India's Jio Financial Services , part of billionaire Mukesh Ambani led Reliance Group, and U.S.-based BlackRock Inc will form a 50:50 joint venture to launch asset management services in India.
The two companies are targeting an initial investment of $150 million each in the joint venture, Jio Financial said in a statement on Wednesday.
"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," said Hitesh Sethia, CEO of JFS in the statement. The joint venture will launch a "digital-first" offering following regulatory approvals, said the statement, without giving a timeline within which it plans to begin operations.
"Today marks a major move for BlackRock as we work to expand our footprint through a forthcoming joint venture in India with Jio Financial Services," wrote Larry Fink, chairman and CEO of BlackRock in a post on his LinkedIn page.
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