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Jio Financial Services (JFS) and BlackRock have joined hands to form Jio BlackRock, a 50:50 joint venture, to deliver tech-enabled access to affordable, innovative investment solutions for investors.
The two entities target to bring an initial investment of 150 million USD each in the joint venture.
Talking about the partnership, Rachel Lord, Chair & Head of APAC, BlackRock said, “We are very excited to be partnering with JFS to revolutionise India’s asset management industry and transform financial future. Jio BlackRock will place the combined strength and scale of both our companies in the hands of millions of investors in India.”
Adding to this, Hitesh Sethia, President and CEO, 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 delivery of products.”
He further stated, “Jio BlackRock will be a truly transformational, customer-centric, and digital-first enterprise with the vision to democratize access to financial investment solutions and deliver financial well-being to the doorstep of every Indian.”
The joint venture will have its own management team and will launch operations post receipt of regulatory and statutory approval.
