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Jio Financial joins BlackRock to launch asset management firm
Mint Mumbai
|July 27, 2023
Jio Financial Services Ltd, the demerged financial lending arm of Reliance Industries Ltd, and BlackRock, the world’s largest asset manager, have joined hands to set up an asset management company with a combined investment of $300 million.
On Wednesday, in a joint statement with BlackRock, Jio Financial said that the joint venture (JV), Jio BlackRock, would deliver "tech-enabled access to affordable, innovative investment solutions for millions of investors in India."
The two partners plan to invest $150 million each in the JV, making it the 44th player in the ₹44.39 trillion Indian mutual fund industry, which is currently dominated by SBI Mutual Fund, ICICI Prudential Mutual Fund and HDFC Mutual Fund.
"This has the potential to disrupt the Indian MF market," said a fund official requesting anonymity. "Jio’s technical know-how and expanding customer base, along with BlackRock’s proven global track record as a fund house, could change the industry dynamic." He added that the JV would take upwards of 12 months to become operational.
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