Jio Financial Services Ltd (JFS) of the Reliance Industries Ltd Group and global asset manager BlackRock have announced an agreement to form Jio BlackRock, a 50:50 joint venture to deliver tech-enabled access to ‘affordable, innovative investment solutions for millions of investors’ in India.
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Jio Financial Services Ltd (JFS) of the Reliance Industries Ltd Group and global asset manager BlackRock have announced an agreement to form Jio BlackRock, a 50:50 joint venture to deliver tech-enabled access to ‘affordable, innovative investment solutions for millions of investors’ in India.
JFS and BlackRock are targeting initial investment of US$150 million each in the joint venture.
Rachel Lord, Chair & Head of APAC, BlackRock, said, “India represents an enormously important opportunity. The convergence of rising affluence, favourable demographics, and digital transformation across industries is reshaping the market in incredible ways.”
“Jio BlackRock will place the combined strength and scale of both of our companies in the hands of millions of investors in India,” she said.
Hitesh Sethia, President and CEO, of JFS, said, “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.”
“Jio BlackRock will be a digital-first enterprise with the vision to democratise access to financial investment solutions and deliver financial well-being to the doorstep of every Indian,” he said.
The joint venture will start operations post receipt of regulatory and statutory approvals. The company will have its own management team.
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