BlackRock Bets on Indian Consumers as it Forms a JV with Jio Financial Services
Posted on 07/27/2023
BlackRock Inc and Jio Financial Services Limited (JFS) entered into an agreement to form Jio BlackRock, a 50:50 joint venture that combines the respective strengths and trusted brands of BlackRock and JFS to deliver tech-enabled access to investment solutions for millions of investors in India. After spending a significant amount of resources breaking into China, BlackRock has shifted resources to India’s rising economic class.
The partnership will introduce a new player to the India market. JFS and BlackRock are targeting initial investment of US$ 150 million each in the joint venture. The joint venture will launch operations post receipt of regulatory and statutory approvals. The company will have its own management team.
Mukesh Ambani is the founder and chairman of Indian conglomerate Reliance Industries. Jio Financial Services Limited (JFS) through its operating subsidiaries and joint ventures will offer broad range of financial services solutions addressing the needs of both consumers and merchants.
