance Industries Ltd.’s financial services unit and BlackRock have joined forces to set up an Indian asset management venture as the conglomerate owned by Asia’s richest man seeks to propel the arm to become one of the biggest non-banking finance companies in the country.
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