Jio Financial Services (JFS) a separate division of Reliance Industries has teamed up with BlackRock to make its mark, in India’s asset management sector. JFS and BlackRock have a shared goal of bringing about changes in the market by offering focused investment solutions and making financial opportunities more accessible to millions of Indian investors. With an investment of $150 million from each party this partnership aims to reshape the future of finance and prioritize customer satisfaction, in India.
Reliance Industries, after its demerger, has introduced a new entity called Jio Financial Services (JFS). This company has taken a significant step by forming a joint venture (JV) with BlackRock, aiming to enter the asset management industry in India.
The partnership between Jio BlackRock and RIL seeks to revolutionize India’s asset management landscape. By combining Jio Financial Services’ knowledge and resources with BlackRock’s expertise and scale in investment, they plan to deliver affordable and innovative investment solutions to a vast number of Indian investors. Their ultimate goal is to democratize access to investment opportunities through a digital-first approach.
In this joint venture, Jio BlackRock will bring forth BlackRock’s proficiency in investment management, risk management, advanced technology access, operational excellence, market intelligence, and intellectual capital. On the other hand, JFS will contribute its local market knowledge, digital infrastructure capabilities, and efficient execution capabilities.
The initial investment for this venture will be $150 million from each partner, signaling their commitment to this transformative project. The collaboration will introduce a unique player in the Indian market, combining the strengths and resources of both companies.
Rachel Lord, the Chair & Head of APAC at BlackRock, expressed her enthusiasm for this partnership and recognized India as a crucial opportunity. She emphasized that the country’s rising affluence, favorable demographics, and digital transformation across various industries make it an exciting market to venture into.
Hitesh Sethia, the President and CEO at JFS, also shared his excitement about the partnership with BlackRock, one of the most reputable asset management companies globally. He highlighted how the joint venture will leverage BlackRock’s investment and risk management expertise alongside JFS’s technological capabilities and market knowledge to offer digital investment products.
Jio BlackRock aims to be a customer-centric, digital-first enterprise, striving to provide financial well-being to every Indian by democratizing access to financial investment solutions.
The joint venture is awaiting regulatory and statutory approvals before commencing operations, and once established, it will have its own management team in place.
