Jio Financial's joint venture brings BlackRock back to India

Each partner plans an initial investment of US $150 million.

Jio Financial Services Limited (JFS) and BlackRock announced an agreement on July 26 to create "Jio BlackRock," a 50:50 joint venture.

This collaboration brings together the strengths and trusted brands of BlackRock and JFS to deliver tech-enabled access to affordable, innovative investment solutions for millions of investors in India.

The JV will mark BlackRock's re-entry into the Indian market after it exited in 2018.

Jio BlackRock combines BlackRock's expertise in investment management, risk management, and technology with Jio Financial Services' local market knowledge and digital infrastructure. The joint venture aims to introduce a new player to the Indian market with a unique scope and scale.

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Each partner plans an initial investment of US $150 million. Together, they aim to provide tech-enabled and affordable investment solutions to Indian investors.

Speaking on this transaction, Hitesh Sethia, President, and CEO of JFS said, "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 the digital delivery of products.

"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. We are very excited to be partnering with JFS to revolutionize 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," said Rachel Lord, Chair & Head of APAC, BlackRock.

Jio BlackRock is a customer-centric and digitally-driven enterprise with the mission of democratizing access to financial investment solutions, bringing financial well-being to every Indian. The joint venture will commence operations once it receives regulatory approvals and will have its independent management team.

Also Read: Reliance spin-off Jio Financial valued at $20 billion, above estimates

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