JFS, BlackRock To Form JV To Enter India's Asset Management Industry
Jio Financial Services (JFS) joined hands with BlackRock to form Jio BlackRock, a 50:50 joint venture that combines the respective strengths and trusted brands of BlackRock and JFS to deliver tech-enabled access to affordable, innovative investment solutions for millions of investors in India.
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 an initial investment of $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, he added.
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 digital delivery of products."
The joint venture will launch operations post-receipt of regulatory and statutory approvals. The company will have its own management team.
