Larry Fink, Mukesh Ambani Meet PM Modi Ahead Of Fund Launch

BlackRock CEO Larry Fink met Prime Minister Narendra Modi along with businessman Mukesh Ambani on Tuesday. Fink, who is facing a massive backlash in the US over environmental, social, and governance (ESG) issues and accusations of greenwashing, is expanding to BlackRock in India. The meeting with the PM was ahead of the launch of the Black-Jio mutual fund.

Ambani's Jio Finance is BlackRock's India partner for a $300 million joint venture that will tap India's burgeoning investor base. Before Ambani, BlackRock was in partnership with another Indian financial services company DSP. Back in 2014, DSP promoter Hemandra Kothari had gone along with Fink to meet PM Modi.

Around 15 per cent of BlackRock's $422 billion of Asian assets are in India. In addition, BlackRock manages $13 billion in direct Indian exposure and Soon BlackRock-Jio would be launching a mutual fund in India and even other asset management businesses. BlackRock's digital platform Aladdin - the Asset, Liability, and Debt and Derivative Investment Network is being touted as a perfect fit for Ambani's plan of using data and technology to disrupt Indian financial markets.