Partnership will introduce new player to the Indian market
New York City-based BlackRock [NYSE: BLK] and Jio Financial Services Limited (JFS) of Reliance Group have formed a 50:50 joint venture to deliver tech-enabled access to affordable, innovative investment solutions for millions of investors in India.
Jio BlackRock brings BlackRock’s deep expertise and talent in investment management, risk management, product excellence, access to technology, operations, scale, and intellectual capital around markets, while JFS contributes local market knowledge, digital infrastructure capabilities and robust execution capabilities, said the new partners on 26 July 2023.
“Together, the partnership will introduce a new player to the Indian market with a unique combination of scope, scale, and resources. JFS and BlackRock are targeting initial investment of US$150 million each in the joint venture,” they said in a release.
“We are very excited to be partnering with JFS to revolutionise India’s asset management industry and transform financial futures. Jio BlackRock will place the combined strength and scale of both of our companies in the hands of millions of investors in India.”
Speaking on this transaction, Hitesh Sethia, President and CEO, JFS, elaborated, “This is an exciting partnership between JFS and BlackRock, one of the largest and most respected asset management companies globally.
“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 truly transformational, customer centric and digital-first enterprise with the vision to democratise access to financial investment solutions and deliver financial well-being to the doorstep of every Indian.”
The joint venture will launch operations post receipt of regulatory and statutory approvals. The company will have its own management team.
BlackRock’s purpose is to help more and more people experience financial well-being.
BlackRock India is at the very heart of the group’s global operating platform, enabling us to innovate our business to benefit clients. Over the past 17 years, our India platform has grown to over 2,400 employees across offices in Mumbai, Gurgaon, and Bangalore powering global network by employing talents across investments, alternatives, operations, analytics and modelling, and corporate functions.
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. JFS will use technology as a key enabler to reach customers directly. Fiinews.com
